The times., 1899-10-06
STOCK VALUES improve
The London Situation an Important
Factor at the Opening.
The Money Market Slightly Relaxed
and Dealings Mostly Professional
Discount Rates Advanced by Bank
of EnEiand-Sbarp Rise of Indus
trfaIs-The Railroad Shares Firm.

NEW YORK. Oct Stock market
prices today were again determined rather
more by the predictions and by the re-
sources Of local operators than by any de-
velopments in outside conditions. There was
10 be sure, as concerns the money market,
a rather easier tone. The bulk of the bor-
rowing was effected well under the aver
age Of yesterdays money rates, and, in
deed, today's average was probably little
more than tEo-thirds OF that OF yesterday.
Furthermore, as will be seen by the tables
printed elsewhere, there were a large num-
Der OF exceedingly encouraging returns
OF railway traffic published, among which
conspicuously good showings were made by
Louisville and Nashville. and the Southern
Railway Company The dealings, too.
disclosed the fact OF technical value that
liquidation has been practically concluded
and the market was reported remarkably
free from pressure in any quarter. In
these circumstances the professional ele-
ment who furnished the bulk OF the days
dealings were disposed TO take an aggres-
sive position on the long side Of the ac-
count and they met with little opposition
in their work OF bidding up and advancing
prices. albeit the net price changes of the
day were not extensive. The market
opened materially below the final figures
OF yesterday, chiefly because the early
cable advices showed a sharp depression
in the American market IN London The
South African crisis lacked defniteness,
and London later in the day reported gen
eral recovery But a more material influ-
ence in the early weakness in London than
the South African situation was the ex-
traordinary action OF the Bank of England
in making a second advance in its min
imum rate of discount this week
IL viii be recalled that on Tuesday the
bank advanced its rate from I-2 to -
per cent. and at this mornings meeting the
governors ordered q further advance to 5
per cent The bank rate has been fixed at
3l-2 per cent since July L. and between
that date and September IS the banks re-
serves rose from Al SIS per cent TO 50 Is
per cent. The drain upon the banks re-
serves on various accounts since that time
however has been heavy, and even today S
statement showed the noteworthy decline
from zS.s per cent last week to 1903 this
week The banks rate is now higher than
it hEs been at any time since the panic in
cidental to the Barring embarrassment in
1890. Special cable advices received today
reported that the banks action was in
lulAc a. y. Tie ucdFl Wll0-
drawsls for Scotland as by the perturbed
political and Continental monetary situa-
tions. London's sales of stocks today foot
ed up on balance about II, 900 shares. This
circumstance and the comparative relaxa-
ton in money, together with the advance
in London discount, caused a somewhat
nrmer feeling, but this feeling was without
any speculative effect. as intelligent OBJ
cervers have long since abandoned expec-
tations of immediate shipments OF gold to
this country. The standard issues made
the best showing in the days market, the
granger stocks, the Pacific shares, and
Louisville and Nashville showing a we'll
maintained degree of frnness. Very sharp
rises took place in American Tobacco and
Continental Tobacco. without any specific
news or gossip attending their course. The
industrial quarter also was in the main
firm. although the fluctuations there were
somewhat erratic. particularly in Sugar
Refining. The movements in Manhattan
and Brooklyn Rapid Transit we're also
irregular. while Metrop>dtan Street Rail-
way was strong. AS was the case yester-
day. the general movements in prices were
fairly uniform. and aside from the traffic
returns reported, there was little bearing
definitely on particular stocks.