The times., 1899-11-10

NEN YORK Nov g-Ihe determining
influence in toaay's dealings iu stocks was
she srriuEeucy iu the money market. The
initial transactions in money on call were
made al lg per cent. and there was very
I-tle Borrowing effected under thar figure.
ON This circumstance and on the eEpgc-a-
lion shat Saturday bank statement would
De another bad showing there was general
selling of stocks for both accounts. AS
bearing upon the probable exhibit 10 be
made hy the banks on Saturday, ], may be
noted that .u their operations with the sub
treasury since Friday they have lost app
ward Of s. 100 600 already The constantly
increasing revenues OF the Government uu-
cueslionably constitute the main obstacle
10 the return OF easier monetary conditions
and 81 IS difficult 20 see how there can he
much relief 10 The situation SO long as
present conditions continue.
There was again today anxious discus
sion as 60 whether the Government would
undertake any measures looking to the re-
lief oE The local monetary situation and
beyond doubt The conviction is Increasing
that some steps viii he instituted ia tai5
direction Perhaps the most feasible
would be au offer by the Treasury jo re-
Ctem part of The per cent bonds matur-
irE iu 1894 and even am iUtmatiOu of the
willingness OF The Treasury 10 take such
EruOu would relieve The present tension
materially. III Is quite certain that u The
tension lu the monetary situation Is not
sazs5 very soon Che resultant distress viii
bg by no means confined 20 speculative
Wall Street. and the mercantile community
and other so-Called legitimate borrowers
viii also experience a great deal OF dis
comfort
Relief from the operations OF the foreign
exchanges is under the circumstances,
quite out of the question, and while interior
exchange has recently been shaping rather
more favorabIy toward this point, there
has not been as Yet any considerable return
movement OF money. Among the eXpedients
which may be employed by The Treasury,
the diversion Of the internal revenue re-
ceipts into banks OF deposit has been sug-
gested bur the difficulty Of securing the
necessary bonds as collateral and the com
psrgtive sloWuCss OF this method do UOJ
commend il TO the best informed bankers.
The stock market opened fairly steady.
but it's initial tone was not long retained.
Trading was in fair volume. and the move
menys iu the market were comparatively
uniform There were very few exceptions
10 the common tendency. The Northern
Pacific shares were comparatively firm on
the announcement Of the retirement Of the
cent bonds. and ar the opening there were
rather sharp gains scored in General Elec-
tric, American Steel Hoop, and American
Steel and Wire but these stocks could not
Withstand The declining tendency that de-
Teloped in the remainder OF the market
The rather ignomiuiOUs collapse of the bull
speculation in United States Leather com
mon continued today. the stock breaking
fully 10 points in the forenoon dealings;
but ii later recovered a good part Of this
decline 10 other reasons than the with
draWal Of the recent maniPulatIve support
could be assigned fer IT'S particular weak
ness. The declines In the standard issues
On the average were in excess OF j per cent.
while particularly severe losses were made
in Sugar Refining Peoples Gas. and Brook
lyu Rapid Transit. The markets tone
throughout was very feverizh. and while
IS was TO be expected. the trading was
puuctuated by subsequent sharp rallies the
appearance OF outside pressure were more
cleaE than for q long time.