Omaha daily bee., 1899-12-02
RRaDsTREET,s FINANCIAL REVIEW.
Action of Money Not Favorable TO
RuIIs, But Stimulated.
NEW YORK, Dec. 1.--Bradstreets Flna
cial Raview tomorrow will say:

NEW YORK, Dec 1.-Bradstreets Finan-
cial Review tomorrow will say:
Money continues to he Predominatins
factor in determining the character ana
curIties at New York. The favorable bank
statement which appeared last oatuluay;;
when the Stock exchange had ad]ourlhe,o @ a,a
out of respect to the memory OF the late
vice president had however, been expecteu
and in part discounted by the strengt,h
of prices during the final days of last week;
The fact that some money had returned
from the west and that the re-establish-
ment of a $6,OO0OO0 surplus over the tesal
deficit in reserves shown by the two pre-
ceding weekly statements, was NOT enilrGE h;,
due to purchases of government esoI oonaS H,oy by
sentiment Nevertheless, when the market
reopened on Monday. 1t became apparent
not only that speculative interests; which ,
TO realize on the development of any pub
lie demand for stocks, but that while while
able there was still no likelihood Of re-
turn to easy monetary conditions: :.
While money is Peginni9g t6s 10 retmfh eonth tS
drawing considerable amounts ana II was
also noted that foreign exchanges advanced
in a way which gave support to the ,s idea
This tendency was checked by the renewed
and somewhat unexpected frmness OF cal cal
below per cent, and particularly on Tues
day were as high as per cent. me turn
ing in of some fairly large Dlochs ol SoN-
ernments at the treasury on wednesday
and the extension of Secretary Cages Of
fer, so that the 100000 or so OF bonds
the treasury had not obtained out of the
$25 900 600, will be taken prior TO Decem-
ber %, had. however a GOOD effect on on anS ,ne
tone of the money market and arrested any
expectation that rates would be allowed
to reach a higher level than Is needed to
act as a preventive of gold, exports.
on Friday: when the market re9pened,
advance in the Bank of England rate IN
the meantime, exchange was frm ana
money was held at per cent, a further
dislnclination for speculative activity being
The action of money was, therefore, not
favorable to bullish activity, but the mar
ket found stmulant in another direC-
! ton. Following the sharp advance IN BAL
/ tinore e. Ohio securities at the close OF
! last week there was unusual activity in
/ New York Central and more particularly,
! the Pennsylvania railroad stocks. The rise
| of the latter to over l40 was accompanied
| by reports Of an agreement between the
' two companies just named regarding the
J territory where their competition Is likely
! to lead to disagreements. This view of the
matter was naturally made the basis for
more elaborate rumors dealing with the
! the trunk lines, while one story, which
/ found its way into print, was that the
| Pennsylvania had acquired controlling in,
! terest in Baltimore IL Ohio and that deal
( had been consummated by which the van
derbllt party acquired a majority of the
stocks of the Big Four and the Chesapeake
| q Ohio roads for the purpose Of consoli-
dating these two latter The reported ac-
qulsitions We're denied with considerable
| emphasis, but not before Baltimore & Ohio
stocks which had at first reacted, made
! new price records, the common rising to
59as and the preferred to S5i9