The times., 1898-09-10

prices are hiBh enough. However, the
principal and the strongest interests now
in the market are those who think higher
prices will prevail
While the st. Paul dividend was a
bear argument from the point of view
OF the market IL was not so with the
stockholders The money that could have
been used to an increased dividend is In
the company's treasury and an extra one
half per cent would have added little to
individual incomes.
The money market had considerable in
fuence on the stock market yesterday
as II has had during all the week The
banks succeeded in making some loans
up to per cent. but a large proportion
were made at three and a half, and
| money was to be had during the last
hour below three per cent. There is a
general feeling that this difficulty to the
stock market business may be lessened
next week.
Metropolitan Traction was the strong
est stock of the day and almost the only
one in which there was any advance yes
| terday. The price started at 157 and went
up to 159 l-2, and the close was at 15S 81
| The buying of the stock was generally
ascribed to the determinations of the man
| agement to equip the Broadway line with
| electricity at once. Manhattan also show
/ ed considerable strength and did not lose
| anything during the day. The difference
| in the feeling with regard to these two
| stocks, however, is that great many peo-
pie believe Metropolitan is taking the
| business away from Manhattan and that
although the latter may at times show
| spasmodic strength as the result of ma
nipulation its tendency will be generally
i downward for a good many months to
come. Manhattan's business shows
/ steady decrease at all points.
Trading in Federal Steel common pre-
ferred, when issued has started on the
curb. Blocks of five hundred shares of
the common sold at 80 yesterday and late
in the day it was quoted at % 1-2 to 30 I-2
| The preferred was offered at 81 and sales
are said to have been made at IS.
Northern Pacific preferred was fairly
strong during the day owing to good buy
ing orders in London. The commission
houses on this side sold, however, and
there was a decline of half during the
day.
There was what appeared to be organ
lied selling in Sugar yesterday and many
of the large professional interests made
| heavy sales during the day. The price of
the common went down three points dur
ing the day, but rallied toward the close
so that the net loss was less than two
points. The general opinion about Sugar
is still pessimistic as to its immediate fu-
ture movement.
New York, Sept. 9.-Duns review tomor-
row will say:
The volume of business Is larger than
it ever has been. Investors across the
water have caught the cue and their pur-
chases of American bonds and stocks have
been heavy for several weeks There are
symptoms of another crazy movement in
South African and Australian stocks and
instead of gold and diamonds by the car
load Americans have only dividends to Of
fer, but the transportation business of this
continents is very solid basis for earn
ings and values
The stock market has been hindered this
week by fears of tight money and closes a
fraction lower, while the industrials have
been still more affected by the ripening
of the struggle between competitors in
Sugar and Coffee Wheat has been about
1 cent higher IN price for spot, with West
ern receipts only about as large as those
of last year for the week. No doubt some
farmers have learned that it is poor
business to hold back for higher prices
and yet very many are doing it and so are
making inevitable a more disastrous de-
cline in prices after time.
The cotton year has closed, according to
the Financial Chronicle with a yield of
II, $50 $50 bales in 1897, of which 7,646, ,0S5
were exported. 1,S56, 5000 were consumed in
Northern mills, 1,227.9S9 in Southern mills,
f20039 were added to Northern mills
stocks, and 9S,9S1 to commercial stocks.
The increase of "A per cent in Southern
consumption during the past three years,
with decrease of nearly 9.3 per cent in
Northern is significant. ,s4t.
Nobody can guess how great the de-
mand for iron and steel products may be a