The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-08-11
FINANCIAL AND COMMERCIAL.
THURSDAY, Aug. 10.

THURSDAY, Aug. 10.
There was considerable expansion In
the dealings on the New YORK stock Ex-
change to-day, with an accompanying en-
hancemcnt In values This was direct
outcome OF decided relaxation In money.
The Bank OF England did not, as expect
ed. raise its discount rate, which was due,
first to the fact that the Bank Is gaining
specie, and, second. to the probability that
New York by reason OF the betterment OF
the situation here. will not Immediately
begin the Importation Of gold with the con-
seuuent loss OF tho metal by the Bank OF
England, There Is n promise that here
after there will he enough money for STOCK
market needs, for large amounts are COM
ing from the interior and particularly from
the West, which tends to confirm the be-
lief that the money required to move the
crops has already been provided. The cas-
ing OF money seems to have been oil that
wns necessary to let general business con-
ditions exert their influence on securities.
For some time the disposition Of stocks has
plainly been to move to higher level but
they were restrained by n succession OF
unfavorabc bank statements and an at
tendant stiffness In money rates. NOW mo-
ncy can be obtained In practically any
amount on call ut per cent. and the out
iouk Ia for further reduction In the
charge small advance in sterling ex-
change is merely n reflection OF the let-up
in money The accumulation OF grain and
cotton bills continues. which means that
is growing larger and larger
The government monthly crop report not
being issued until an hour after the closing
OF the Stock Exchange, was without erect
on the stock market. 1t showed CONDITION
of 1913 for spring wheat, against 9l.I last
month and indicated n crop Of 234.OO0.OOO
bushels. against crop in 1898 OF 29b 81
4l4 bushels. which was the largest crop on
record The decline in the condition OF
spring wheat was about what had been
taA No nnrf lh a
for corn OF 500. against $50 last month,
and indicated n crop OF :, 220 900 900 bushels.
against 1924, 1874 500 bushels In 1893. Inc
largest crop OF corn ever raised was 2.2S3,-
S75, G5 bushels in 1896. There is time for a
further gain in the condition OF corn, so
that the crop OF 1896 may be exceeded. The
discrepancy In winter and spring wheat mas
been made up by receipts OF old wheat
from farms so that the situation as REGARDS
the crops Ia eminently satisfactory. Inc
grain carrying railroads are assured OF a
liberal grain tonnage for year to come
Speculative interest was chiefly In the IN
dustrial stocks. The United states Leather
Issues led In the dealings The purchases
of the common stock were very heavy, ana
were based on n prospective Improvement
In the status OF the stock by some ar
rangement whereby the back dividends on
the preferred stock will be taken care or
important interests were buyers or the
Leather stocks There was considerable
doing in Sugar Refining. with fair ad-
vance in the stock. American Tobacco
closed unchanged. while in Continental To-
bacco there was n fractional gain in the
preferred and a moderate loss in the com
mon. There was an Increase in the trad.
ing in the American Linseed issues. and
they moved up in price The steel stocks
were conspicuous for strength. Advances OF
n poInt or more we're made by Steel and
wire, Steel Hoop. National Steel. Tennessee
Coal and Iron. and Colorado Fuel and Iron:
brunswick was in demand and had good
rise Peoples Gas was another STOCK mat
woa in reouest The railroad stocks were
strong. The more active ones were Atchi-
son preferred Burlington and Quincy.
Northern Pacific and Southern PACING.