The sun., 1905-11-26
FINANCIAL AND COMMERCIAL.
SATURDAY, Nov. 2,

appeared to-day to have run It's course
In the early part Of the day prices held at
about yosterday'1 clo7inG flgures, but with
the facts standing out very prominently
that there was no longer any pressure to
sell stocks and that II any distinct tendency
in the market was noticeable " was toward
n higher rather than lower level, There
was again "hammcrng" 10 some extent
OF the Rock Island and one or two other
groups Of securities. but this selling was by
no means Of confident nature and 1t was
obvious that profit taking was no longer
overhanging the maIiiet, There was par
ticular strength shown in the Metropolitan
Street Railway, Metropolitan Securities,
National Lead International Paper and
Tennessee Coal and Iron shares, The
stock last named made violent advance,
which was attributed in large measure
TO the progress Of plans looking forward
to consolidation Of the Southern iron and
steel companies and to rumors which may
well have some basis that an increased
distribution upon the stock Is at hand.
But it is also probable that the rise was
due in considerable part to the retreat
with heavy loss of abort interest Else
where the market was fcatureless gains
rather than LOSSES predominating, however
in the active sto2k'. The weekly bank
return bettered all previous antioipa-
tons as to its favorable tenor and was
the most encouraging document Of the
sort that has been submitted for six months.
While bank loans, in spite Of rising stock
market prices during the week, decreased
347e5S 800, the banks gained s',29l 100 in
cash, or more than $3,0)D0O) above what
was yesterday estimated, 30 that the bank
surclus reserve was enlarged by S0,24l $50
and brought up to S9l57 100, u sum In ez-
cess Of the surplus nj this time in the COR
responding period in the last two years.
The Circumstance una uestionably indi~
Gates that money is returning here in guam
tity from the interior of the country,
state Of affairs that has already been sng-
gested by the premiums ruling for
the last ten days upon New York eX-
change in the large Western reserve cities.
There Is no certainty, of course, that
the return flow of funds that has thus be-
gun will be uninterrupted but If the usual
precedents of the past are to hold. this
centre will be gamer in cash on its none
tary transactions for several weeks to come,
In the last three years the cash OF the local
banks has increased between this date and
the last week Of the succeeding February
between $40, 900, 900 and Gj,GJ00OO. II is
well understood that trade in the interior
js very active, that there is some holding"
of cotton going on and that the congestion
OF traffic on the railway freight lines tends
10 prevent free movement of the crops
with the consequence it may he, that the
West and South will retnin this year the
thnt hn,y tIaH ft-at fI1
East longer than they have done in other
years, but the truth stands out that the
necessities arising. rrorl the harvesting
OF the crops, which caused the transfer
of nearly 500, 100000 this year from the
Eastern centres to the agricultural sec
tions. are over with and that forces as fully
irresistible and usually as regular in their
application as those which ori iginally led
to the shipment of funds are working to
cause a return OF the money. After the
appearance of the bank statement to-day
the security market took on new strength
and the prominent stocks closed at ad-
vances which were as large and as generally
distributed as yesterdays declines.
The progress of the stock market toward
recovery during the week has clearly been
brought about by the same causes as those
which were witnessed on the Stock Ex-
change in to-day's trading. The money
situation is becoming definitely and I'M
easier. That there is decided
change for the better in foreign financial
sentiment is shown by the bringing out
Of the Japanese loan, by the free offerings
Of foreign money here. which have reached
the point of actual abundance and served
to depress the price OF sterling in our
exchange market, and by the generally
stronger tone on all the foreign bourses.
At the moment Turkey appears to be taking
the place OF Russia as a political storm
centre abroad. but fears that anything
Ike financial trouble will result from the
Tort OF the Powers to compel the Sultan
inaugurate financial reforms in Mace
lia are obviously not entertained Busi-
and financial conditions at home re-
y almost immeasurably prosperous and
pising. Railway earnings continue to
- SO and orders for goods from the
ID es to enlarge, There is Trustworthy
for believing that the untitled orders
the books of the United States
corporation amount to more than
tons, while at the way things are
sewil not be long before the pig
n output Of the whole country a
back Requisitions for iron
u oducts come not only from one
and they, not n,crelv nunarors u,
departmef tho trado hn, l., 60. NV
Such parl,r strono,+h .han,sa,, 80 'ne'
was shown tha Irni,aS c,o.oa S. 80, a9
in the week. alnnost ine,,;tahla p,,D s
tha weak w '''iS' DuiiiB |
has been aptly styled the
period has CT ao,aa,,tat ~ III. '
clothing and othar oo,,r,odi,io. - W
distribution {, ,,ds I,rnal,. ,,,,o,, - "loH1
weather that ,or,,aIl,, =, ~ N, o |
at this time of, van. ,,,t ~ ~ 80,
.bat !, ;s pniIs for holiday trade |
Sie;h,v mo 10 l;a Gaiu ! break oil records are |
New York Stock
CLOSING pRIcEs t,. '' WV 40