The times., 1899-09-22
STOCK PRICES IMPROVE
Light Trading viii an Undertone
Of Strength.
The Money Market Remains I'm
changed-LOndon Houses Sell Mod
erateIy-RaiIway Shares Move Up
ward i'm Response to Jersey Central
statement-street Railways Firm.

NEW YORK. Sept. 2I-There was very
little that was new in today's Developments
to ineite fresh speculative ventures on
either side of the account. AS regards the
money market it held about yesterdays
level, and in the main the transactions
there revealed a rather easier tone. This
circumstance created expectations that
the bank statement of Saturday would
make what Wall Street calls a favorable
showing and, indeed, it seems a fair as
sumption from the extremely heavy liqui-
dation Of the past week, and from the
movements of money in the same time,
that the banks surplus reserves will be
shown to have been substantially strength
ened. The foreign exchange market was
also perceptibly easier. Yesterdays late
adyices in regard to the engagement of
gold in London, for shipment to this coun-
try were lacking in verihcation on the
part of local dealers in exchange and the
general disposition was to regard the mat
ter, if true, in the light of some special
transaction. II certainly is not warranted
by the existing condition in the foreign
exchange market. The London market
was reported at a virtual standstill, pend
ing the meeting of the British Cabinet
tomorrow at which it is expected that
final decision as to peace or war viii be
reached in the Transvaal situation. Lon
don houses continued to sell moderately
in this market, but the operations on this
account we're not of sufficient proportions
to have any appreciable effect upon prices.
The trading in the standard issues was
only moderately active and the price move
ments there were limited and irregular.
The lower priced Pacific stocks showed
comparative strength, notably Southern
Pacific Other firm features were Louis
vile and Nashville, Southern Railway, and
the anthracite coal stocks were likewise
aggressively strong Today's statement OF
the Central Railroad of New Jersey throws
some light on recent flrmness in the an
thracite stocks in the face Of the weakness
elsewhere in the market. The Industrial
quarter in the main, was heavy, the to-
bacco stocks showing particular pressure.
The bulk OF the days dealings, however,
was again furnished by the transactions in
the local traction stocks The fluctuations
in this quarter OF the market were again
wide. but in the main much flrmer tone
was apparent. The strength in this quarter
was doubtless, to some extent, due to as
sertions that the commissioners who are to
execute the provisions Of the Ford fran
chise law, had decided to base their yalua-
tions upon the average net earnings of the
properties concerned. No confirmation of
their purpose in this respect could be OBJ
tanned. but the reports were evidently ef-
fective in inducing purchases of these
stocks. Brooklyn Rapid Transit was again
the conspicuous feature of this group, al
though the transactions were in much re-
duced volume, as compared with yesterday.
The theory that the weeks enormous deal
ings in the stock reflect the acquisition of a
large and perhaps controlling interest in
the property on behalf of another corpora
tion finds many believers, although as yet
it is not susceptible of yerification.