The times., 1899-11-07

NEW YORK. Nov. 6-The majority Of
circumstances that engaged attention with
the resumption Of business in the stock
market this morning were of disturbing
nature. There was. first Of all, the none
tsry situation, which. as was 10 have been
expected after the revelation Of the banks
position shown in Saturdays bank state
ment was again disturbed. AS the bank
statement reflected past conditions, there
seemed 10 be no reason Why money, which
was in ample supply ON Friday at from
TO s per cent should have commanded to-
DAY double those rates. but the statement
proved alarming to borrowers and the
fright on the part Of the latter was made
the most Of by the lenders. In addition TO
The close money market there was a good
deal OF Irritation expressed at the an
nouncement that the internal revenue bu-
reau purposed 10 enforce those provisions
Of the revenue law which provide for tax
upon call loans.
Il was pointed out by bankers that as
New York is the chief reserve city OF the
country. it is absolutely necessary that
the banks here should be able to employ
their funds in some form, and that the en-
forcement OF the law would virtually rem
der impossible the making Of cal loans.
Under the most extreme construction that
may be placed upon the law il would
amount to tax Of is per cent per year, in
addition 10 the ordinary rates prevailing
FOR money. Such a tax would be conhsca-
tory IN it's nature, and there can be niue
doubt that its oneTous character would OF
itself prevent its rigid enforcement Inc
London market was again unsettled both
OF account Of the advancing discount rates
and the unsatisfactory progress OF lHe
South African war. buJ on balance, little or
nothing was done here for foreign account
still fhe lower range OF prices for Amerl-
can stocks shown in the early ca0.el az
vices. was more or less effective IN unset
tling sentiment at the opening o. business
AEHfnst this category Of Unfayorable IN
fuences there was nothing 10 be placed
aside from the traffic returns suDMlltea
today FOR various periods. and among
which the Southern Railway Louisvl le ana
Nashville and Missouri Pacific continued
70 make the most remarkable exhibits As
might be expected also, the eiectlons to-
morrow engaged q good deal OF attention.
but conjectures as TO their issue did net
appear 10 be q very definite influence IN
the days dealings
The market was quite unsettled during
the forenoon dealings, but Il subsequently
developed q generally hrmeT tone NOT
withstanding the fact that the more con
e1icuous features of the situation were,
as noted of IN unsettling character. there
was bur little actual outside liquidation.
The weakness of the market in The early
dealings appeared TO result Chiefly from
the operations Of the board room traders
and the more professional element OF the
street and indeed. the subsequent recoN-
cries seemed also 10 be owing 10 the
reversal OF the speculative position OF this
class. when the noted absence Of outside
LIQUIDATION was disclosed. The trading did
nOr develop the sensational features that
were present last week and for the most
part the net changes We're not extensive.
As regards the course OF particular
stocks in The days market Jhe enormous
transactions in United States Leather
common may be noted and that stock
scored a further sharp rise from its lni-
tiaI level There was. however, an utter
absence Of anything definite bearing upon
The stock to account for its special activity,
as there has been throughout this Ie-
mafkable stock market episode Aside
from this instance interest in the market
was fairly well distributed. Firm iea-
lures OF the railway list. after the opening
declines. were Southern Pacific, Missouri
Pacific and Southern Railway preferred.
The granger stocks also showed an under
tone Of strength. although the trading in
that quarter was not particularly active.
Brooklyn Rapid Transit and Manhattan
We're also actively dealt In. and the move
rnents in this quarter were practically
uniform with those in the general market.
The most pronounced movements in the
industrial quarter apart from the Leather
stocks was in the American Smelling
shares aBd ln Anaconda Mining, which
were notably strong throughout