The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-09-27
FINANCIAL and COMMERCIAL
Quotations Of Staple Products in ilIe
Leading Markets.
New York stock, MONEY and Grain
rlarkct Review.
(From Price, Mccormick s. Co. 29l
Middle stu

(Trom Price, Mccormick s. Co. 29l
Middle STD
New York, September &c. --Stocks--Our
market opened adversely, affected BY the
lower quotations from London, resulting
from the somewhat more war-like out
look In the Transvaal London houses
however, did little or nothing, the mar
ket abroad being so narrow and unsatis-
factory that arbitrage transactions were
practically Impossible.
There seemed to beisome local pressure
at the opening and the first quosatio ms
were below the closing. Something Of a
drive was made at b. Il. u, but COM
paratively little long stock WAS dislodged
and the appearance OF the same character
of buying as has been mott ceable In this
ssook for some time, produced rally.
American Tobacco was under some pres
sure but the sources of the selling were
somewhat difficult to trace, so-oalled
brokers for insiders were moderate buy
ers ON scale down. The Street Il in
elined to be skeptical as to the declara-
tion of an s per cent dividend tomorrow.
In fact the general opinion is that the di-
vidend is more likely to be per cent.
However experience has taught the Street
to know no reliance can be placed ON the
action of the directors, consequently spec
ulators have bsen rather careful about
making further commitment in the
stock.
There WINS further liquidation in
Southern Pacific, but below 81 the buying
was called good. In spite of the excellent
earnings of st Paul for the third week
In September there was some pressure to
sell, not only that stock but all the
CHANGERS.
After the first hour, the market became
dull, commission house business petered
out and the bulk of the trading was OF a
purely professional character.
This first loans in money was made at
9 per cent and although it is said that
subsequently some loans were made at
g per cent, the average rate of tho day was
probably 10 per cent or over and in some
Instances as high as 20 per cent was paid.
Today's muney market shows conclusiv We
ly that financial wEitsrs for the CONNER
cial agencies were laboring under q mis-
apprehension when they asserted that yes
tsrday's advance in money rates was due
to the endeavors of few balateh borrow
ers to get money! during the last hour.
The advance in money rates was due to
the fact that shipments TO the west and
south continue; that q prominent bank
ing house called some IS, 900, 600 or SC. 900, !
COO loans today In connection with the
Mexican bond issue land also to the fact
that SO far this week there has been no
such liquidation as there was last week.
If 1t had been true that the Mexican
government is calling in the money which
has remained on Deposit with this bank
ing firm, and If it be true that shipments
ito the interior are almost II not quite, as
large as last week, 1T is difficult to seei
how the banks can make anything but q
sorry showing next Thursday.
The afternoon market was devoid oil
interest. 1t huctuated within compare
lively narrow limits but was thought to
have fairly good UNDERGONE.