The times. [volume] (Richmond, Va.) 1890-1903, 1899-09-27
STOCK MARKET
WITHOUT TONE
Early Favorable Incidents Failed to
Effect a Rally,
LITTLE SPECULATIVE DEMAND.
The Upward Tendency of Money
Checked All Indications of a Rise
and Nearly All Stocks showed
Losses at the close.
LITTLE SPECULATIVE DEMAND.

NEW YORK. Sept. oG-Thc stock mar
kct continued dull and llstless In cndfac-
ter to-day. Several favorable incidents
impaired au undcrt0uc OF strength ana
discouraged operations for "a decline, put
tho soaring tendency OF the money rate
discouraged al speculative demand ON tne
long Side, and the day closed Win nearly
all stocks showing losses. The incident
which attracted most attention Ma7 thc
engagement lu London OF SlVVo,UVv pa
sold for Now York filcVs rose 10 the
highest on thts announcement ana iot "a
number OF stocks reached a level above
yesterdays close. Money, however, rose
upward by quick stages 90 20 per cent,
and the heayIness OF the market was re-
moved. The gold engagements IN race or
the nrmness OF exchange Is obviously
based Ou tho expectation mat the money
ratio Will continue high until the receipt
OF the gold hero, when tho proht OF the
l0anIng rate may make good the loss M
VOlvcd ia the simple importation. Inc
course OF the local money market to-day
c-ontradicts the assertions made yesterday
that the higher rate was due 10 mahlpu-
lation. Tho present and prospective con-
dition OF the money market is undeniably
tight. Rates advanced not only here, but
at other domestic points both East ana
West. Now York exchange al other
points shows continued pressure on this
centre. The announcement mat more
gold IS on the way from Australia TO san
Francisco had no effect, the promised re-
lief being so remote
The fact Of a three-day's holiday app
preaching had its influence also on the
prevailing dullness. The weakness ON
foreign stock markets was AN influence
here only indirectly, and so FAR as IL was
a deterrent 20 gold imports.
The series OF railroad statements "lI.n
appeared to-day was "a real and Ell tttNe
prop 10 tho market. and undoubtedly in
ducod some good buying from suosidnll4l
interests. such as are not dependent on
borrowed money. The overnight sltic-
ment Of 50. Paul for tho week ln Sepiein-
her SHOWING an increase Of last years
Unprecedented level of 5000. led the llsi
Oven more striking was the statement of
the AtchisOn system for August, showing
increase in the income from operations
Of S7Os S93. a result I'm large part que 10
The heavy decrease I'm operating expenses
In the cases Of Erie and Southern faiI-
way. fn spife of liberal increases In ope-
rating expenses. there was am increase ln
net earninqs for the former or N-Zl.5i-.
and for The latter Of la313 BUSINESS on
all the trunk lines was reported oh an
unprecedented scale. These facts gave
the undertOne OF nrmness TO the marker.
the stocks especially affected Delns thosc
who's reports were published.
The days net declines reached p POM
in Only q few eases. a NUMBER OH 'h-
Industrial specialties were az one time ]
10 3A points below last night. hut cover
ing hv the shorts worked q partial Itlll-
BROOKLYN Transit continued very active
though American Tobacco exceeded DIT ana
was we'll sustained after AN eiflN otDlir'
rising a point over yesterday ana Closing
inc bond market was dull and feature
less. and prices were lower. Total sai.
par value. S1,32p.c0O. United states
advanced q. old fs coupon AA ana lhe
new As = in the BID price. .. m,
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