Omaha daily bee., 1899-10-22

cessions for some periods. The Central
Pacific adjustment made very large de-
and the fact that the demands were met
w!thout creating furry added to the dis
position of bears to- cover contracts in
niicant volume OF applications for the gov
ernment interest offered in anticipation OF
maturity. indicated that the appearance of
money strngenCy was somewhat eNagger-
ated The official compilation of the Sep
tomber Z reports Of the national banks
of the whole country shows that the loans
which had been called In by New York
banks had been put out again by other
banks in the progress Of the Country's bust
ness expansion The Ntw York contrac-
tion from June 30 to September I of A6,Ooo-
coo represented speculative liquidation In the
stock market, while thu increase in loans
dustrial expansion. The exhibit cannot be
called unfavorablo even from a stock mar
ket standpoint. If intrinsic values are con-
sidertd rather than speculative boom values.
That New lork's loan contraction since
that date which amounts to over $4,000, UOl
has diverted into the same healthy chan
nels there is no room to question.
The incidental throwing out of collateral
security of millions of doubtful Industrial
stocks has materially lessened their pos
slble power for mischief in case of price
collapse. With an active demand for credits
In business in which sterling exchange Is
| lowering near the gold export point, there
seems no likelihood of money declining to
a point to invite active speculation in
stocks. 1t would be a striking anomaly for
gold to move outwards at this season,
. which is the usual period Tor imports, IN
face of the most prosperous year in the his
tory of our foreign commerce. For, while
the excess OF our merchandise exports over
imports for nine months this year is about
$76OOO.0OO less than last year, our net i'm
ports of gold for nine months this year are
sli3. $50 $50 less than last year according to
/ tho figures of the TREASURY bureau of sta
| tistics The trade balance in our favor un-
| lQuidated by gold payments, is therefore
/ over $3i 100000 greater this year than last.
/ Gold exports under these circumstances
would mean that in spite of the world owing
us tho largest debt for year in our his
tory we are still the better supplied with
money and can afford to lend.
! Tho market for bonds has broadened out
! during the week and prices have improved.
/ T. 5. 3s and As, registered, advanced Ac In
! the bid price.
/ The Commercial Advertisers London
| financial cablegram says; The African
/ shares were again the features of the mar
/ kets today, the news of yesterdays victory
over the Beers causing a Veritable boom.
| The other markets were quiet, but they
wtre cheerful under the influence and the
rise of mines. Consols went up 5-l6 per
cent Americans were lazy, but they closed
! fractionaly higher, with particular strength
in New York. Centrals.
Spanish bonds We're quoted at 6N3 and
tintos at 47% The latter were freely sold
by operators who intend to transfer their
went as low as ass. Anatondas were quoted
at 97s.
There were no gold transactions today:
| Money continued idle, with rates nominal
and unchanged.
The following are the closing quotation,
for the leading stocks on the New York
| exchange today: