The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-09-27
THE MARKETS.
Wall Street Review.

New York, Sept 26.-The stock mar
ket continued dull and listless in char
acter today. Several favorable incl
dents impaired an undertone Of
strength and discouraged opera tions
for a decline but the soaring tendency
of the money rate discouraged all spec
ulative demand on the long side and
the day closed with nearly all stocks
showing losses. The incident which
attracted most attention was the en-
gagement in London Of 81 ,00O, 900 in gold
for New York.
Prices rose 10 the highest on this an
nouncement and for n number OF
stocks reached a level above yester-
days close. Money, however, lose up
ward by quick stages. to twenty per
cent. and the heaviness of the market
was renewed. The gold engagement in
face of the firmness OF exchange is
obviously based on the expectation
that the money rate will continue high
until the receipt of the gold here,
when the profit of the loaning rate
may make good the loss involved in
the simple importation. The course
of the local money market to-
day Contradicts the assertions that n
higher rate was due to manipulation.
The present and prospective condition
of the money market is undcniably
tight Rates advanced not only here
but at other points show continued
pressure on this center The annOunc =
ment that more gold is on the way
from Australia to San Francisco had
no effect, the promised relief being SO
remote. The fact of three days hol-
iday approaching had its influence al
so on the prevailing dulncss. The
weakness on foreign stock markets
was an influence here only indirectly
| and so far as it was deterrent to
| gold imports. The series Of railroad
| statements which appeared today was
a real and effective prop to the mar
| ket and undoubtedly induced some
| good buying from substantial interests
! such as are not dependent on borrowe
money. The overnight statement Of
st. Paul for the third waak in Sept.
| showing an increase of last years un-
! preCedented level oC $4,000 led the
list. Even more striking was the state
mcnt of the .Atchison system for Au-
gust showing incrasa in the income
from operations of sos S03. Il result in
large part due to the heavy decrease
| III DAcldNlhS tNItHSt' III llle NlSt VI
Erie and Southern Railway in spite
of liberal increases in operating eX-
! penses there was an increase in net
earnings for the former of 1921 1862, and
for the latter Of slSo,375 Business on
| all the trunk lines was reported on an
| unprecedented scale This fact gave
the undertone of firmncss to the mar
ket. tho stocks especially affected be
ing those whose reports were pub
lished The days net decline reached
point in only few cases A number
of the industrials and specialtios were
at one time to 81 points below last
night. but covering by the shorts
worried a partial rally. Brooklyn
Transit continued very active though
American tobacco exceeded it and was
we'll sustained after an early decline
rising a point over yesterday and clos
ing with net gain. Total sales 1876,
| 400.
Tha bond market was duh and prices
were lower. Total sales par value ST.
$4,000. United States ? S advanced %,
old as coupon Il in the bid price.