The times., 1899-10-31

NEW YORK. Oct. 30-Infereuces in re
spec; TO the monetary situation, drawn
from Saturdays bank statement, which
We're the chief factor in the sharp rise in
prices in the last half hour of business
then, were again the main feature in the
sharp and general advance in the stock
market at the opening Of business this
morning. Some interesting and significant
conclusions may be drawn from the state
ment particularly when 1t is considered
in its relation TO its predecessors since
September . Regarded in this way, it
viii be seen that the loss in actual cash
was the smallest reported for any week
since September ?, and, furthermore, it
may be seen that there has been each week
a constant reduction IN the losses reported.
The maximum loss made by the banks IN
any one week in the period was in the
statement Of September 9. when the loss
amounted TO 5l05O0- 000 in the next week
the loss was S5,94I 900; in the next week,
$3.50, 000 in the week following, the loss
rose 10 81 .545 zoe. but in the week OF OctO-
Der Z, the actual loss fell to s., 1872 600. In
the following week the loss in cash
amounted to 81 .0lg 600, and on October q
kllE lOe> AA lAAAEQ 10 eADf rNNHr IL ~ an Ut
recalled that Saturdays statement showed
loss in cash Of only SS7 600 hence II
appears that since September 2 the banks
total shrinkage In actual reserves amounts
10 S32. POI GOO, and in the same time that
they have exceeded their deposit liabilities
by S96 at. 0G0. In the same period they
have contracted their loan account by
SIS coo GOO. Whether the differences, drawn
from these figures, that the drain on the
-frsH- f.Hsfr or
funds has eliminated is correct remains
TO be seen. but the constant shrinkage in
the weekly losses reported is at least wor-
thy OF note.
So FAR as today's money market was con-
cerned il by no means fulfilled the eXpec-
tatiOns that the bank showing Of Sat
urday fOreshadowed easier conditions. On
the contrary. chiefly because of the unus-
ual shifting about Of loans on call prior
TO the first OF the month, the money market
was active and ruled well above the legal
rate for all practical purposes throughout
the day The days furry was exclusively
however, in the market for call loans and
the time division, Of pronounced strength
at the opening, was further stimulated by
the buOyancy Of the London stock market
and By the subsequent purchases Of stock
here for foreign account, which aggre-
gated about 20 600 shares In some in
stances the highest prices OF the day we're
made al the opening and the market then
was certainly stronger and broader than
il was later on. The sharp advance in the
rates for call loans naturally induced a
good deal OF selling for both accounts by
the room traders and the St Paul COM
pany's Disappointing September statement
also tended 10 chill speculation. Still
il viii be noted that the decrease in net
earnings shown in the statement resulted
altogether from an increase in operating
expenses OF about II per cent. which, be-
yold question. reflects some extraordinary,
and in all probability, permanent outlay
by the company. Doubtless also the reac-
Jion in prices 10 some extent reflected the
anxiety regarding the upshot Of today $
fighting in South Africa, with all that the
result Of the battle may imply in tomor-
rows London stock market.
The trading al The opening was by far
the most animated that has been witnessed
for q long time and the advance in prices
was fairly uniform. On account Of the
several checks administered 10 speculative
enthusiasm the trading fell away in vol
ume with the course of the day and the
market underwent a general reaction, al
though throughout the day g very firm IN
deTIoue was apparent The strongest fea-
tures al the opening were Burlington and
quincy Southern Railway, Louisville and
Nashville. Missouri Pacific. and the Atchi-
son shares. Pullman Palace Car also re-
covered very sharply. The Industrial quar-
ter was irregular throughout There were
sharp advances in the Leather stocks and
In the American Smelling shares. while
American Steel and Wire and National
Steel continued cOnspicuously weak. Man
haitian Railway also failed 10 participate
in the markets early strength. There was
an absence Of news bearing upon particular
stocks which would account for the specific
movements. and the trading 10 the main
was governed by the same general consid-
eratioEs that were effective last week,
qualified by The already noted developments
IL the money market and the other matters
that engaged attention with the course OF
the day.