The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-10-03
FINANCIAL AND COMMERCIAL.
MONDAY Oct. 2.

MONDAY. Oct. 2.
The intimate relations between the money
markets OF this country and Of Europe were
shown to-day in the free selling OF stockb here
by London because OF nm advance In the open
rate OF discount OF Al per cent. Bearer money
in LonGon is due chiefly to the belief that war
in the Ttansvaal is inevitable. The sales OF
American securities by foreign dealers created
demand for short sterling that promptly i'd
vanced the rate for that form OF remittance.
The exchange market was also. OF course. in
nuencod by the higher rates for money
in London. which foreshadow an ad-
vance In the Bank Of England minimum
rate OF discount on Thursday. The
selling OF stocks by foreign arbitrage houses
was heavy enough to discourage local buying
except In a few stocks that were given tempo
rnry support. notably st. Paul common and
Brooklyn Rapid Transit In the afternoon the
local money market became n factor and
caused a fresh decline that carried the prices
OF all the active shares materially below the
final figures OF last Thursday. The rates for
money on call ran up to 30 per cent. and the
latest transactions were made at that figure.
Among the circumstances responsible for
the unusually high rates for call money to-day
nre tho heavy interest and dividend disburse-
ments Many OF the dividend payments due
this month were made to-day and 1t will take
bDNeTul utyS lDT lHt uHu iHNeIosb
checks to get around to the banks in the form
Of deposits In the meantime tho money
against which they are drawn Is not available
in the loan market. According to the Daily
Stockholders computation the corporation
interest and dividend disbursements this
month will foot up $45.0iG,373 or moro
than S3OO0.O00 more than last year and
about thirteen and three quarter millions
more than in the same month in 1895.
. .t,r A1,nr-
acter will probably bring the grand total
up to 5000 900. Another factor influencing
the money market was the heavy payments to
the city for taxes which aggregated several mill
lions While these untoward causes are at
work it is interesting to note that the Sub
Treasury was a debtor at the Clearing House
to-day and that it has begun to pay out money
against deposits OF Klondike gold at San Fran
cisco.
While spectators in stocks were paying
fancy rates for balances required over night.
time money was obtainable at the legal rate.
There were rather large offerings Of six
months money to- day at per cent on pledge
OF ilrst-class railroad stock. but the demand
was only fair as the date OF maturity was not re-
garded as desirable by many borrowers. There
was. however good demand for three and
four months money at @ per cent. on good milsd
collateral The supply was light. still some
transactions wore reported On all
stocks as collateral q few loans were made at
per cent. for eight months. Right here it may
be remarked that ono reason why the Street
experiences flurries in the call money market
10 that many brokers will not supply them
selves with time money at reasonable rates
when they can do So They seem to prefer to
take all the advantage possible OF abnormally
low rates for call money and when rates rise to
the other extreme they promptly sacrifice their
customers and their stocks.
The feature OF the dealings on the Exchange
to-day was tho small volume OF commits
sion business. In the afternoon there was
some liquidation. but at 10 time as there any
seemingly urgent selling. Tho professional
element on the other hand was active and ag-
gressive throughout and even took a hand in
bidding up the rates for money. There was
an absence OF support either by the public or
by pools that made the marking down Of prices
a comparatively easy matter. The heaviest
trading was in Sugar Refining and in Brooklyn
Rapid Transit. They also sustained the largest
not losses Throughout the remainder OF the
list declines Of and per cent. were the rule.
The closing was weak at about the lowest
prices.
UNITED STATES AND STATE BONDS I'm ST .000s.)
20 L 3s, OSk
@ U 4s. r. 10o7...................ll IN Tx
c