The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-11-12
FINANCIAL AND COMMERCIAL.


foreign exchange market to-day. As rule
that market Ia at o standstll on Saturday. but
to-day II was active and decidedly weak This
condition was due in part to the Increasing
outward movement OF cotton. but more par
ticuIarly 10 the high ratios for money at this
centre. Those rites have induced bankers
with international connections to make ster-
ling loanson an extensive scale and the sale NJ
tho borrowed bills has helped to depress the
market for sight sterling.
| European bankers will. OF course. do every
| thing In their power TO prevent shipments OF
specie 10 this country. They may defer tho
! movement. but they certainly cannot avert IL.
It IA only question Of time when the offerings
Of exchange will bs 30 largely In excess of the
| demand that rates for sight bills will drag to
| figures that will make specie the cheapest
| form of remittance.
| Instead Of looking to tho natural channels OF
| relief from nm uncomfortable money market
| the sreculating element In Tho Street. includ-
| Ing few bnnk officials who cater to that
| element. apparently regard the Secretary OF
| the Treasury as chiefly responsible for
| continuation Of the present condition ~ affairs.
| 1t Ia true that for the fret time In many
| months the Treasury Is taking In moro money
| than II PAYS ou'. hut not enough 10 warrant
| the use ~ the surplus income for the retire.
meut Of interest bearing hligations.
II Ia douhtinl ii tho purchase OF rounl
amount NJ Government tonds hy the Treasury
would give the relief desired. while the opcr-
alton would certain V Ia, erfere with tire natural
tendency Of the foreign exchange market and
thus delay the ravment Of balances from Eu-
| rope. Further deposit. Of government money
In the b, nks also seems imrrurtirahle in view ot
the large amount about SSS}. 200. 900, already on
deposit In national banks Bo;h the Govern
mont AMI the business community can AFFORD
| to let natural Causss run their course In the
| present situation By doing 40 a heathful
| check will la given 10 speculation OF all kinds
| that will avert dsast Gus collapse.
II should bs remembered that there Is no
| agitation regarding thu currency nor fears OF
European demands upon our stock Of gold thGt
were largely responsible for previous periods
| Of s;gingcncy In tho money market Neither
10 there an excessive accumulation Of money In
| the Treasury. As 4, matter o. fact. the amount
| Of money in ci'cula ion il tho larccht IN the
| history OF the country. On the other hand. tho
| demand Is extraordinary. nrd tho last will
have to adjust itsel' to the first Mt the expense
| OF speculative eutcrrrifcS, and possihly to tho
tenn orary Inconvenience o: Legitimate busi-
ness.
The weekly statement OF Averages Of the As
ISOLATED Banks shows n larger loss az lawful
money than had been expected oans have
boen contracted az usua. o. late. yet not enough
to bring the deposits down to figure that
would make the smaller reserve sufficient for
legal requirements. In consequence tho re-
servo IL over two and threc-quarter millions
below the % per cent. limit
Ia authorization o! an un'nvorahls showing
by the banks tbs sock market wNs heavy
AM nervous until the Clearing House state
ment was published Then it became weak
and closed AT material net dcclincs tor many OF
tho usually active stocks. Tn" greatest net
losses were sustained hy Manhattan Railway.
Tennessee Coal and Iron. American Tobacco
ard the anthracite coal stocks
As compared with the final prires ot last
SATURDAY. The majority Of stocks are lower. The
more important net declines nrs IN L. s.
Leather -, ro'n'.. Manha,t0n Railway -.
Tennessee Coat AMI Iron -. American Sugar
Refining =. New Jersey Central AMI Metro
roiitan Street Railway - zach. Rca ling
nrN preferred r., Peoples Gas mud
Coke ,. ~ Paul %. American To-
tncro ami Federal Stee'. - each. Cleveland.
Cincinnati. Chicago and ST Louis. ~ Burlns-
ton anl Quincy aud Louisville and Nashville
-. each. Brooklyn Rapid Transit and L. $.
Leather rrefcrryI, % zach; Atchi.on rrelerrel.
'imors and OHIO preferred, New York Central
AMI rennsv vnuin Rn,lr a. -: each Conti-
southsrn Railway prcferr"d AMI Union Pacific
preferred 3D. each: A'ChiSon J. Northern Pa
Src an m" son nhe isway %' poimt each re
note Sorthy advances ar" Pacific Mail :.
rn.nt and Amcrcan Mating preferred =
10 ht
New York stock ExchanEe-Sal~s Nov II.
UNITED states AND STATE BONDS IN sl.OOOs.l
ST : IS. c.......................
CT r., i0O7.....................l l2k llsh
CLOSING PRICES OF UNITED STATES BONDS.
h'd Ah,d. b'a -iksd.
rs?Gr. rssr
rrotG.lcoH la25...lc9a 1909
3s, 7, 1909. Usisc.
lais....IosH 100 ie25....l:oN 1904
I &c. l"o- e S5sr
'rls..... oSs est, iOOt"....llo% lll%
TS4sr. USIs.c.
."'....ll2t !!2t 1"oI.-".llO7s lllS
L $40, L : dis. r.
lvu7.""!l2T i!34 1874. DOLLY
rAIIEoAp AND OTHER BONDS.
Ann hrhor lists Cal II & San An. PllllN q Read IS
a,'5 H::s ~ 81 %%.5Nnd' 1,
7Ioo.;,,. ~. Kan CrI { iy' Rich { Dan CT ms 8
5000. 90. sis Lon ~ & St !. $1,000. sai.
Aas,n loo 1905 q e., 1909 T"S.... -:
,"o5 3l I; a. Log col ~ 1, ;SS"o g.:
Vooo...,. va. Man.,at Ky IS :aVO1..... 81
i,0o',' ". i,scoCoc 1900 ii"" s %onn t$s
| IrOO.,.. W. Met - n So 10000. ii3,.
fGLI.,-.. 40. 5000. icl'i 20 ''ar OF Cal -
ESn ln.oH Eiisi Mexican IN: con slammed
CUDO..... VI 1000 go. AZ 10000. -. 1859.
Hkn | n q Co LIST MINI C ~ - SouthItaiIway S,
| 2oOl....,llGia lu'N'.,...lil ! TOOn, ,... iOs
I,pt PaGhc Isl luthD.....il2 81 l. 4 Iron NJ Is
| lOUO..... th'i hn Kan q IeS2d. GCUu,..., hO2
| :ior... tt's sOOl..... 6lll 1000. 80
| t,itpaGhc a9S 10000 6aA 81 l. & Iron 81
5OCuu...,, Ed 5000, 6J's 5000. 10
cen Ity Ga en- IS No Kan c TtSls - |. & san Fran
| 2ytl"... VII uOh..... vs. Em6
| 7OO0..,.. ViiI NJ 4 4 of Y rs lOOu....l25
| Cen hwy NJaS 9Ono..,.. plit St l. 4 Vests.
| "nnr.....llt'I y y trn /. : "'.T bOOr.,... IS
| 3rl ,....l ip's lCU1..... VS. StL& ) West 81
q IS 4 bllo 4q, y ! cen 81 C"l9S luODu,,.,, coz
| lc0O,..,. vti4 lloGO.... VIZ s! l. 4 Duuth2i
| tluh,... 10 iOOt'... W. luuO..,.,lilt4
| "OOn.,.., paH NOr,ut & " IS Tenn Cl & iStB
| (lrS G Onto s. l;tC0..... W lUOA.....llO
| 4Gu'"...llfs North Pacific - Tex 4 n OBS
| Chi bur Y con 5000. 6j 5000, 1922
| 5000. 80, llaai North Pacinc Is mon Pacific
| on NHQ I'm ans lfOOG.....lOiaa 1000. -. lOaa
| 10000 %. lOd'i lOuOO.,..lOl4 l0OO.....l u3a.
| en- M StPaul $1,000 1912 hOO,.,..1 1898
D" l2OOO.,...lOli.' llOO0."..l0Sh
| luuu.,,,.lGS2 0OOO,,...l Oi u 4 S 3S cpn
| CLirhgo Term IS 1000. .lOil. 1000. -. lO6S,
| lO0n,..., p6t or Snort Line 81 q S IS reg
| Cly Z 9 81 l. 1000 i4ia, h0O0.n.ll2i.