The times., 1899-12-24

NEW YORK. Dec. 28.-The very sharp
recovery in todays stock market was, in
the main. owing to the unexpected strength
Of prices in London that was set forth In
the early cabled advices. There were
grave apprehensions last evening that the
beginning Of the settlement in mining
shares would disclose a number of i'm
portant bankruptcies. bur private advices
from London received early this morning
were to the effect that timely assistance
mad been rendered, and that the settle
ment would 20 through without Interrupt
tion. There was an utter absence of South
African news TO which the unexpected
strength of the London market could be
referred. and. indeed. according TO advices
from that quarter, the recovery there was
altogether owing TO the circumstances
noted At all events the local market
opened favOrably Influenced by the sub
etantial advances in American stocks,
shown tn the early cables. and these were
fully sustained mp 10 the close Of busi-
ness in London. Furthermore the foreign
arhirrage houses were buyers Of stocks
here 20 the extent of probably 2000
shares. This gave q decided impetus to
The market at the opening Of business,
with q number OF very sharp advances
recorded. Trading was exceedingly active
throughout the day and while the full
measure Of the initial advances was not in
ali cases retained. the dealings were
marked by g more confident tone than has
been evident at any time in the current
week. In addition TO the purchases for
a. F--- n
continuation OF the substantial investment
buying thar has characterized the market
throughout the week, and ia addition the
short interest seemed disposed TO cover its
contracts in view Of the pending pro-
tracted suspension Of business.
There were a number OF surprises IN the
banks weekly statement OF average bal
Ences, but the main effect Of the statement
was 10 sustain The Improvement which sci
~ al The opening The statement showed
e gain by the banks in actual cash holdings
Ct S5.572. .0O0, and as deposits increased only
SS55. .0oe nearly the whole Of the gain in
cash. OF S355S 600 was shown in the sur
plus reserves. The decrease in the loan
account fell far below the general eXpecta-
tions. amounting 10 only IS, 094 .0e0, but IN
this respect. II should be borne in mind that
on Monday and Tuesday the banks lent
very freely out Of their actual reserves in
A4Ar4 AE iEt-th -ltE lf1ittt AlitA l4
and in this process they probably took the
place OF large numbsT Of extra clearing
house lenders. on account Of the unusually
complex monetary developments of the
week the bank statement is incapable OF
definite analysis. or course, today's gold
exports are rot reflected 10 any great eX-
tent il the statement and. on the other
hand b. is questionable whether the weeks
receipts OF currency on balance are fully
shown there. Sugar Refining continued in
The lead OF The market in respect Of ac-
uyity but The dealings were very well di-
versihed. ana more pronounced advances
were shown in other stocks.
Particularly strong features OF The mar
ket aside from Sugar Refining were Amer
Jean Toissce3, Brooklyn Rap Transit, Bur
lington and Quincy, Auchison preferred. St.
Paul. Manhattan Railway. and Peoples
Gas. s number OF the s0-called specialtfes,
including Great Northern preferred and the
Minneapolis and ST. Louis shares. also ad-
vanced rapidly. In view of The fact that
the London stock market VIII remain closed
until Wednesday next. its buoyaut zone To-
day was noteworthy, particularly in view
Of The many disturbing influences of the
week.