The age-herald., 1898-09-16
sugar
In Wall Street.

NeW 4ork, September 15.-Very large amounts of money found their way into stocks and bonds today, and the apathy and depression which have hung over the stock market during practically all the week was this morning completely dissi- pated Even Sugar, which at the opening showed some continued apprehension on the part of holders regarding the formida- ble competition impending in the trade, yielded to the prevailing influence and more than recovered it's early loss on very large transactions. Manhattan, another standing resource of the bears, resisted at- tack and rose with the general market. When these isolated cases of weakness were eliminated from the market the whole list mounted vigorously upward, and it was evident that a bull movement was in. force again. The late uneasiness over the future of the money market has completely disappeared. Ruling rates were not lower, but entire confidence was felt that they would not go higher. The calculations of treasury officials that the payment of the balance of subscriptions on account of the new bond issue would make no further de- mands upon the money market, and the ad- ditional decline in exchange, both conti- mental and sterling, were the factors which served to relieve the apprehension. Mer- cantile paper was bought here for the ac- count of western banks, although the meve- ment of currency from New York continues. It was early demonstrated that the late leaders of the bull market were to give place to others, the Changers and other priced dividends stocks meeting free offers after moderate advance. The most con spicuous movement was in lower grade stocks with dividend prospects, and the Pa cifics were clearly the leaders. They were advanced in London before the opening here and the New York market took up the advance where London left off North ern Pacific common led the group with an extreme advance of 33s on enormous trans actions. Baltimore and Ohio was active and strong, and the new securities of the reorganized company were dealt in when issued at advancing prices during the day There was also a conspicuous movement in group of Industrials, including Tobac- co, Rubber, Peoples Gas, Minnesota Iron, American Steel and Wire, and to lesser degree some others. These stocks showed advances at one time of from to over ) points, There were no reactions of any inn portance during the day, and the closing was firm and generally near top prices
 The increased confidence in the money outlook was very obviously reflected in the bond market, where there was large ab- sorption of mortgages of all grades at ad- vancing prices. Total sales, $3,6lO,oo0.
 U S. 3's when issued advanced ls in the bid price today, and were very largely dealt in at 105ssGD1O5h, one block of $25OOOO being taken at that price.
 New York, September 15.-Money on call was strong at 21s45 per cent; last loan at 4. Prime mercantile paper, 4d5 per cent Ster- ling exchange was weak at 4.S444SiA for demand, and at 4S2@4S2A for sixty days; posted rates, 4S3G4.s 4.s51a; commercial bills, 4S1@4S1A.
 Silver certificates, 60h@61c; bar silver, 601ac Mexican dollars 47c.
 Government bonds were firm; state bonds were dull; railroad bonds were strong. Financial.
 New York September 15.-Evening Posts London financial cablegram says:
 The stock markets were generally bet ter today. President Faures consent to revision of the Dreyfus trial imparting less troubled aspect to French politics, while confirmation of the re-assuring tele- grams concerning the Argentine-Chii boundary question as told in these dis patches yesterday, also had good effect
 The chief gains today are in Argentine and Americans. The latter were benefited by re-assuring cables received through ar bitrage houses as to dearer money in New York. These cables said that any great rise in money rates will be prevented by gold imports Pacific stocks were especial ly improved on the adjustment of rates and on Berlin buying. The market closed at about the best.
 Spanish fours were better on Paris buy ing and there was general recovery in Kaffirs.
 Gold is still wanted for New York and Berlin at 78s.