The age-herald., 1898-08-26
In w all Street.

NeW 1OfK, August Zo.-1ne close or the stock market today gave every indication of renewed absorption on a large scale by a powerful speculative interest who count on additional rise in prices. The buying in the last hour followed a period of ex- treme dullness, during which the market was left to itself. The tone of the trading in the earlier part of the day showed that there was a considerable outside element disposed to take profits or to stop losses if they were the unfortunate ones who bought stock at the top last week.
 But it was also evident that the pressure of this liquidation was not severe, and the offerings of stock were not increased at the low level of prices. On the contrary there were sufficient buying orders with commission houses at level below the market to check the decline. Some of the recent elements of weakness were also re- moved. For instance Manhattan showed recuperative powers, rising two points to the distress of the bears. There was also sufficient vigor in the upward movement of sugar to give color to the rumors preva- lent to the conclusion of working agree ment with new competitors. The quar- terly statement of Lake Shore was a sig nificant exhibit of the possibilities of re- funding, the large decrease in net earnings Tor the quarter being so far offset by the decrease in the charges that the surplus is still above last years level.
 The buying of New York Central was in- duced by this exhibit, and the buoyant recovery of Burlington probably had in view the possibilities for that property in a refunding of the mortgage indebtedness Ihe ready response of sterling exchange to any hardening tendency to the money market gives assurances of relief from that quarter Of any money stringency
 The fast increasing supply of the new government bonds made available for use as security against government deposits with national banks is also a safeguard against undue depletion by division of funds in the United States treasury,
 The specials were the Pacifics, due to transferenc~ of speculative profits to stocks, notably St. Paul and to a convic- ton of the great benefits to accrue fran the agreement to, arbitrate the trouble with the Canadian Pacific. gg..--n.., ss3,s
 There was yielding tendency in some of the standard railroad bonds today which was possibly a reflection of the firner tone In money. Low priced speculative bonds, however, showed sharp advances. Total sales $4 325, ,00O
 Government bonds were unchanged.
 Total sales of stocks were 411 400 shares including 4,5SO Atchison preferred; 1354o Burlington; 13.S00 c. & E. l.; 6.640 Louisville ana NaSnV1lle; 5,f9O Manhattan; 4,195 Met ropolitan; 4,732 New York Central; 55, 400 Northern Pacific; 1,92O do preferred: e,G1O Rock Island; 1850 Union Pacific; 29,2S5 St. Paul; 4,S90 Texas and Pacific; 16, ,42O Union Pacific preferred; S,S55 U. P. D. &s G.; 7,7OO Cotton Oil. 7,5OO Spirits; 9,5SO Spirits pre- ferred; 20,220 Tobacco; 10.725 C.. w. G.; 2S,- 575 Peoples Gas; 7,5i5. Rope; 45,795 Sugar; 3,25O T. C. & l.; 3520 Leather preferred.
 Money on call firm at 11b0p3 per cent; f; last loan, 21s per cent.
 Prime mercantile paper, 31s@414 per cent
 Sterling exchange heavy, with actual bus iness in bankers bills at $4S544.S54 for de- mand and at $4.s41k6l4.S4A for sixty days
 Posted rates, s4S4@4.s5 and s4S5@4. S6la.
 Commercial bills, $i.S3Aa
 Bar silver, 60A.
 Mexican dollars, 461a.
 Government bonds firm.
 State bonds dull
 Railroad bonds, irregular.