The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-10-07
,,x1So1aI AND COMMERCIAL.
FRIDAy. Oct. 8.

FRIDAY. Oct 8.
TKSrulin0 rate Tor money on call to-day was
pr Dent. The highest quotation was 3 per
,vnt and the lowest per cent. This indioa-
ton that thu money market 10 returning to
normal con dttion stim ulatsd trading in stocks
and also i'm parted o Arm tone to the speoula-
tiop. Compilations OF the known movements
OF nscnsy this week Indicate that the banks
hAv. lost In cash 100000 70 S6.0O0.000.
ptil, fairly good bank statement Is expected
In many quarters because 1t 10 believed that
there has been further reduction In the loans
and hence In the deposits.
The most interesting develop m INT to day was
the strength Of the London maskst for seour-
ties. although the money situation there was
not perceptibly easisr and there was no def
mite news concerning tho Transysal i'm broglio.
The so-called Kaflr shares were exceptionally
strong and thsrs was an active demand for
American stocks. These circumstances would
seem to indicate that progress Of which the
public has not been advised 10 being made
toward 4 peaceful settlement OF the South
African controversy.
Tho bearing OF that IMPLICATION upon the
monetary situation here Ia becoming palmer
every day. The possibility OF war has served
10 keep the European money markets upon
high plane for some tme. fact that has pre-
vented the foreign exchange market from de-
at this season OF the year.
The exchange market was further stiffsned
to-day By the announcement that the English
Govern m snr had impressed into It's transport
service large number OF steamers plying be-
tween this country and various European
ports The withdrawal OF these ships from
the merchant service will restrict exports OF
staple products and OF course reduce the vol
ume OF DOM N srcial bills available NJ an Offset
against regular remittances abroad.
The increase in the volume Of trading on the
Stock Exchange was supplied chiefly by tho
Industrial shares. U. y. Leather was the lead
err in respect to activity and was also exception
ally strong The conspicuous position that II
attained In the market was doubtless the re-
suit Of m MANIPULATION that has been under way
in the stock for some time. and which Is
probably intended to influence holders OF
both classes OF the eompany's stock TO
believe that the proposed readiustment Of the
preferred stock dividend obliga alton 10 really
good thing Other features in the Industrial
list were Am erican Tobacco. which enjoyed
sharp advance. and Sugar Refining. which also
rose rapidly. but did not retain much Of its
maximum improvement
Among the railway stocks Louisville and
Nashville was easily the leader at a net ad-
vance OF IN per cent. Foreign arbitrage houses
bought It freely and local traders followed
their lead. Southern Pacific was also in good
demand. owing to the excellent showing OF
sarnfn q that the company is making and the
completion OF the refundinG OF the Central
Pacific Com pany's debt and the merging OF its
property ihto the Southern Paoinc system.
In the last hour the bear party apparently be-
came alarmed at the increasing scarcity OF
stocks. and with the view presumably OF az
feoting speculative sentiment unfavorably. 1t
made 4 vigorous and effective drive against
Brooklyn Rapid Transit that left that stock
nearly three points lower than yesterday. The
closing. owing to the movement Just described.
was irregular. the.tone was in the main
firm.