The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-09-14
IMPROVED TONE IN STOCKS.
Incorporation of the Money Market
Was Reelected.


New York, Sept 13-The recuperation
of the money market by means of severe
liquidation of the last two days was re-
fected in a much improved tone in the
stock market. Prices were a little inclined
to advance in the early dealings in spite
of the buoyant tone of Americans in the
London market and the vigorous strength
shown by a few specialties. Early loans
on cali were made at to ~ per cent, and
a decline in prices set in soon after the
opening, which carried the level generally
below that OF last night. The rate for can
loans then fell to s per cent, and after
stiffening again spasmodically, eased off
in the latter part of the day to 2 per
cent.
About midday there came the announce
ment that The treasury department had
decided 10 anticipate by about ten days
the October payments of interest on gov
ernment bonds, which will amount in the
aggregate TO over $5000o00. The shorts
took alarm at the steady advance which
set in and rushed TO cover, bidding up
prices in the closing dealings by wide ad
Vdnces 10 the top level of the day. The
closing was very active and buoyant. ana
shows net gains ranging from l TO
points
To-day was the fortnighty settlement on
the London Stock Exchange where quite a
large short interest is said TO have existed
i'm Americans. The decline here was
therefore, very oppOrtune and London
bought TO the extent of about 2J,000 shares.
Tennessee Coal was strong from the out
set, and after moving i'm an erratic way,
closed the day with an advance of 6l2
points American Tobacco also deve ored
early strength and left off over three
points higher. Brooklyn Transit was down
nearly to yesterdays low point and then
up again, and shows a fractional net gain.
The new United States milling stocks
moved upward ali day and show net gains
of over points each and Coal Fuel and
Iron as much. There We're active upward
movements in the Leather stocks, the
Mexican railroads and a number of the
iron and steel stocks.
The demand for the railroads generally
gained in volume as the day advanced.
and the upward movement was quite uni
form in the principal active issues, which
have net gains of between ! and points
in many instances. Gains above the aver
age were made in Lackawanna, Illinois
Central. Cincinnati. Chicago, Columbus
and ST. Louis, Pittsburg, Cincinnati, Chi
caeo 4 ST Louis and Chicago Great West
ern 3D." which ranged from ? 10 >, the
latter Lackawanna.
The move menl OF money on DdlaHce con-
tnued m favor Of the interior to-day. but
a debit balance at the clearing house by
the sub-treasury reiievel the pressure
somewhat In that quarter. So far IS known
there was no fresh supply OF money in the
market, though the sharp break in the cal.
loan rate suggested that some hidden re-
serve might have been brought forward
The extent 10 which The loan contraction
had proceeded can only he estimated
vaguely. bus weaker speculative accounts
have evidently been shaken out to a large
extent. leaving the general tone much
hoafthier. Sterling exchange lei an add
tional ffactivn for actual es AM postel
rates were reduced &c, bat the fact that
discounts IN London were easier indicated
that no gold movement IS in prospect from
that quarter
The general news from all points con-
tinued favorable and the bargain hunters
were again In evidence.
Bonds were inclined to recover in sympa-
thy with stocks. the speculative issues
teading. Total sales 81, 4750C).
United States bonds were unchanged in
bid quotations
The total ssles of stocks were 56S.9o0
shares, including Atchison preferred 20,
so; Burlington, 1850; Rock Island, 1850;