The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-09-16

the Damage done by storm on the Gulf
OF Mexico. The latter showed its eff
fect on Kansas City. Pittsburg and Gulf.
81; Paul and Burlington were driven
oeiow par and all the Changers declined
an average of about 1-2 point, while
Loulsvllle, Southern preferred and Kan
sas ana Texas preferred We're off nearly
point, the latter on profit taking,
Wnch continued all day. The whole
list receded fraction. Later came de-
mas from Washington on authority
quite as weighty as the first assertion
that no warlike measures were project
ed on the Cuban question. The first re-
port or heavy damage on the gulf was
also, denied. At the same time the
marked weakness in the exchange mar
Ket came into notice, actual rates for
Doth short and long sterling and cables
recedlng 3-S to - per cent. London
was also buying quite freely of favorite
STOCKS The official reports of wheat
shortage in France and Italy added to
the assurance of continued heavy ex-
ports of grain to be paid for. The ad-
vance in cotton at Liverpool tended to
the same end. These indications of n
prospective increase of the balance of
trade in our favor led to expressions
Dy foreign bankers that a heavy gold
import movement was certain to result
and was likely soon to commence. The
evidence of the exchange market on
this point was strengthened by the hard
ening tendency of the money market,
call loans commanding as high as 3 per
cent and only a few exceptional loans
Delng below , per cent. Money con-
tlnued also to move very freely to the
interior. AS the general news bearing
on the business outlook all continued
favorable, the prospect of gold imports
proving an available means to turn the
tide in favor of the bulls. At the same
time it was reported from Washington
that the difference between the govern
ment and the syndicate organized to
purchase the Union Pacific had been ar
ranged and that approval would be given
at the cabinet meeting in the afternoon.
1t was on this account that Union Pa
enc became so prominent in the after
noon rise, its extreme advance being
Is and its net gain 2 3D.. Northwest
and Omaha were also notably strong
and led to a buying movement as on
former occasions in all the Vanderbilt
stocks. st, Paul also recovered from
the early depression, advancing l Sd.
Northern Pacific preferred rose points.
The market reacted to some extent be-
fore the close, and this, coupled with
the early decline. makes the net gains
considerably smaller than the extreme
advances.
Among the Industrials General Elec-
trio, Sugar and the Local Gas stocks
were all notably strong. Omaha's net
advance was and Sugar the same Cot
ton Oil, Sugar preferred, Chicago Great
Western preferred. Delaware and Hud-
son, Erie firsts preferred. Laclede Gas,
General Electric, Lake Shore, Metro
politan Traction, New York Central,
Northern Pacific preferred, Northwest
ern. PENNSYLVANIA, Pullman. st. Paul
and ST JOSenh and Grand Island first G
preferred showed net gains of a point
or over. .., g'.r ."j .t. r,
The price of bonds fell off at the open
ing. but the market became strong later.
Total sales. 100000. United States
bonds, old fours. regular, sold at 112.