The age-herald., 1899-09-08
HARDENING RATE
 IN STOCK MARKET ,
  War Cloud in South Africa Had 3 |
 An Effect, .y
  CALL MONEY WAS HIGHER
Transfers to South-Bonds Showed a , Weakening Tendency With Total
 Sales at Par Value Amount- ing to $I,523,ooo.

New York, September 1.-The market succumbed to the combined influence of hardening rate on account of the gathering war cloud in South Africa. few of the highly speculative industrial specialtes were marked up in the early dealings and at different times during the day in an ef- fort to resist the decline. The attempt proved unavailing to overcome the depres- sion in the general list and the manipu- lative stocks in some cases finally weaken ed, though few retained net advance.
 Tennessee Coal was marked up a point at the opening but that was the highest of the day Sugar, Tobacco, Brooklyn Tran sit Federal Steel and few other stocks among the most prominent industrials vii brated both above and below last nights price, Pullman Palace Car was at one time up points, but lost it all. The Ameri- can Car stocks arose points each, but the preferred receded to the level at the opening. Pressed Steel Car preferred. adj vancd point in the closing dealings. These movements, a reflection of the large de- mand for railroad equipment growing out of the prosperity of the railroads, had little effect on the general list.
 The American Hoop stocks were strong on reported large earnings, rising for the common and 14 for the preferred There were some large orders executed for United States Leather, which raised the price point. The preferred stock advanced in sympathy but lost all the gains. These were the only important exceptions to the weakness of the active stocks. St. Paul showed some resistance but gave way with the other grangers when intimations were heard of opposition to an increase in the diyident rate on the part of the directors. On September 8, a year ago, St. Paul was pushed up in the morning to 115 on the rumor that the sem-annual dividend would be increased over 2h per cent. When the rate was announced in the afternoon the stock slumped nearly 5 points and broke the whole market. The rate still continued at 211 per cent.
 Declines in the railroads were quite uni formly between 1 and ? per cent, nclud- ing the prominent Changers, Southwest erns, Paciffcs, trunk lines and southern railroads. Stocks which have had re- gently sharp advance show wide declines Colorado Fuel, Hooking Valley. New Jer- ,sey Central, Northern Pacific, Republic Steel stocks, and Tennessee Coal are in- stances, though the latter stock recovered its decline.
 Money on call commanded per cent most of the day and went high as per cent, with only few exceptions be- low per cent The sub-treasury had @ small debt balance at the clearing house today, but the banks have lost over $3,000,- GOO to the institutions since Friday and eX- pect to increase that amount before the close of the week. There were further transfers to the south today and the banks are still losing on balance to the interior.
 The hardness of money here did not avail to lower the rate of sterling exchange in f view of the increase in discounts in Lon- ' don. which also had the effect of raising j, the rate of sterling exchange in Paris and Berlin London's sales, about 10000 shares ]! of stocks here, helped to keep up exchange. rate. It Is apparent that under present conditions abroad a considerably higher rate for money here will be required to { induct imports of gold. Bonds showed weakened tendency, St Paul and Kansas and Texas seconds being 7 notably affected. Total sales par value $1523,O0 United States bonds unchanged in bid quotations.
 New York, September 7.-Money on call firm at 4a6 per cent; last loan at Az per J cent
 Prime mercantile paper, 4A6D5 per cent. F Sterling exchange steady, with actual business In bankers bills at S4S6ssGl4. .S61s ' Posted rates. $4.S4G4.S71s. < Commercial bills, $4S2R.
 Silver certificates, 59459%c. 2 Bar syer,. 59c.
 Mexican dollars, 471ac.
 i Government bonds steady.
 State bonds inactive.
 Railroad bonds weak.