The age-herald., 1898-09-23
in Wall Street

New York September 22.-The days mar ket was largely given over to what are known the specialties. There was an upward rush of prices in these stocks at the opening, but the evidence of weakness in sugar which dominates the specialties, quickly brought realizing sales. The tone was rather heavy and at times somewhat feverish for the rest of the day. Traders who had turned bullish on sugar on the supposition that the long reaction was over, made up their minds that the recent rise was simply campaign against the shorts and turned sellers again. Manhattan jumped 5sc above par on President Gouds talk of early electrical equipment, but the character of the selling at the ad- vance arouser distrust and the bears raided the stockF. The extreme range of both of these stocks was more than per cent. and New York Air Brake which rose points in the early dealings reacted SAC. Tobacco also ranged over 3ia points and closed prac- tically unchanged. Those are extreme eX- amples of what was going on to a less eX- tent throughout the list. Movements of in- dividua stocks were very cratic and the market was excessively irregular. Mean time the railroad lists were rather sluggish and resisted the depression in the special ties, except for afew stoci-s. The Pacitics were notably havy, especially Union Pa cific preferred This was partly due to the fact hat London had only just arrived at the conclusion, quite definitely formed long ago in Wall street, that the dividend on the preferred stock would be only 11s per cent. The announcement of the dividend caused a rally of about l point, the shorts evidently having awaited the event to cover. The decline of over a point Tn Northern Pacific was unexplained unless as raelizing, since the second weeks state ment showed earrings over $6,00O in excess of last years high level.
 The Reading statement for July show ing a decrease in net earnings for all com panies of $2e7 SIP caused some heav1nesS Tn the coalers. Northwest's August statement showing a gross increase Of S29S,25O over last years unprecedented earnings, was re- sponsible for strength in the grangers, St Paul especially being largely absorbed. The process of relief of the New York money large engagements of gold from London by a debit balance against the sub-treasury Of $l ,271 All and by demands upon domestic New York exchange in Chicago rose from one cent discount to 1c premium; call mon- ey in London rose F per cent open market discounts there rose 1@ to % per cent, and the Bank of England raised it's minimum rate of discount from 212 to per cent, af- ter having borrowed largely from the mar
  The demand for silver dollars for ship ment to the west has led to the sub-treas- ury giving notice that the dollars must be paid for in silver certificates or treasury notes since the supply of coin has been nearly reduced to the amount of outstand- ing silver certificates.
 The bond market contained comparative ly dull, but prices were well held. Total sales $1 220 GOO. United States seconds de- clined 1ac and the new fours 14c, while the old -fours coupon advanced Ac in the bid price.
 Total sales stocks today, 4.35S,1O0 shares, including 3633 Atchison preferred, 6,991 Bur- lington, 19,911 Manhattan, 1S,S91 Northern Pacific, 6,790 Union Pacific, 1S,340 St. Paul, 37,S57 Union Pacific preferred, PATIO Cotton Oil, 1749O Tobacco, 6,650 Chicago Great Western, 9,795 Peoples Gas, S350 General Electric, 95,530 Sugar.
 Money on call easy, 21k@41a per cent; last loan 3 per cent.
 Prime mercantile paper, 4a5 per cent
 Sterling exchange steady, with actual business in bankers bills al $i.S354d4 .S4 for demand and at $4.S1A@4.S11s for sixty days.
 Posted rates, $4. .S21s@4.S5.
 Commercial bolls, $iSO1sd4.Se !, Silver certificates 61Ad62c
 Bar silver, 61 5-16c.
 Mexican dollars, 471ac.
 Government bonds weak
 State bonds easier.
 Railroad bonds firm.