The age-herald., 1899-09-22
TONE OF TRADING
 WAS QUIETER Pressure of Forced Liquidation of Day Previous Has Subsided.
ABSORPTION OF R. R. STOCKS
Brooklyn Transit Continues to Comprise Large Proportion of Dealings Bears Attempted to Stem Advance and
 Hit Tennessee Slightly

New York, September 21.-The tone of the trading in stocks was much quieter to- day than for some time past. No such pressure of forced liquidation was observa- ble as yesterday, and several preceding days. As a result there was very general and substantial recovery in prices.
 There was large demand from the ex- tensive outstanding short interest. and probably this constituted a principal ele- ment 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 com- prise large proportion of the dealings, and the cessation of pressure against 1t, and other members of it's group, had an important influence in the recovery of prices. l-tl.i HI
 revised interpretation of New York's new franchise tax bill, which would bear less heavily on corporations than has been estimated, found general acceptance among spectators. The enormous selling for some time past of Brooklyn Transit gave color to some current rumors that the con- trol of the property has changed to new and strong hands, Those two influences effective in relieving the local trac- tion stock from the fierce attacks to which they have been subjected for many days past, and removed from the situation the most potent element of depression.
 The bears made some effort to contest the advance, and they found vulnerable spots in Peoples Gas, Sugar Tobacco, and Tennessee Coal But their success in af- fecting the general market was very mod crate, and their efforts to cover in the very stocks which had ha1nad ou the late advance. In the railroad list, ag- gressve buying first developed in Southern Pacific, but an excellent demand spread to other points in the list, notably the Gran gers, which are all up from 1 to 112 on the day. There were notable movements in Pullman, which rose SIS. and Aanaconda. which jumped Az points in the late deal- ings on the extra dividend declaration. The Chicago, Indianapolis and Louisville stock gained 21s and 2aI respectively. The Chica- go Great Western stock showed rather sensational declines. but later rose above yesterdays level, except for the debent- ures, which off points.
 London was a seller in the early dealings owing ito the anxiety over tomorrow's meet ing of the British cabinet, and thus aiding the bears in the early part of the day. A favorable effort was exercised by the re- ported purchase in London of $500 900 of gold in the open market for shipment to New York. No trace could be found of the destination of this shipment and foreign exchange houses maintained that gold could not yet be imported at a profit. Sterling exchange dropped a fraction nearer the gold import point, but is still well over one cent above that level.
 The call loan rate in New York dropped la te in the day after the days demand for money had been principally all met but the condition of the local money market not materially changed. A drop in New York pXphaOOa m Ghipa in1 renewed pressure from that source for funds.
 Saturdays bank statement is now ex- pected to show the New York banks in somewhat stronger position, owing to the weeks larger contrac ction of loans; but there has been no known repenishment of cash resources. and the future of the money market depends upon the prospective needs of the interior and the prospective demand from the sub b-treasury for revenue payments.
 The bond market was firm in tone, ex- cept for a late reaction in St. Louis South- western issues. Total sales, par value $1 256,000. United States 3's and old 4s reg istered declined 1s and old As coupon A in the bid price.
 New York, September 2l-Money on call easier at 2n7 per cent; prime mercantile paper, 9A@51A.
 Sterling exchange heavy, with actual business in bankers bills at $4S5Aa4.S51s for demand and &.S1%d4.S2 for sixty days.
 Posted rates $4.s3@4.S31a and S4S6laN4s7
 Commercial bills, s4.S1@4S1is.
 Silver certificates, 5S1adt59la
 Sales, 5000.
 Bar silver, 5S 9-16.
 Mexican dollars, 47H.
 Government bonds weak.
 State bonds inactive
 Railroad bonds firmer.
 (By Private Wire to Talbott & Palmer)