The herald., 1898-10-02
ON CHANGE
Conditions az Shown by Transactions
on Wall Street

NEW YORK, Get. 1.-The stock ma rket
curing today's short session gave striking
had not diminished in effecting lower prices.
The break In Tobacco was the more sensa-
tionai, In view Of the half-honday. No
.ion in this stock were announced, and the
bears pursued the came diligent tactics
that have been responsible for the tremen-
deus drop this week. New spots Of weak
development was Consolidated Gas. Com
petition OF the electric lighting companies
and rival gas plant furnished the basis
The railway MIST had some strength, but
tins influence Of specialties was 90 over
powering that losses resulted The bank
statement exceeded the favorable expec-
break. In a discussion Of the financial de-
velopments Of the week the Industrial
group must have first consideration. Py-
turbed general confidence and this condi-
ton found expression in an enormous liqui-
dalton in all classes of securities. Rumors
regarding the status of Industrial proper
ties were circulated freely and the opera
lions by the bear faction were conducted
with marked briliancy. Influential specu-
lative interests were appar realty bended to-
holders, and bad faith between interested
cliques was assigned as the cause for the
sspasmodic attacks in various quarters.
LIQUIDATION In the group was uninterrupt-
orders reached exceeded amy previous,
outpouring, and weekly margin accounts
were swept away. and banking institutions
trials as collateral for loans. Difficulty in
protecting holdings necessarily caused sac
riilces OF the standard railroad stocks and
the advances secured by the bears in this
connection was responsible for the curtail-
ment OF the outside demand.
Monetary conditions also exerted an i'm
portant bearing on the course Of the mar
stringency were considerably allayed, the
occasional fiurrieS that occurred unsettled
speculation.
-, Tobacco was the dominant feature, and
the deluge OF stocks that accompanie the
break colored reports that inside interests
were unloading. This gossip had II that
me recent jump above 1850 was for the pur-
and NOW that the interest was closed, the
downward course received acquiescence
from the manipulative interests I'M control
e e, In this specially since its introduction to
tne stock market has chilled public deal
ings and reduced trading to the more dar-
ing professionals. The magnitude of the
serves to promote a sympathetic tendency
IN the railroad list, including many favor
able factors Which semmed the reaction.
h N fa9t' STANDARD issues on the whole ex,
moved Independently al intervals. But the
persistent rise elsewhere robbed the list
VI moHetary advantages. The bears fol-
lowed q systematic course, and devoted
their efforts from one stock to another UNI
til the entire industrial group was ham
mered
Domestic conditions reflected continue
ance. ot the business expansion, which is
marked in some lines. Activ-
ity IN the iron and steel trade. which Is
considered fair barometer Of the general
situation, confirmed confident predictions
as to the general outlook, and the steady
increase In west-bound traffic earnings
offset the light grain movement. The latter
must eventually be remedied by increased
on higher wheat prices or forced
shipments. Belated borrowers of call mon
ey had TO- pay as much ~ six per cent for
but this rate was only
Average rates were only S1k@l
per cent, and time and discount rates were
decidedly easlen Shipments of currency to
the interior showed a notable decrease,
and the available funds in the market wero
by the gold arrivals and antici-
patory interest payments by the govern
ment.
The bond market moved in sympathy
with stock fuctua tons and showed more
activity on the easier money conditions.
Government bonds we're remarkably we'll
held throughout the week, concessions be-
Ing. confined to q half-per cent in the Sec
onds and u In THE threes and fours.