The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-24
FINANCIAL AND COMMERCIAL
SATURDAY. Dec. %.

The very sharp recovery In to-day's stock
market was In the main owing to the I'M
expected strength OF prices In London that
was set forth In the early cabled adyices. There
we're grave appreheusions last evening that
the beginning Of the settlement in mining
shares would disclose a number OF Important
bankruptcies, but private advices from Lon
don received early this morning were TO
the effect that timely assistance had been
extended TO tho embarrassed concerns aud
that the settlement would 20 through
without Interruption. There was an utter
absence OF nows from South Africa to
which tho unexpected strength Of tho London
market could be referred and indeed accord
ing to ndyces from that quarter. tho recovery
there was altogether owing to the circum-
stance. noted. At all events the local market
opened favorably Influenced by the substan-
tial advances In American stocks shown In the
early cables and these were fully sustained up
10 the close OF business In London. Further
more. the foreign arbitrage houses wcro
buyers OF stocks here TO tho extent OF probably
twenty thousand shares. This gave a do
cided impetus TO tho market at the OPEN
ing OF business when number OF very
sharp advances appeared. Trading was cx-
ceodlnely active throughout the day and
while tho full measure OF tho Initial
advances was not In all cases retained. the
dealings were marked by n more confident
tone than has been evident at any time In the
current week. In addition to tho purchases for
foreign account. the dealings showed con-
tinuation OF the substantial investment buying
that has characterized the market throughout
the week. and. In addition. the short interest
seemed disposed to cover It's contracts in view
Of the pending protracted suspension OF BUSH
ness.
There were a number OF SURPRISES In the
banks weekly statement OF average balances
but the main effect OF the statement was TO
sustain the Improvement which set In at the
opening. The statement showed gain by
the banks in actual cash holdings Of S3JI2,-
600. and as deposits increased only $500
nearly the whole OF the gain in cash. or $685.
900 was shown in the surplus reserves. The
decrease in the loan account fell far below tho
general expectations. amounting to only
S3.Oa4, 900. but in this respect 1t should be
borne In mind that on Monday and Tuesday the
banks lent very freely out OF their actual re-
serves In order to check tho panic then pre-
vailing and in this process they probably took
the place OF n large number OF extra Clearing
House lenders. On account OF the unusually
complex monetary dovoormcnts OF the week
tho bank statement is scarcely possible OF
definite analySis. OF coursh. to-day's gol cx-
ports are not reflected to any great extent in
the statement. and on the other hand 1t is
questionable whether the weeks receipts OF
currency on balance are fullyfshown there.
Sugar Refining continued i'm the lead OF the
market in respect Of activity. but the dealings
were very well diversified. and moro pro-
nouncel advances were shown in other stocks
Particularly strong features OF the market
aside from Sugar Refining. were American
Tobacco. Brooklyn Rapid Transit. Burlington
and Quincy, Atchison preferred. st. Paul. Man
haitian Railway and Peoples Gas. 4 mum
Der OF the so-called specialties. including
Great Northern preferred and the Mime
apolis and st. Louis shares. also advanced
rapidly. In view OF the fact that the
London stock market will remain closed
until "Wednesday next and on that account
that the local market will Of necessity be tho
scene OF the chief operations which may result
from developments IN South Africa In the
meantime. its buoyant tone was noteworthy,
particularly in. view OF the many serious and
disturbing incidents Of the week.
As compared with the final prices OF last Sat-
urday. the entire list is lower. with the exccp.
ton OF American Steel aud Wire. which is AZ
per cont higher. The more important net de-
clines are in American TOT acco IL = per cent
American Mating preferred II. metropolitan
Street Railway 10. Brooklyn Rapid Transit 9A..
American Sugar Refining %. Peoples Gas :.
Federal Steel 81. Manhattan Railway o.,
Reading first preferred "a. Baltimore and
Ohio preferred A.. Burlington and Quincy A.
Rock Island A. New Jersey Central and
Missouri Pacific 4 each. Pacific Mail 80.
Southern Pacific 81. PENNSYLVANIA Railroad
"a, Continental Tobacco aud Louisville and
Nashville - each Tennessee Coal and Iron
~. AtchIson preferred "a. Anaconda Mining,
Northern Pacific. Union Pacific and L. $.
Leather preferred ~ each. ST. Paul o.,
Enutharn Railway
preferred -, American Steel Hoop !. Chesa-
reake and Ohio :, y. Y. Central and Republic
Iron and Steel u per cent each.
New York Stock E1chanGe-snles Dec. 30.
UNITED STATES AND STATE BONDS us 81 .OoOs,.