The San Francisco call., 1899-10-07
BradStreet'S Financial ReWe1v.

NEW YORK, Oct. 6.-Bradstreet's tomorrow
will say OF the New York stock market: The
attention Of Wall street was mainly devoted to
the question of money. The extreme rates for
loans of 2C to 40 per cent recorded on Monday
and Tuesday last were unnecessary. In fact
there has been some discussion as to whether
such figures were not the result of manipua-
ton. Yet 1t is evident from the bank state
ment published Thursday, September 2s lust
before the market entered the two days
recess for the Dewey reception, as well as from
the known movement of money to the interior
that the banks were still losing cash and were
Obliged To contract the volume of their call
loans to the street. Tax payments in New York
City and other October disbursements also
necessitated extra amount of disturbance of
loans and there consequently was not a little
pressure resulting in many borrowers being
forced 10 pay from 10 to Is per cent for ac-
cumulations while to 10 per cent was the
easiest terms obtainable. Nevertheless, the
market becanes less disturbed the balances
were readjusted, and by Thursday 10 per cent
was the extreme for the time loan market and
lenders with unemployed balances had To he
cont ent to accept to per cent at the end of
the day, and Friday the extremes were ( To
per cent. Both the money and stock markets
have been to some extent Influenced bv the
rise iE the Bank of England rate to per cent
which with the tirmness of the London open
money market and the financial pressure which
Is shown in Germany rendered further imrne-
diate importations Of gold improbable. if not
impossible. Relief from this source being cut
or. discussion of the domestic financial situa-
tion does not develop signs favorable to the
resi- Grafton or the decided ease in the New
York loan market. The activity of trade and
the rrcsuerity Of the country, It is held will
keep money in circulation during the autumn
and early winter, when. under ordinary cir
cumstances it would begin to return to New
Hork as soon as the crop movement was well
under way. It, therefore, seems that the stock
market must resign itself to a high II not a
stringent money market, in which per cent
will be the minimum for both call and time
loans. In spite OF this tendency and of the
disposition of professional traders to press the
market for sales prices have behaved we'll and
after pretty general. though far from severe
decline in the early part of the week a dull
irregular recovery set in Wednesday, This
was partly in sympathy with the improve
ment at London. It was however noticea bic
that most of the purchasing here was by the
bears and represented the covering of their
short contracts. In fact, one OF the features of
the week was the failure OF the high money
market to provide any appreciable liquidation
Of long stock. Meantime apart from the dearer
money market nearly all the circumstances
bearing on stock values continue to be favor.
able and this activity and prosperity of trade
naturally create certain feeling of confidence
in the future of the market
The volume Of trading for the week has been
smaller than usual, and the international Yacht
race has diverted the attention of a consider
able section of the Wall-street professional
element from the market. On Friday the mar
ket developed a good deal Of strength on fur
ther favorable influence and from London