The times., 1899-09-20
STOCK PRICES ADVANCE
The Liquidation of the Past Few
Days Is Over.
The Market shows Strength as n Re-
London BECOMES Buyer-CoaIers
md Grangers Respond to Favor
able Conditions-Rise in Brooklyn.

NEW YORK, Sept 19.-The recovery in
the stock market, which set in yesterday
afternoon, made further progress in this
mornings market although the market was
marked by no little feverishness and irreg-
ularity. For the most part it appeared that
the main incentive inducing purchases for
both accounts was the relaxation in the
money market that naturally followed the
extensive liquidation of the past few days.
The markets strength was furthermore an
evident reflection not only of the extent
to which speculative liquidation has pro-
gressed since the latter part of last week.
but of the further absorption of stocks by
cash buyers noted in this column yesterday
as feature of the then demoralized deal
ings. There was very little in teday's
news, apart from the easier monetary sit
uation, to which the tendency of the market
could be definitely referred. There was a
large number Of exceedingly gratifying
traffic returns for the second week of the
month, but little attention would probably
have been accorded to these had it not been
for the relaxation in the money market.
The influence of London here was also ia
vorable to higher prices American stocks
were shown at recoveries there, and con-
soils rose sharply on more reassuring ad-
vices as to the prospects for an amicable
settlement of the South African trouble.
On balance, foreign houses also were buy
ers of stocks here
1t seemed a fair reflection. from the gen.
eral characteristics of the trading. that the
IN ha in he M rly
since last Friday by operations for the
short account has been rather underesti-
mated, and it would otherwise be rather
difficult to account for the very sharp ad-
vances that took place in certain quarters
of the market While it is certain that
there has been exceedingly heavy liquida-
tion in the market in the time noted, 1t Is
rather singular circumstance that large
number of commission houses have report
ed that on each of the days in which the
market has been the weakest their purchas-
es on balance were in excess of their sales.
This would indicate that such liquidation
as has taken place, has not come from out
side spectators, or at least to the extent
which had been commonly supposed. An
other point of technical Importance. and
one testifying to the inherent strength
of the speculative situation is the general
testimony OF commission houses Jldi tnSlF
calls for extra margins were responded to
with readiness that was noteworthy, and
which indicates not only the strong posi-
tion of the ordinary speculator, but also
his unshaken belief in further rise in
prices.
The sharpest advances in the market
were scored In the local transactions, where
Brooklyn Rapid Transit was the con-
spicuous feature and in the anthracite
coal group. The recovery in the grangers
and Pacific stocks averaged about one
point; an equal rise took place In Southern
Railway and Louisville and Nashville.
New York Central was unfavorably affected
by what may be assumed as the disap-
pointment on the part of uninformed
spectators that nothing more than the
usual 1 per cent dividend was declared
upon the stock. On the other hand there
was probably some buying of New York
Central on account of the notable accession
TO the directorate of the company announce
ed today. There was, otherwise, little
news bearing upon particular stocks.