The age-herald., 1898-09-13
sugar
In Wall Street.


 New York September 12.-There was a continuation of apparently urgent liquda- tion on the stock exchange this morning, caused by covering of short stock, which speedily wiped out the recoveries of Satur- day and carried prices sharply below the lowest level of last Friday for nearly all standard stocks. But the prospect of liqui- dation seemed to be relieved by noon, and there was a disposition to pick up stocks quietly and to accord support to weak spots, notably St. Paul. The dealing in odd lots in some of the standard dividend pay CTS also became quite feature, indicating a supply of money for investment, notwith- standing the stiffness of the local call money market. Weakness in some of the industrial specialties caused the market to ease off again before the close, but the last prices of the railroads were in many cases at sharp recoveries from the lowest. Nev- ertheless marked losses resulted from the days trading, owing to the severity Of the pressure early in the day. There was con- tinued apprehension over the outlook for money, but the government crop report and the snow storms in the west were also ma teral. factors. The crop report, though bearish on the corn crop as a whole, show ed sharp deterioration for Kansas, Nebras- ka and Iowa. This, coupled with the snow storms in the corn belt, was very clearly indicated in the weakness of Rock Island, Burlington and Union Pacific There was no actual development to account for de- cline of apprehension over the money mar ket outlook, and how far this feeling was connected with a reported conference of leading bankers is not certain. There was a growth of conviction that there is a large available supply of money at least outside of New York city. Money rates are easy at interior points, and there is even buying of commercial paper in the New York market by western banks
 It is quite possible also that larger amount of the new government 3s might be made available both for purposes of cir culation and security for government deposits in the banks than has yet been the case in the event of any real stringen- cy of money. Nevertheless, the drain of cash from the banks to the sub-treasury on account of subscriptions to the loan con- tnues, and the sub-treasury was even creditor at the clearing house today on account of an accumulation of drafts from interior depository banks in which govern ment deposits have exceeded their security by reason of heavy internal revenue collec- tions. There were rumors. all day of en- agreements of gold for import, but none of these were confirmed. The easier tone of the money market and the consequent re- covery in the stock market were apparent ly due to other causes. The large foreign demand for wheat and the evidence of un- deriving strength in the wheat market in the face of the bearish government crop re- port had some influence in the stock mar ket. ---.r- The bond market was dull, and showed some weakness in sympathy with stocks. Total sales, ,67o GOO shares
 United States seconds advanced F per cent, and the old As registered A per cent in the bid price.
 Money on call, BOA per cent; last loan. 3 per cent Prime mercantile paper, 4G51s per cent; sterling exchange heavy, with actual business in bankers bills at 4S4A@4.S4iA for demand, and at 4,S2A@4S2lA for sixty days; posted rates, 4.s31s64s5h; commercial bills, 4S1h@4.S5. Bar silver, 6Ossc; Mexican dollars, 46sie.
 Government bonds were firmer; state bonds were dull; railroad bonds were weak.
 Financial. New York, September 12.-The Evening Posts London financial cablegram says:
 The stock markets here were generally dull today on the Austrian news on the report of French occupation of Fashoda, on a telegram that the Chilian government has called out 5000 men of the national guard. The Argentine stocks were partic- ularly marked in weakness. Consos were slower
 Americans opened flat, turned weaker on selling here and closed at about the lowest on the continuance of New York. Later business was assisted by heavy purchases by Paris and the Cape. Gold was in very strong demand. New York is buying large 1y in Paris, and it is believed will con tinue for some time in this direction.
 BONDS United States new As. registered ....... 127h T tod Efafa Aa