The times. [volume] (Richmond, Va.) 1890-1903, 1899-09-28
STAGNATI0N IN
STOCK MARKET
Little Activity and That Confined to
a Few SpeciaIties.
FURTHER LOAN CONTRACTION
Has Had the Inevitable Fife ct o
Speculation Although a More Fa-
yorable Bank Statement is
Looked for To-Day.

NEW YORK, Sept 27.-The stock mar
kct fell a degree further to-day towards
h~laGnatiOn, and the activity, such as il
was. showed an added tendency 10 centre
In "A few speculative specialtcs. TenBes-
see Coal was relatively much more promi-
nent han Tor some time, and registered
an extreme decline OF Ga points. Amerl-
con Tobacco showed the continued effects
OF the pressure 90 which 10 had been sub
gcCtcd recently up 90 the time OF the an
nOuuccmcnt of the declaration OF the reg
ular dividends. The weakness IN these
two stocks served 10 hold back the mar
ket. which showed "a tendency TO advance
from an early period in the day. Better
advlces from abroad made the opening
higher. and the announcement Of an adj
ditiOnal engagement Of $4,000 in gold
Ia londOn for import added TO the con-
VictiOn that the exchange situation adj
mittcd Of regular import operations.
The continued high price OF money IN
spite OF the gold announcement. served
as "a setback 10 the advance. as was the
case yesterday, but later in the day ru-
mors were industriOusly circulated of the
early approach of gold imports on a large
scale. AT the same time the money rate
was quickly offered down by successive
stages to 9 per cent, but before = O'Clock
call loans had been made at an the way
from u TO % per cent. IL was said that
money could be held at a lower rate on
some h~igh-gradc railroad stocks. but the
higher rate was that quoted on the eX-
change. Even higher grade Of collateral
pm the margin required was widencd ma
tcrially under cover of this requirement,
and OF what were called cOmrn ssiOns
there was room for considerable manipu-
latiOn Of the quoted rate. This was true
I'm the time loan market. in which there
was considerable demand for snort loans.
as well as I'm the call loan department.
Very little IS doing in mercantile paper
but rates are firm.
Predictions Of a favorable bank state
ment tomorrow, upon Which date the
clearinghouse institutions are 10 make
their weekly return. were a factor IN the
frmnoss of the market. The Out-gO 10 the
Sub-1roasury viii be- something less than
half "a million dollars. Shipments 20 the
interior nave continued on "a considerable
scale. How far they have been Offset by
small sums here and there attracted by
the high money rate cannot be clearly
estimated.
So far as stock market operations 30
there has evidently been a further con-
traction of loans. The character of the
statement win largely depend on how far
the demand for accommodations in pre-
variations for October LIST settlements has
offset this contraction. The movement OF
prices in the railroad list was very mar
row. Atchison preferred ENJOYED a pc
lated demand on account of ITS August
statement. and Southern Pacilc rose quite
strongly late I'm the day. The stringency
of the money market resulted IN a De
cline in the sterling exchange rhle' IN
spite of the further advance IN the pri-
vate discount rate I'm London.
The bond market was without any spe-
cial feature. but was inclined 20 nrmness
Total sales. par value. Sf,0J0OO. United
States 3s declined Is and old As coupon
"a I'm the bid price.
The total sales of stocks were 3G6 900
shares. including Atchison preferred, To-
600. Manhattan. 1870; ST. Paul, 300;
Southern Pacific. 1870: American To-
bacco. APO: Brooklyn Rapid Transit.
75.49J: sugar. 2j.3JO: Tennessee Coal and
Iron. $500: United States Leather HIT.
MONEY AND DECENTRALIZATION on
call easier at 302O per cent. last loan at
6 per cent: prime mercantile paper. 5l3a6
per cent. Sterling exchange easier. with
actual business in bankers bills az $3.50
4s7 for demand and ~Sf.S1iR04S1A for
sixty days: posted rates. S~lS30iS615;
commercial bills. SfsOh Q4s1. Silver GER
tifcates. $4,000. bar silver, 5Sl2i MeXi-
can dollars. Az. Government bonds
weak: state bonds steady; railroad bonds
steady.