The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-08-31
r1rArmAp am oon1rnmln

THURSDAY. Aus. 90
To-dayS stock market closed steady after
having Undergone . number Of irregular and
sfTatio changes intone with The oourns Of the
day, The state Of the money market was again
tho ehief source Of concern and the moderats
liquidation which appeared in the dealings In
securities was altogether due 10 the apprehen-
sions Of the development Of more stringent
money market conditions. There was little In
the money market situation to-day to warrant
these views. While money lenders gonarhlly
advanced the rates on outstanding cali loans TO
AK q cent. much Of the new borrowing was
effected below that rate and the offerings
Of money for al periods Of accommodation on
time were 30 abundant ~ 10 suggest the idea
that financial institutions were eager 10 avail
themselves OF the present opportunity OF ems
ploying their surplus funds probably. COIN
cidentally with the slight hardening IN the
rates for money. the foreign exchange market
developed further weakness. and, while there
were no engagements Of gold reported abroad
for shipment to New York. II iSexpOcted that .
considerable quantity will be taken on this 40
count before the close Of the week. With this
prospect. and In view Of the sthl ample re-
serves Of the Associated Banks, IL would seem
g. n tina present apprehensions in regard to
che money market were premature II not un-
founded.
Ap4fB IFOm tho mO00y mNIkOts buO EhthOk
heavy decrease in the Burlington and Quinoy's
net earnings for July and q reported fresh cut
In the selling prices for anthracite coal were
calculated to provo disturbing TO confidence,
and there was little that was new In the gen.
eral situation to Offset these circumstances
Al regards the rnmored disturbance In the an
thracipe trade It ia understood that the cutting
IN ceiling prices was confined to q very limited
locality, and It lie looked upon as Of little
49, -.z-k--z- AuNI A-Aa.-IfH-tN& NhA L
apparent impossibility Of obtaining con-
cert Of action in the trade. The COM
parative decrease in the earnings OF
the Burlington and Quincy Company was
owing both to the unusually heavy traflc OF
last year and also to the large increase In the
outlay for operating expenses. In so far az the
latter may reflect the poor rate situation In the
middle West. 1t Is, of course. susceptible OF I'M
favorable consideration: but the statement
otherwise. in view OF tho almost abnormally
heavy traf1o Of the Granger roads at this sea-
son Of last year. may be regarded as gratifying.
The dealings in the general market were
upon q fair scale Of activity. and interest was
well distributed throughout the List and In the
various groups Of stocks. With the exception
Of Burlington and Quincy the Granger sharea
all closed with small net advaces on the days
dealings. st. Paul., in view OF the approaching
action Of the management on the dividend for
the second half Of the fiscal year. was naturally
The feature Of that group. Manhattan. which
Kas among the active stocks Of the days mar
ket. closed OF a net loss Of TX y cent. but
The rather wide fluctuations in this In
were without any but tech
aical explanations. Sugar Refining, Brook
Rapid Transit. Peoples Gas. and the
Pacific stocks were other notably active foa-
ures of the market. and among the lower
,riced issues Wabash preferred was conspieu-
,uB in an advance In the closing dealingR.
among the specialties Illinois Steel and Mime
ota Iron were notably strong on the progress
making toward o consolidation OF these and
ther companies. the details Of which will DO
In another column.
New York Stack Ex~ohanGo-salos Aug. 20.
UNITED sTATEs AND STATE BONDS I'm S1.o0oSl