The times., 1899-10-04
SIGNS OF IMPROVEMENT
An Indefinite Tendency Toward
Better Prices for Stocks.
The Opening shows No Material
Change in Copditions-Some sharp
Rapid Transit-Recovery in Later
DeaIings-A Few Issues Advance.

NEW YORK, Oct 3-Today's stock
market opened without any substantial
change in the conditions which dominated
the trading yesterday but on the other
hand there was a notable slackening in
the pressure of both foreign and domestic
liquidation. So far as the South African
situation was concerned, probably the
absence of a confirmation of yesterdays
late runners of an engagement between the
English and Boer forces may be said to
have had favorable effect, though gem
orally considered the situation appears to
be unchanged, and the outlook is still for
an eventual outbreak of hostilities. Yes
terday's sharp rise in the open London
money market was followed today by an
advance of l per cent in the Bank OF Eng
lands discount rate to 4 1-2 per cent, and
the Berlin money market also moved up
sharply. The monetary situation in Lon
don and the outlook in South Africa caused
further sharp declines in the London mar
ket the losses in American stocks averag-
ing fully point. With the opening of
business here renewed selling for foreign
account appeared, but, as noted, it was in
much reduced volume as compared with
yesterday. The aggregate transactions
On this account were hardly in excess of
$1,000 shares. The local market showed
furthermore, the presence of what appear
ed to be concerted buying in various quar-
ters Of the market, and it was this cir
eumstance, chiefly, which caused the rank
and file of the room traders to reverse
their position and turn to the long side of
the account Commission house business
was in light volume, and, indeed, the mar
ket was comparatively dull throughout the
day. some interest being doubtless diverted
on account of the absence of many persons
at the yacht races.
There was again very wide rates on call
money at various times during the day
The extreme figures reported in periods of
monetary stringency, like the present, are
never adequate or correct reflections of
the real state of the money market. Prob
ably the bulk of the money lent on call to-
day brought from IL TO Is per cent, and
these quotations may be regarded as fair
ones The money market showed sort of
indefinite tendency, however, toward relax
alton, and this circumstance together with
the expectations that next Saturdays bank
statement will show substantial strength
enlng in the position OF the banks, counted
faYorably upon speculative sentiment The
railway traffic returns reported today again
constituted about the only other feature of
the day which attracted attention. For the
most part they were gratifying showings,
notably in the instance of the Union Pacific
Company. On the other hand, the Florida
Central and Peninsula Company formed the
usual weekly exception TO the general rule.
Its earnings for the first week of the month
showed a decrease of 15 per cent, while
the returns for the fiscal year TO date
showed a falling off of over % per cent
as compared with last year. These figures
must be very disheartening to the fnan-
ciers who are contemplating the incorpora-
tion of this road into the new seaboard
as with such showings their in
will be taxed to give this company
its proper place in the capitalization of the
new system. The market moved with
great deal of uniformity throughout the day.
Some rather sharp declines appeared in the
early dealings, the losses in Brooklyn Rapid
Transit, Metropolitan Street Railway, Amer
lean Tobacco, and Tennessee Coal and Iron
extending to several points, while in the
standard issues the initial dealings were
generally under 1 point. A common re-
covery, however, soon set in, based on the
noted, and the subsequent
advances reached substantial proportions,
notably in the cases of Sugar Refining,
the granger shares, and the other standard
issues