The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-09-15
THE MARKETS.
Wall Street Review.

New York, Sept. 14.-The greater part
of gains in prices which were estab-
lished yesterday and during the earlier
part of today were wiped out in the
latter part of the days trading. A pc
riod of almost stagnation succeeded
until the announcement of the fixing Of
the st. Paul dividend at the regular
rate. The large selling of the Changers
induced by this was met Wy supporting
orders which rallied prices from the
lowest. Losses are the rule OF the day.
however, which extend to a point in
many active stocks. The rate for
money was not lifted above the lower
level established in yesterdays re-
lapse and the reaction in prices can
not be attributed to calling Of loans. II
was rather due to q reconsideration of
the optimistic view engendered yes
terday by the raising of the money and
the sensational effect of the treasury
departments decision to anticipate the
payment of October interest on gov
ernment bonds. Yesterdays upward
movement has been reduced to its true
proportions of bear scramble TO cover
short contracts after having oversol3
the market in the rush of heavy liqui-
mates varied widely as to whether the
liquidation had proceeded to sufficient
lengths to reinforce the banks against
the present and future demand upon
their cash resources. Money continues
to move to the interior and the banks
have parted with upwards of S4,OO0,OOG
to the sub b-treasury since last Friday.
| There was no evidence today of fur
ther urgent contraction Of credit but
! the outlook for the future is that fur
! ther liquidation may become neces-
! sdry. Foreign houses are reported to
! have put out considerable sums in
| loans yesterday and today and this
! may account for the comparative firm
ness of the foreign exchange market.
| Discounts hardened today in London
| and Berlin in spite of the improved
| condition reflected by the Bank of Eng
| lands weekly statement and London
! bought stocks moderately in New York
! i'm continuation of the fOrtnightly set
! tlement. The failure to increase the
! st. Paul dividend is also reported as an
| intimation that present prosperous con-
| ditions of the railroads are not so well
established but that ample provision
| must be made against recession. The
| extreme decline from the early high
| point ranged from 1 to 2 points very
| generally amongst the active railroads.
| The Changers and Trunk Lines were
| especially affected. In the speCialtics
| movements were widest. Brooklyn
Transit was under pressure all day and
| in the final dealings broke it's previous
| low record on the movement and fell
to 94A, at which point it closed Az be-
low yesterday. Tennessee Coal ranged
over 31a points and closed with a net
loss of 2. Sugar, Tobacco, the local
| municipal stocks, Peoples Gas, the iron
and steel stocks. were all weak before
the close of the day. A number of OBJ
scure stocks showed wider movements
than the average. Pullman, Twin City
Rapid Transit, Mobile and Ohio and
Pacific Coast, common and second pre-
ferred, gained between 214 and 4 points
and Knickerbocker Ice dropped 5I2
The United States Milling stocks con-
tinued their upward course and
gained IA each. Total sales, 200
shares.
Bonds were only moderately active
and show mixed changes. Total sales
par value, $1,9S5.0OO United States
bonds unchanged in bid quotations
| OlOtotiOns furnished nv l. A. RI'S.