The age-herald., 1899-09-28
STAGNATION IN
 STOCK MARKET Tendency to Center in SpecuIa-
 tive SpeCiaIties. MONEY RATE IS LOWERED The Movement of Prices in the Railroad List Was Very Narrow-Bonds
 Were Inclined to Firmness 
MONEY RATE IS LOWERED

New York. September 27-9The stock market fell q degree further toward stag. haIon lnday, and the activity, such as 1t was showed an added tendency to center III iew speculative specialties. Tennessee ooai was relatively much more prominent than Tor some time, and registered an ex- treme decline of 614 points. American To- pacco showed the continued effects of pres sure to which 1t has recently been sub Jected up to the time of the announcement or the declaration of the regular dividends. Ihe weakness in these two stocks served 10 mold back the market which showed n tehuehcy to advance from an early period III me day. Better advices from abroad made the opening higher and the announce ment of an additional engagement of s'''oVV Ill gold in London for import added to the conviction that the exchange sit,,a- ton admitted of regular import opera tions.
 Ihe continued high price for money in spite ot the gold announcement served as setback to the advance as wac tba oasa yesterday. But late in the day rumors were lhdustriously circulated of the early approach of gold imports on a large scale. t tne same time the money rate was qulckiy offered down by successive stages
 z @ nad been made at all the way from 12 to ~ per cent. It was said that money could pe hau at lower rate on some high grade rallroad stocks, but the higher range was that quoted on the stock exchange Even oh nlsher grade of collateral the margin required was widened materially
 Under cover of their requirements and or what were called committees. there was room for considerable manipulation of the quoted rate. This was true in the time loan market, in which there was considera- Die demand for short loans as well as in the call loan department Very little is oolng In mercantile paper. but rates are hrrn. Predictions of a favorable bank statement tomorrow, upon which date the clearing house institutions are to make their weekly return, were a factor in firm ness of the market
 The outgo to the sub-treasury will be something less than half million collars shipments to the interior have continued on considerable scale. How far they have been offset by small sums here and there attracted by the high money rate cannot be clearly estima ted. So far as stock mar ket operations go there has evidently been further contraction of loans. The char acter of the statement will largely depend on how far the demand fer accomodations in preparations for October 1 settlements has offset this contraction. The movement of prices in the railroad list was very
 
 lated demand on account of its August statement and Southern Pacific rose quite strongly late in the day The strngency of the money market resulted in a decline in the sterling exchange rate in spite of further advance in the private discount rate in Londnn.
 The bond market was without any special feature but was inclined to firm ness. Total sales par value s1 ,O5O O00. United States 3's declined Bc and old As, coupon, Ac in the bid price.
 New York, September H.-Money on call easier at 3d20 per cent; last loan, 6 per cent.
 Prime mercantile paper, 51aG6 per cent. Sterling exchange steady, with actual business in bankers bills a S4.s5d4.S5A for demand and $iS11a@4S1A for sixty days. Posted rates, $s3 and S4.S61a.
 Commercial bills, $4.S012M4.Sl.
 Silver certificates, 59G60.
 Bar silver. 5S1&.
 Mexican dollars, 47%.
 Government bonds weak
 State bonds steady.
 Railroad bonds steady.