The times., 1899-10-20

NEW YORK, Oct. 19.-1t was apparently
the renewal Of pronounced strength in ster-
ling exchange to which the more hesitat-
ing tone of todays stock market was due.
In view Of a further advance in the for
eign exchange market, it was natural that
apprehensions should be excited as TO
whether the movement would eliminate
in exports of gold, but nothing definite in
this regard could be ascertained today. The
present tension in foreign exchange appears
to be due chiefly to the efforts of a financial
concern which recently undertook 10 carry
on this business, to cover large number OF
short contracts in sterling put out sixty
days ago. The concern in question has
sold upward of $500, eco short in expecta-
ton that it would fulfill its contracts when
the export movement of cotton got into full
swing. These contracts are now maturing,
and there is no adequate supply of bills
in the market 10 meet them. Apparently
the question of gold shipments hinges, to
some extent, upon whether the short in
terest viii pay the terms exacted by other
dealers or whether 1t Will prefer to have
recourse to shipments of gold
Speculation in London was reported
virtually at a standstill, awaiting more
definite news in regard to the progress of
hostilities in South Africa. Local specu-
lative attention was also considerably en-
crossed with the same matter, it being
generally recognized that the foreign ex-
change situation must be greatly infu
enced according as the events of the war
foreshadow protracted hostilities or an
early settlement of the difficulty. While
this feature of the situation served TO
check active trading in the market and
deprived the dealings of the animation
that characterized them earlier in the
week it did not produce any noteworthy
weakness in the general market. On the
contrary. while the market was not 50
uniformly strong as it was then, there were
a number of pronounced advances in GER
tain important quarters. Noteworthy in
stances were General Electric, Peoples
Gas, Northwestern and New York Cen
traI, Louisville and Nashville, and South
ern Railway and Tennessee Coal and
Iron. The really remarkable statement
published by the last named company for
the month of September may be cited in
connection with the strength OF that stock.
The company's net earnings increased four
fold, as compared with those of last year,
a circumstance important as concerns that
stock, and significant as rejecting cur
rent conditiong in the iron trade. Both
Louisville and Nashville and Southern
Railway submitted most highly crafty
ing statements of earnings for the second
week Of the month The particular firm
ness of New York Central and North
western was unattended by anything def
mite bearing upon those properties.
The extraordinarily wide fluctuations in
Pullman Palace Car Company made that
stock conspicuous feature Of the market,
but its very wide movements were unex-
planned. except by the uncertainty in re-
gard to the announcements which are eX-
pected to be made at today's meeting Of
the shareholders. London has bought
about 10,000 shares of stocks In the mar
ket Brooklyn Rapid Transit was the only
stock in which actual pressure was ap-
parent, but even in that instance some
degree OF support was apparent There
was again an utter absence of news bear
ing on Brooklyn Rapid Transit and as the
stock has become little more than foot
ball to be tossed to and fro between the
opposing speculative factions, its move
ments do not require extended comment.
Sugar Refining was the only conspicuous
feature Of the industrial quarter, but the
rather erratic movements in the stocks
were about as devoid Of significance as
were those in Brooklyn Rapid Transit. In
the final dealings the whole market had a
reactionary tendency owing TO the appear
ance of higher rates for money. Brooklyn
Rapid Transit led the market in the de-
cline.