The age-herald., 1898-10-16
Tn Wall Street.

III WH1i otrcot
 New York, September 15.-There was lit- tie change in the character of the stock market today, the cratic tendency of the leading industridls keeping tht general Ii 't unsettled. The opening decline was general and was reflected from abroad Beth io- baco and sugar went down at the opening, but sugar reached the point of resistance and 1eoLntered large buying, which pat the beacs all at They cover ad quite freely and ran the price up to 1l2. Ihe ur- gent cem9,.J then stopped for the cay, but the price was held above last nights close.
 Tobacco dropped off 3A points to 1l4a, and closed at about the lowest. The con tinued disposition of Northern Pacific to sag also checked any upward tendency, and discouraged activity in the railroad list. There was a conspicuous movement in the late dealing in Louisville and Nashville, and Southern preferred The trade attributed this to the prospects of relief from the vel low fever by the coming of cold weather, but in the case of Southern Railway there were reports of an approaching dividend declaration. The picking up of high grade dividend stocks in small lots a con- tinued healthful feature of the market. A feature of the dealings in the outside mar ket was the Federal Steel company's securi-
  change Monday. The stock market enjoyed a brief upward reaction toward the middle of the week owing to recovery in the group of stocks which has exercised an unsettling influence for some time past. But recur- renee of weakness in the stocks has led to surmises whether the recovery was not due simply to the closing out of bear specula- tion, leaving them for the future even the sustaining force of large and short in- terest. The advance in the general list has halted on account of this doubt, in spite of the many undercurrents of strength which have manifested themselves. There is general confidence in the strength of the financial and business outlook, so that when tobacco began to advance on the strength of the announced acquisition of an opposition plug tobacco plant and sugar gave evidence of resistance to it's long drain with the reported advance in price of low grade refined sugars and Northern Pacific was havily bought by the same brokers, whose earlier selling was said to represent inside conflicting interests for the small room traders all turned from bears to bulls and large financial interests proceeded to bid up the prices of properties in which they were interested right merriy. But sugar, Northern Pacific and tobacco all turned downwards again and brought to the surface once more the elements of doubt and hesitation. It is accepted as the natural order of things in Wall street that there shall be a period of dulness and reaction preceding a congressional or presi- dential election.
 There is felt to be room for some uneasi- ness also over the foreign political situa- tion-the domestic unrest in Trance, the Anglo-French relations, the conflict of in- terests which may be preciptated by the extraordinary events in China and the money stringency in Berlin. The latter part of the week has a relapse into dullness on the stock exchange and re- lapse into dullness on the stock exchange and a renewal of bear tactics which is al- ways feature of dull markets. The events of the week in financial circles with the advance in the Bank of England minimum rate of discount from to 4 per cent, the sharp rise in the private dis count rate in London in response to the banks borrowings from the markets and the rise in the rate of exchange on London at Paris. The effect has been that while the demand and cable transfers on London have hardened at New York those at Paris and Berlin have fallen in spite of the ad- vance in the discount rate of the imperial German bank to per cent. and of the Austrian bank to per cent. on Monday It is clear enough that the Bank of Eng land is manoeuvering to divert the demand from the United States for gold on Paris and Berlin.
 Meanwhile money rates in New York are tending steadily downwards, so that money is cheaper here than in any of the other great financial markets except Paris.
 The market for railroad bonds has been rather dull, but there has been good de- mand for high grade investment bonds.
 United States new As advanced 2s do coupon and the old As coupon, A; the 3's and 5s, k, while the old As registered de- clined B in the bid price.
 By Private Wire to Paine, Murphy & Co