The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-22
FINANCIAL AND COMMERCTAL.
FRIDAY. Nov 81

While no authoritative announcement
was made to-day regarding the much
talked-of Manhattan deal Wall Street
hos very little douh, that the Manhatt a
system has passed into the hands Of the
marlborough Rapid Transit Company
although considerable scepticism is ex-
pressed "a to whether the terms Of the pro-
posed lease or contract justify the present
price for Manhattan stock There are
substantial reasons for believing that he
foro any proposition of the kind was made
very large holding Of Manhattan stock
was acquired by interests not previously
| identified either with the Manhattan
( management or with the lnterborough
Rapid Transit Company, and that the Gould
holdings OF Manhat an were proport ionately
| reduced. is obvious that these new
interests will have good deal to say re-
garding a change in Manhattans control,
but il is understood that they are not only
not averse TO such change, but that the
matter was. in fact. suggested by them
| The general stock market to-day was very
strong from beginning 10 close. st. Paul
| was the leader among the railroad stocks as
| usual. scoring rise Of nearly points There
were rumors that the rights" on the stock,
| whose Influence in the stock market has
| been constant ever since the directors
authorized an increase Of St Pauls capital
some weeks ago, were al las, TO be dis
tributad. but those r,imors were not con-
frmed. and probably arose naturally out
of the markets action All the other rail-
road stocks advanced from 10 points
The Rock Island issues were steady on enor-
nous transact ions. which would have at
tractcd greater attention than they did
were there The slightest idea cntert aimed
that they were genuine Amalgamated
Copper was the feature among the indus
trials for reasons. probably. that have
before been alluded to in this column
The efforts TO break a well-known specu-
lator in an adjoining city who was known
to he heavily long of Amalgamated Copper
have failed, and It ia quite likely that those
who were responsible for these efforts
are retreating from the field The bear
campaign in Amalgamated was not
however a very formidable one. Short
contracts OF every sort were hastily GOV.
cred to-day and il is unquestonable
that at the close Of business there were
fewer outstanding obligations Of this de-
script ion than al any time in the last two
months
The development Of he day that was
most Ia liked Of on the board and among
operators generally and clearly Influenced |
prices more than any other fact was the |
placing of large quantity of time money
by a large and conservative banking house
at rates slightly less than those which have
recently prevailed II was argued that |
the placing of these loans meant that the |
banking house in question had concluded |
that the money s,ringency was over; hence
there was free room for an advance in |
quotations on the Stock Exchange 1t |
may be seriously doubted If the views Of |
the bankers referred to, or those Of any |
other bankers whose opinions are worth !
ha wing az 10 the financial situation. are al |
all different from what they have been: |
and the grant of the large quantity of time !
loans mentioned will probably be found |
10 Ike connected with the necessity Of |
Immediately and probably, although TEN.
porarily, employing a large sum of money
received as the proceeds Of an issue Of stock |
by one Of the Eastern railroads In spite |
Of any and all declarations to the con- |
trary, there is as vet no perceptible easing |
In the rates for time money, and the Off !
GERS of the leading national banks of the
city affirm that they do not expect to see
time money placed under per cent for
either thirty, sixty or ninety DAYS until
the middle of January great many
contradictory uuot atoms Of the lime money
rate are now ahoat. These contradctio ions
are quite natural, the reason being that in
all such matters the credit Of the house
receiving the loan is an important factor
in either mitigating or increasing the rate
There are certain houses in Wall Street
to-day that cannot get time money on any
terms There are other houses that can
get funds freely, although not in great
quantity, at per cent,
Sterling exchange was very strong, rising
to s7l5 bid. London exchange in Paris
advanced, however, as did also the private
rates Of discount in many European cities
There are limitations that the Bank of
England may raise its minimum rate of dis
count next week European investors con-
rinue to sell stocks in this market and about
30 900 shares were SO sold for foreign ac-
count to-day. The exports Of wheat for
the week showed gain over last week,
although since July there have been but
IO0,s28.324 bushels exported against 1872
70l $50 last year. Corn continues to be sent
abroad in very small quantities. since July
only 2,452, 1893 bushels having been exported
as against ls,523.li9 bushels last year II
may be accepted as fundamental fact in
the present financial and commercial sit,ia-
ton that corn will not he sent to Europe in
any quantity worth mentioning while any,
thing like the present prices for il prevail
The forecasts Of the weekly bank statement
were favorable. indicating that the banks
had gained cash during tho week The
gain was again due TO the largo deposi, Of
new gold and Australian gold in the various
sub-treasuries.
New York stock Exchange sales. Nov. n,