The daily morning journal and courier., 1899-09-22
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THE STOCK M1RKE IT
Tone of Grading Much Quicter Thul
 for some Time Past.

Tone of Trading Much Quicter Than
 for some Time Past.
 New York, Sept, 21.-The tone of the trading in stocks was much quieter to- day than for some time past No such pressure of forces liquidation was ob- servable, and there was a very general and substantial recovery in prices There was large demand from the eX- tensive outstanding short interest, and probably this constituted a principal element in the recovery But there was also very good absorption of some of the railroad stocks, which had the appearance of coming from large interests who were satisfied to take on stocks at the present level. Brooklyn Transit continued to absorb large pro- portion of the dealings, and the ces- eation of pressure against it and other members of it's group had an impor- tant influence. A revised interpreta ton of New Works franchise tax bill which would bear loss heavily on cor porations than had been estimated, found general acceptance among specu- lators. The enormous selling for some time past of Brooklyn Transit gave color to some current rumors that the control of the property has changed to new and strong hands. These two in- huences were effective in relieving the local traction stocks from the fierce attacks to which they have been sub jected for many days past and re- moved from the situation the most po- tent element of depression. The bears made some effort to contest the ad- vance and they found vulnerable spots in Peoples Gas, Sugar, Tobacco and Tennessee Coal. But their success in affecting the general market was very moderate and their efforts to cover in the very stock which they had attacked helped on the late advance. In the railroad list aggressive buying first de- veloped in Southern Pacific, but an ex- cellent demand spread to other points in the list notably the grangers, which are all up from 1 to 1-2 on the day. There were notable movements in Pull man, which rose 7-S, and Anaconda, which jumped 1-2 points in the late dealings on the extra dividend declara- ton. The Chicago, Indianapolis and Louisville stocks gained 1-2 and 3-4 respectively The Chicago Great West ern stocks showed rather sensational declines, but later rose above yester- days level. except for the debentures, which went off 4Spalnts. London was q seller here in the early dealings ow- ing to anxiety over to-morrow's meet ing of the British cabinet, and thus oiI ha iy, hp opIxr of ,n day A favorab ble effect was exercised by the reported purchase in London of G100000 of gold in the open market for shipment to New York. No trace could be found of the destination of this shipment Sterling exchange dropped a fraction nearer the gold import point, but is still we'll over cent above that level. The call loan rate in New York dropped late in the day after the days demand for money had been practically all met But the condition of the local money market has not materially changed A drop in New York ex- change in Chicago indicated renewed pressure from that source for funds bank statement is now ex- pected to show the New York banks in u SOHleWildl stronger pUSlllO1l OWlng to the weeks large contraction of loans. But there has been no known replenish- ment of cash resources, and the future of the money market depends on the prospective needs of the interior for money and the prospective demand from the sub-treasury for revenue pay ments.
 The bond market was firm in tone, except for a later reaction in St. Louis southwestern issues Total sales. par value, 900.
 United States threes and old fours registered declined IS and old fours IA ill the bid price.
 Closing Prices.
 Following are the closing prices reported by Prince X Whitely. Bankers and Brokers, 52 Broadway, New York and 15 Center st New Haven. Bid Asked Adams Express Co .115 11S American Cotton oil Go ........ 431s II
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