The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-10-20
THE SUN, FRIDAY, OCTOBER 20, 1899.
FINANCIAL AND COMMERCIAL.
THURSDAY. Oct. 10.

THURSDAY. Oct. 10.
To-day's stock market reflected q consider
able reduction OF the short interest and also
disposition on tho part OF traders for long ac-
count to take some OF their profits. Notwth-
standing these circumstances the market was
very steady until the last hour OF business
when q further advance in sterling exchange
gave color to rumors OF impending exports OF
specie and encouraged bear operators to re-
new their attacks upon values.
The possibility OF gold shipments In the near
future naturally causes speculative interest
to centre upon the foreign exchange market.
which has steadily risen until 1t 10 near the
point at which such shipments might
be made without loss to those engaging
in the transaction. AS matter OF
fact foreign banks. owing to the unusual
condition OF affairs abroad. will not wait
until gold can be procured from this
country without loss on the exchange in
volved in the operation. They are willing to
pay small premium for the precious metal
by virtually going short OF exchange here at
figures little below those at which gold would
bs norm ally required to com plete the transac.
lions. As noted in this column this morning.
orders OF that character were received here
several days ago and. II 10 believed are still In
force.
Conditions that would prevent their sxecu-
ton would be fresh advance In money rates
here or q continuance Of easier money In Lon
don. The London money market. according
to cable advces. 10 beginning to feel the return
flow OF cash from the interior. and that may
hold the money market down. Still the fact
should not be overlooked that the English Gov
eminent 10 likely to enter the homo market
soon to secure funds to defray the expenses OF
the South African war.
Tho money market at this centre Ia not
likely to receive any supplies from the interior
for some time to come and at the same time
the exchange market 10 kept at high level by
delayed foreign purchases Of cotton and by
curtailm ent OF transatlantic freight facilities
for the outward movement OF staple products
generally. Tho situation 10 an unusual one
and full OF interest to bankers and tho business
community as we'll as to spectators on the
Stock Exchange.
The trading in stocks was fairly large and
we'll distributed. 1t resulted In lower prices
for the great majority OF Issues. Tho more
noteworthy net declines were In Brooklyn
Rapid Transit and tho other local traction
stocks. in Pullmans Palace Car and several OF
the less active issues. The average net loss
was less than l per cent. and can not be con-
sidered abnormal In Wow OF the improvement
that has taken place since the beginning OF the
week.
A considerable number Of stocks that re-
ceived more attention than they have for some
time past closed materially higher than yester-
day. among them American Car and Foundry
issues. American Linseed OIL Issues. Colorado
and Southern first preferred. Hooking Valley
issues. Illinois Central. International Paper
common. and Tennessee Coal and Iron. The
Anal demonstration against the market did
not seem to dislodge much stock. still the clos
ing was In the main heavy,