Evening star., 1905-09-26
Reduced Volume of Transac-
tions Over Yesterday.
THE MARKET STRONGER
MONEY MARKET CONTINU UED
FIRM AND ACTIVE.
Subtreasury Creditor at This Morn
ing's Clearing House Settlement
Sterling Exchange Very Firm.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, September 2G.-Stock Iar-
ket transactions today were in somewhat
reduced volume as compared with yester-
days total, but, on the other hand a mucn
frmer tone prevailed in all quarters of the
market. The theory that yesterdays quite
general decline in prices denoted an out
break of liquidation, which might be ex-
pected to continue indefinitely. was GER
tainly not borne out by the results of to-
days transactions. The business of COM
mission houses indeed upon very
small scale; but such was the case also
during yesterdays unsettlement, and ap-
parently much of the strength of today 8
market was the result of the covering OF
short contracts previously put out. How
ever that may be, there was little or moth
ing in the morning news or the days devel-
opments OF a nature strongly to influence
speculative sentiment in one direction or
another.
In the absence of any more striking
events Wan street is accustomed to make
its first observations upon tie state of the
London market. and negative conditions
were reported from that point
There seemed to be some misgivings there
with regard to the outcome of the fort
nightly settlement and also as to the action
on that Institutions rate of discount on
Thursday. Foreign houses were buyers in
this market on balance to a limited extent,
their purchases including Union and South
ern Pacific. Canadian Pacific and the United
States Steel shares, with only scattering
selling orders.
Money Market Active.
The local money market continued firm
and active, with further shifting about of
loans on call The ruling rate for this
form of do
and renewals of rates on standing loans
were fixed at figures ranging from to Az
pec cent.
The subtreasury was creditor at this
mornings clearing house settlement of
small sum, and the figures OF the opera
tions between the banks and the subtreas-
ury since last Friday. comprising the opera
tions up to last night, showed a loss by the
banks of more than 100000. 1t is rather
early in the week to discuss the prospects
for next Saturdays bank statement, but as
the banks were creditors to a small extent
at this time last week in their dealings
with the subtreasury, 1T Is certain that they
Will have to make further large curtail-
ment In their loan account in order to pre-
serve intact their small remaining surplus
reserves Sterling exchange was very firm
again. and Ii Is highly unlikely that any
further engagements of gold can be made
in London for some time to come.
Importations to Continue.
On the other hand. importations of the
metal from Australia are apt to continue,
and it is thought likely that the current inn
port movements will not terminate until
upward of S10.OOO.O 900 or 100000 of the
metal shall have been laid down at this
point. The governments weekly weather
bulletings set forth generally favorable con-
ditions respecting the crops. aside from the
Interference to the threshing of spring
wheat on account of the rains in the Pa
kotas and Minnesota. From 10 to 80 per
cent of the corn crop was declared to be
absolutely safe from frost with only an
other week of favorable weather to assure
the integrity of the remainder of the crop