The age-herald., 1898-08-31
Tn Wall Street

New York August 30--The bears attempt- ed to continue their campaign against prices of stocks today. Their efforts were at one time attended with moderate sue cess But before the days session mad ended they found themselves. under the pressure of advancing prices, and they were obliged themselves to contribute to the advance by buying to cover short con- tracts. There were several elements of the situation in their favor. There was contin- ued irmness in the rates for money and continued losses by the banks to the sub- treasury to pay for government bonds ol- lotments, causing apprehension of a money squeeze at a later period. There was also some evidence that the opening advance in prices was manipulated to afford oppor- tunity for profit taking, thus giving en- enlargement to the bears. During the first hour acute depression developed in the coalers on account of the report from Phil adelphia that tidewater prices for anthra- cite had been cut 25c and that the com- panies had abandoned the effort to control the trade this season. Losses in the group extended to 31a per cent, and, coupled with weakness in some of the specialties, broke the whole market to prices materially De- low last nights level The Burlington state ment Tor July, showing the SiIldll lHCicaS0 in gross earnings, wiped out more than five times over the increase in the operat- ing expenses, was used by the baers al- though the St. Paul statement showing actual falling off for July in gross earnings has long since been counteracted by the 1f- creases for that road shown by the August traffic returns Burlngton's detailed state- ment also showed that while freight earn- ings decreased on account of the light grain there increase or over S107 0O0 in the passenger earnings, rehect- ing the improvement in general business and the more prosperous conditions. Never tbeless, Burlington Jagged in the late re- covery.
 There was evidence of powerful support in many stocks at level slightly below yesterday's prices, and there was large general buying also invited by any dealing Evidence of this influenced the recovery. Buying for Londcn account which held number of the international favorltes were firm all day. also formed an effective point of resistance There was authoritative de- nials late in the day on behalf of the off1- cials of the Coalers of any extensive price gave promise of early gold imports through the reported buying of gold in London yes- terday for New York account was not confirmed. There was some growth also of assurance that tightness in the money market would be soon relieved by the ear ly distribution of the new government 5 per cents. This distribution will serve 10 release large loans made by New York banks to interior banks for payments or subscriptions to the bonds. All these fac- tors tended to the recovery in stocks and a later break of points in Manhattan caused only fractional reaction in the general list which closed at net gain In nearly all cases
 Some of the speculative bonds reacted early fin sympathy with stocks, but prices generally recovered before the close. To- tai sales, $3.OS500O.
 United States 3s when issued, declined 1k in the bid price. ~-af
 Government bonds were otherwise un- changed
 New York, August 30.-Total sales of stocks today 453 500, including 10,97O Atchi- son preferred 16, ,250 Burlington, 6,545 Louis vile and Nashville, 32510 Manhattan, 22.050 Northern Pacific, IL 455 Northern Pacli1c nreferred, 10 225 Rock Island 32,570 St. Paul, e1O6 Southern preferred, 24,59o Union Pa- cific. 161OO Wabash preferred, 9,oSO Texas Pacific, S,S50 Chicago Gas, 4,525 Peopie s Gas, 45178 Sugar.
 Money on call steady at 2d21a per cent; last loan 2R. -.
 Prime mercantile paper. 3a4@4iA per cent.
 Sterling exchange weak. with actual bnsiness in bankers bills at $4.S4s4G4.S5 for demand and at s4.S3@4.S3l4 for sixty days.
 Posted rates s4.S4d4.S41a and $fS6.
 Commercial bills, s4.S2@4s2A.
 Silver certificates, 59%d6ok.
 Bar silver, 597sc.
 Mexican dollars, 461a .%
 Government bonds steady
 State bonds dull.