The times., 1899-10-19

NEW YORK, Oct. 1S.-In a more or less
professional speculative situation, the en-
ployment Of the Wall Street yernacular is
perhaps permissible, and, if So it may be
said that the current stock market presents
all appearances of being sold TO a standstill.
At all events there can be no question as to
the nervousness of the very extended short
account in the market and indeed there
are daily abundant evidences of the willing
ness and anxiety of this party to reduce its
commitments as speedily as possible. Their
anxiety is plainly based upon the fact that
outside liquidation has eliminated and
neither their frantic efforts TO force its re-
newal, nor the development OF outside con-
dltions calculated 10 do so, prove success
fuI TO that end. In today's stock market
there were many pronounced advances the
greater part of which were clearly attribut-
ed 10 purchases for the short account.
There were other noteworthy raises also
which need not be referred to the same
cause, although they undoubtedly were ef-
fectiye in inducing purchases elsewhere for
both accounts. Noteworthy instances in
this last respect were the advances which
took place in New York Central and North
w t7NNAL IL tbSbtilEl I'm llG SlIEuBln ID Iue
other Vanderbilt issues. Definite eXplaua-
tions Of the advances in this quarter were
lacking. The simultaneous strength Of New
York Central and Northwestern had the
usual effect of reviving the old deal
rumoTs, and there were also reports current
that with the filing for probate of the will
OF the late Cornelius Vanderbilt it would
be found that some disposition of his hold
ings OF these stocks had been made. which
would tend to strengthen their market posi-
ton.
As is usually the case in Wall Street.
the more pTOsaiC factors of the abundant
prosperity and brilliant prospects for both
companies were hardly mentioned in con-
nection with their strength. Inasmuch as
their tremendous volume of traffic through
out the country is severely testing the ca
pacity of its railroads. and notably that of
the east and west bound lines. it would
appear that an advance on transportation
rates is almost inevitable, and what even
slight advance would mean to a COM
pany with the tonnage of New York Cen
tTal is worthy of consideration. The mar
ket opened very dull and with a somewhat
uncertain tone chiefly in response to the
irregular tendency of the London market
The declines that appeared there were
probably owing 10 the fears of a prolonged
ltSA AbA VI AlSu llOutN rates ana luTIueT 10
the inevitable uncertainties regarding the
progress of the war in South Africa. AS
has been the case throughout the week the
operations for foreign account in this mar
ket were inconsiderable. The uncertain
opening seemed to encourage the bearish
factions TO make a further attack upon
prices, and, as usual. they selected Brook
lyn Rapid Transit to bear the brunt of the
operations.
II was soon apparent, however, that they
were meeting with no outside assistance,
and with the course of the morning the
whole market developed strength under
the effective leadership Of the Vanderbilt
shares. st. Paul and the other standard
issues followed in this lead and indeed
the Improving tendency of the market was
general. Very sharp advances took place
in Sugar Refining Manhattan, Metropoli-
tan Street Railway, Peoples Gas, and
Brooklyn Rapid Transit also rallied
sharply. As was TO be expected, the full
measure OF the advances in these stocks
was not fully retained at the close and
indeed, the afternoon dealings were marked
by some substantial recessions. but the
undeTtOne of the market remained decid-
edly firm. The local money market was easy
throughout. Sterling exchange advanced
still further. International transactions in
connection with the settlement of the Cen
tral Pacific adjustment were a factor in
the strength OF sterling, as were the other
influences referred to earlier in the week
OF the large number Of traffic returns re-
norted for the second week of the month
il can only be said that while the almost
unbroken gains that appeared were some
what smaller than those shown in the
early part of the year, that when re-
garded from the proper comparative point
OF view, they were all highly gratifying
eXhibits