The times., 1899-09-23

NEW YORK. Sept pa number of
circumstances combined to bring .bout
public purchases Of stocks today, under
which advances were fairly common in
the market Probably the most effective
of these was the further relaxation IN the
money market, where the bulk OF the bor-
rowing was effected at and under the legal
rate Of interest This circumstance was
taken to foreshadow substantial increase
In the surplus reserve OF the associated
banks in the statement of averages to
morrow 1t is indeed probable that these
expectations viii be realized, and certainly
the winding up of a number OF important
Financial transactions, including the Bur
lington and Quincy subscriptions and the
Baltimore and Ohio Southwestern reor-
gaDization. ought in this weeks or in Text
weeks statements 10 result in heavy
contraction in the banks liabilities. The
same end may be furthered by the In
ouestionably heavy liquidation in the mar
ket at the close OF last week, and in the
early part Of the present week. Whatever
may be the changes in the bank statement,
however. il is evident that money is in
more ample supply than il has been for
some time. and this fact is more important
than the confusing and often times made
quate representations of the condition Of
the banks, as shown in the weekly state
ment OF averages.
further factor in the Improvement in
the market was the adjournment of the
British Cabinet meeting without the an
nouncement Of more aggressive policy in
the South African situation. London houses
were again sellers Of stocks here on bal
ance, TO a moderate extent, and in addition
q materially lower range of prices was fur
nished from that quarter for the edihcation
OF local spectators al the opening of busi-
ness but neither circumstance had any sub
stantial effect upon the market. third
influence making for lettering prices was
the strength that appeared in all of the
local traction issues, and notably in Brook
lyn Rapid Transit Ii would be idle to ig-
more the part played in the unsettling OF
the market by the tremendous shrinkage
in Brooklyn Rapid Transit. and, on the
other hand. evidences that the stock was
finally receiving effective support counted
for no little in today's improving prices.
There was again an absence Of confirm
alton OF the persistent rumors that a large
block OF the stock had been acquired in the
interest OF another corporation, apart from
that furnished by the stock tape. and that
evidence is considered as conclusive by
many competent judges.
Apart from the features noted and the
publication Of q number of interesting
statements OF railway traffic for various
periods, there was little that was new TO
engage attention IN the course of the day
The annual statement of the Northern Pa
cife Company was perhaps the most in
teresting Of those submitted. The North
ern Pacific issues were particularly strong
features OF the market-a natural reflection
OF the excellent showing made by the
company AS has already been announced
the management have under consideration
the propsiety of paying an extra dividend
on the common stock early in the new
year. The most noteworthy advances in
the market, as might be expected, were in
those stocks in which the short interest
has been the most extended. Apart from
the local traction shares. these were Peo-
pies Gas, Sugar Refining, Federal Steel,
and Consolidated Gas. The advances in
these stocks were marked by occasional
reactions. as was the advancing tendency
OF the general market, but firmer under
tone than has been apparent for some weeks
was noticeable throughout the day.