The times., 1899-09-28
A STRONG STOCK MARKET
Ne Ptrceptible Effect From Higher
Rates for Money.
The Buyers of Stocks Not Worried
Over the Situation-A Feeling of
Confidence That the Monetary
Stringency VIII Soon ReInx-Trac-
tion and Railway Shares Advance.

NEW YORK, Sept. 27.-The exceedingly
high rates that the lenders of money were
able to exact from borrowers today had
the effect of bringing speculation in the
stock market almost to a standstill, but
it did not have the effect of forcing the
liquidation which might reasonably have
been looked for in the circumstances.
On the contrary the stock market during
the greater part of the day was stubborn
ly firm. While the monetary situation
practically monopolized attention, some
interest was also taken in other matters,
notably, in the South African situation,
which again resulted in a heavy market
in London. This circumstance was, how
ever, like the monetary situation, little
more than a negative influence in the
local dealings. 1t was, indeed, rather diff
fcult proceeding from the superficies of
the situation, to assign any definite cause
for the markets comparative steadiness.
Obviously, however, the purchasers of
stocks under the prevailing conditions
were persons of ample resources or at
least individuals not to be intimidated by
the matters which were calculated to hold
the ordinary speculator in restraint. Lon
don's dealings here were in very small
volume, and as was to be expected com
mission houses were also comparatively
idle.
This weeks bank statement will be pub
lished tomorrow and less than the ordin-
ary amount of interest seemed to be taken
in that matter. Probably a fair rate to
quote for money on call during the day
would be 10 per cent, although number
OF transactions were effected at double this
rate and also well below it. There was no
perceptible alteration in the foreign ex-
change situation, but an additional en-
gagement of gold amounting to $780, 900
was announced for import. 1t is now COM
monty understood that the current acute
monetary stringency is largely the result
of particular circumstances, which after
being fully carried out, ought to be follow
ed by relaxation which will at least bring
the call money market well down to or be-
low the lawful rate of interest These
transactions include, it is understood, the
remittances OF a part of the subscription
TO the Mexican loan, and further payments
on account of the Burlington and Quincy
bonds and the underwriting of the Balti-
more and Ohio Southwestern syndicate.
The returns of the railway traffic re-
ceived today made an exceedingly crafty
ing showing. The trading in detail devel-
oped very few features of interest. Ten
nessee Coal and Iron was the only conspic-
uous exception Of the general tendency of
the market, that stock breaking sharply in
the early dealings, although it later recov-
cred part of its loss. The liquidation of
large speculative account In the stock,
perhaps induced by the monetary situation,
was reported to be the main cause of the
decline. The local traction stocks, with
Brooklyn Rapid Transit, the conspicuous
feature, were again the most active stocks
in the days market, and also scored the
most noteworthy advances. Other firm fea-
lures were the Atchison shares, Louisville
and Nashville, Southern Pacific, and Lacka-
wanna, and the industrial quarter was also
firm with Sugar Refining, United States
Leather, and the American Smelling stocks
the conspicuous features