The times. [volume] (Washington [D.C.]) 1897-1901, 1899-11-03

NEW YORK. Nov THE strength Of
today's stock market was, perhaps, more
directly attributable 10 the relaxation of
the monetary situation than 10 any other
single influence The rates for money on
call were practically cut in two as com
pared with yesterday. While nobody who
has given the matter any consideration
expects that the money market viii for
some time rule much below the legal rate,
there are many who believe that the very
high figures established this week were
mainly the result of manipulation of the
money market by banks and other lenders.
There is no actual reason in business pTin-
ciples why there should be any personal
feeling Of autagonism between lender and
borrower, but it is, nevertheless. true that
great deal Of feeling has been exhibited
during the present period OF financial strin-
gency. While the lenders of money offered
facilities at ordinary rates to commercial
borrowers, there have been many cvi-
dences Of their having gone to some pains
20 force Wall Street borrowers to pay as
much for accommodation as could be
wheedled out Of them Ii viii be well for
the money lenders 10 make hay while the
sun is shining, because, in all probability,
the time in which they can employ their
capital al anything like the current rates
Is limited In addition 10 the favorable
influence Of lower rates for money, today
rise in prices was furthered by the i'm
proving tendency Of the London market.
The latter was chiefly the reflection, ac-
cording TO the early cabled advices, of the
better position Of the British forces in
South Africa, although the days actual
news in this respect was more OF less con-
ficting.
London, however, furnished a higher
range Of prices for American stocks, and
on balance bought moderately in this mar
ket, and these evidences OF the speculative
sentiment there counted materially in the
local market. There were no conspicuous
exceptions 10 the markets general ten
deDcy, but the days rise in prices was
somewhat irregular. What are generally
Etyled the standard issues while firm
We're dull and moved within rather narrow
limits. On the other hand, the middle
grades Of shares were exceedingly a tive,
and In the main very firm. AJchison, Mis-
souri, Pacific, and notably, Southern Pa
Cihc, were conspicuous cases IN point
There were also particularly sharp ad-
Tances in Peoples Gas, Sugar Refining, and
United States Leather common, the deal
inEs in The latter continuing in enormous
volume.
Aside from the instances cited, the in
dusrrial quarter was generally steady.
Federal Steel common was particularly
strong and active on buying, pIesumab
induced by the near approach Of the period
IN which dividends are expected TO begin
on the common stock. The American
Mailing shares also enjoyed a substantial
recovery The advance in the latter WIS
based upon information TO the effect that
arrangements have been concluded, by
which the company will secure the work
ing capital needed, and through the want
Of which its operations have been badly
hampered Of late through the issue of
short time debsnture bonds 1t is under
stood that negotiations incidental 10 this
matter have virtually been concluded, and
that the issue Of the securities has be
underwritten and will soon be announced.
As the business Of the company is and has
been in perfectly satisfactory condition
and its temporary embarrassment was al
together owing TO the absence Of sufficient
working capital, the securities were naJur-
ally fayoraDly affected by the prospective
measure Of relief. The market showed a
distinctly broadening tendency with the
course Of the day, the anthracite coal
shares taking a conspicuous part in the
afternoon dealings