The age-herald., 1898-09-21
sugar
In Wall Street.

New York. September 20.-The stock mar ket today presented all the characleiis'.e' of genuine reaction. Last week shai recovery eliminated the short interests NeiS largely and the forced liquidations oi prol- it's had been mostly completed during the previous continued decline. The market was thus freed to a great extent from the technical influences and was in condition to respond to the prospects for general business in the country. Its failure to do so yesterday was attributed to the unset ting influence of the slump in Sugar. Ihe bears were evidently timid about contihu- ing their campaign further against Sugar and were inclined to cover, so that thlS H. fluence towards reaction was removed Nevertheless, the market dropped heavily towards lower basis with one or two ex- captions in the list and closed barely steady at a level generally 1 per cent. or more below last nights level The action of the market not different in character from that which prevails at time when the business outlook presents general diScour- agement, contraction of activity and de- elining profits. The demand for stocks was very small all day and the prices went down easily under comparatively light of ferings. Weakness was particularly man1- fest in Tobacco, the Grangers and Paeifies. The action of these StocksEindicated the liquidation of a heavy individual specula- t1on on the long side. The sharpest break In the market was co-incident with the breaking up of all loans to per cent. This Hurry In the money market a disap- pointment to bull operators, especially in view or the engagement of over $2,000,000 in gold for import and mailing from the treas ury department yesterday of cheeks for interest on registered per cent bonds que october l, amounting to $49l0O0O which are payable immediately. The sub hnl1
 house also ran up to day to $1 ,261 45S re- necting large increase in government ex pendtures.
 The sluggishness of the gold movement IS somewhat remarkable in the face of inc conditions Call money in London is b per cent agalnst per cent here today Lon- aon discount is 1A@1A, against per cent here. Last months trade balance in tbis country's favor was 35,000,0OO on top of the favorable balance for every month in the preceding year. In addition, London has recently bought securities in this market. It IS a fact that part of today's gold en- agreements were made by bullion dealers here, who are shipping silver in response to the existing active demand attributed to spanish account. There is no demand for the exchange against the silver shipment to make market, and there is better profit in importing gold Exchange is thus clearly demonstrated to be at the gold im- pOIl pOlul, anu the question arises, what has been done with the country's credits abroad that they do not bring larger gold movement?
 Dealings in bonds were not on a large scale today, and prices were towards low CT level. Total sales, 1,810000. U. s. fours, old and new, were A lower in the bid price today.
 Total sales of stocks today 432, 100 shares, including 40S5 Atchison, preferred; 14,725 Burlington; 3,725 Louisville and Nashville; 10,355 Manhattan; 42,350 Northern Pacific; .141 do preferred 17275 Rock Island; 18.3 395 Union Pacific; 2S,13o St. Paul; 37 7,009- Union Pacific, preferred; p, 150 Tobacco; 9,12O Chi cago Great Western; Il, ,S15 Peoples Gas; 3,2S9 General Electric; 122,300 Sugar.
 Money on call firm, 41s@D6 per cent; last loan per cent.
 Prime mercantile paper 465 per cent.
 Sterling exchange heavy, with actual business in bankers bills at $4.S3ald$4.S4 for demand and $4.S1A@s4.S2 for sixty days
 Posted rates s4.s3qs4 S31s and $4.S5 @$lS5k. ] Commercial bills $4.801a9$4S1. : Silver certificates 61Q62c,
 i Bar silver 61c.
 i Mexican dollars 4T3sc.
 Government bonds weak
 State bonds dull.
 Railroad bonds weak.