The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-10-01
y1nAxorAE AND ooxxrHGAL


FRIDAY. Sept. 30.
The heavy liquidation and the resulting de-
Ollnes IN Sugar Refining ana In American To-
bacco have. according to common report. made
lenders Of money more cautious than hereto
fore in accepting and holding Industrial stocks
N collateral. This accounts for extensive
liquidation to-day In the United States Rubber
stocks and In United States Leather preferred.
and further declines in American Sugar and
American Tobacco. The opening OF the stock
market was in the main firm. particularly for
the usually active railway shares. Foreign
ArbitTaRe houses began to buy stocks. partiou-
lhrly Union Pacific AndNorthern Pacific Issues.
n soon became apparent. however. that tho
Industrial stocks mentioned were for sale In
large amounts. and In consequence the volume
o. buying orders throughout the remainder
OF the list was speedily reduced. There
has never been a broad market for either
United States Rubber issues or for United
States Leather preferred. Urgent selling orders,
therefore. broke the price OF both. particularly
the first named. to an extent that would have
demorallzed the entire list were not practically
eli Of the conditions affecting values OF q most
satisfactory character.
United states Rubber dropped 6K points.
and the preferred 6k points. Tho last. being
more closely held than the common stock. en-
joyed the sharper rally In the late trading and
closed only 3K y cent. lower than yesterday.
while the common sustained q net loss OF 81 y
cent. United States Leather preferred. at .
rally OF q point from the lowest price, closed
TX y cent. lower than yesterday. The heaviest
trading was in Sugar Refining. and 10
resulted In q net loss Of az v cent.
The selling Of this stock is based upon
expectations that, al the active demand for re-
fined sugars is now beginning to fall of. the
existence Of new competition to the American
Company will become manifest in lower prices
for the refined product. The dealings in Amor
ican Tobacco were only about q third as large
rs they have been for three or four days past.
and when reduced to full stock they aggre-
gated less than $4,000 shares. Yet the stock
closed az points lower than yesterday. making
the total decline since the beginning Of the
month 29x points.
Except In the case OF Sugar Refining, there
were no developments other than speculative
ones affecting the prices OF the Industrial
shares. In the late trading the liquidation ex-
tended to Consolidated Gas and left the
price Of that stock 2h y cent. lower than
yesterday. The railway list. as a rule. was
only affected fraotionally by the liquidation
in, the Industrials. Brooklyn Rapid Transit
moved contrary TO the prevailing tendency.
One explanation OF this movement was that an
operator who has been conspicuous In bulling
the Industrial stocks has also been bearsh
upon Brooklyn Rapid Transit. Cleveland.
Lorain and Wheeling was also exceptionally
firm for reasons previously noted In this col
umn. Tho market for Union Pacific issues was
strengthened by the excellent showing OF
the company for August and for the
two months ending Aug. 81. Receipts OF
specie from Europe to-day were $4,000.
making the total for the week about Sc. 10000
As the net movement Of currency to the in
terror has been very light this week and the
banks have gained about S2.O00.000 from the
Sub-Treasury. it is safe to assume that to-
morrow's bank statement will make the best
showing that has been recorded In many
weeks.
New York Stock Exchnnge-Sales Sept. so.
UNITED STATES AND STATE BONDS I'm 81, OOOsL,
lo4 U 6 ss. wi. ] US d.. o. 1e25.l27
lO3hOlO3Hl 8 Tenn Set S.. g
10 U 8 -. r. 1925.l27
GLos1No PRICES OF UNITED STATES BONDS.
Bid. Askedl BID ALted.
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at pl ofa eeK - 1s25.....l27 18TH
Us SIS, 1905 I'm st 5s.r r,
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IN ST q. US 3.6bs, r.
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