The sun., 1899-10-08
FINANCIAL AND COMMERCIAL.
SATURDAY. Oct. Z

Speculation on the Stock Exchange has been
held in check all the week by the compare
lively active money market. Moreover intereRt
has been directed to an extent from the stock
market to the International Yacht contest.
The transactions in stocks have averaged only
about 800 900 shares day. In spite OF tho
restricting Influences noted and the poll itical
uncertainty abroad, which has also been an
important factor. the market has shown n
good deal OF frmness and efforts to depress
prices have not been suocessful except ia q
few cnses.
1t 10 plain enough that the liquidation OF
speculative accounts preclpita ted by the close
ness the money market has run It's course
and that the stocks sold have In the main been
taken up by those who can finance their pur-
shases without difficulty.
That the possibility Of war in South Africa
has been we'll discounted In the London mar
ket Ia shown by tho ease and rapidity with
which that market rallies whenever ind dications
point to an amicable adjustment Of the Trans
vnal differences.
Underlying the domestic market Ia the
unprecedented volume Of business that Is
being transacted in this country at rising
prices for all staple products. 1t appears
reasonable to expect that as soon as
some OF the currency that has been
Withdrawn from this centre because Of the
nary activity III DublueSS TetuTnb
TO tho city banks. there will be a revival OF
speculation In securities as well as an improve
mcnt In the legitimate demand for investment
issues Wealth Ia acoumulating more rapidly
In this country than ever before In it's history
and it is certain to seek employment both In
and out OF Wall street.
The loss in lawful money shown by the
Associated Banks to-day was only about one
half as large as preliminary estimates had
foreshadowed being So. 80. 900 In this respect
only was the stat sment more favorable than
had generally been expected. There was the
same contraction OF loans and resulting de-
crease in deposits that has been q familiar
feature OF the bank statement for many weeks
past.
Not withstandlng the smaller deposits and
the smaller aggregate reserve REQUIRED against
them the surplus was drawn upon to the ex-
tent OF moro than $1.000.OO0 and reduced to
S643.200 The indications are that the banks
will make a somewhat better showing
next week. since $1.4000O0 gold was
received from Europe to-day and $780,
900 will be delivered to the Assay
Office on Monday That Office paid out
to-day 100000 gold received from San Fran
cisco and 10 advised of 81 900. 900 in ira nsit
There Is still about 100000 gold in transit
from Europe. These various amounts to-
gether with unusually heavy Treasury dis
hursements next week on account OF war ex-
peditures will obviously strengthen tho posi-
tion OF the banks In the meantime the Street
has become accustomed to a 9 per cent. money
market and therefore goes about the securing
OF It's acconm odatio ions in more business-like
way than heretofore.
To-day stock market was in the main
strong though not particularly active. A num-
her OF stocks notably Brooklyn Rapid Transit.
Louisville and Nashville. American Steel and
Wire and American Cotton Oil closed a point or
more higher than yesterday. Throughout the
remainder OF the list the net fluctuations were
MS rule fractional gains. Alter the publica-
tion OF tho bank statement the market. as
whole. developed decided strength.
As compared with the final prices Of last Sat
Urday. the list is irregular. Tbs moro impor-
tant net declines are in Brooklyn Rapid Tran
sit. "a points: Anaconda Mining. 2ta: L. S.
Leather. preferred 2's: Colorado Fuel and
Iron. 2; American Sugar Refining. Is: ST.
Louis southeastern. preferred. Is: Union
Pacific. IL: Manhattan Railway. q: Northern
Pacific. "a; American Steel and Wire. Pennsyl-
vanta Railroad and Union Pacific. preferred. 4
point each. The noteworthy advances arc in
Pullman Palace Car. l6 points: American To-
bacco 81: Louisville and Nashville. 81; Amer
lean Cotton Oil. ~: Lackawana. IL: Reading
first preferred. Ia Federal Steel and Metro
politan Street Railway. each. and St. Paul,
!, point.