The age-herald., 1899-09-20
PRICES BREAK
 TOWARDS CLOSE Desire to Take Profits Causes
 Stocks to Decline. CALL MONEY RULES HIGH Business in Bonds Showed Gains and Held Up Better, With the Total Sales at Par Value Amount
 ing to $2,2eo,ooo
CALL MONEY RULES HIGH

New York, September 19.-The delicate tension of the speculative temper was well illustrated by the course of todays mar ket, which seemed to be going prosper ousy on its way towards recuperatlon and recovery in prices until the last half hour of the trading.
 After that time prices were bowled over fin every direction like a set of ten pins which had been set up simply to be knocked down again. The selling movement was in full force when the market closed and prices tending rapidly downwards. Some of the earlier gains In prominent stocks were completely wiped out. The market gave every appearance of having thrown off the incubus of the money scare The reports from abroad were of a more con- cliatory attitude on the part of President Kruger and the decision of the French gov- ernment to pardon Dreyfus caused a rally in foreign markets. There, as we'll as here, the short interest had been largely over extended. and they found some difficulty in securing stocks to cover short contracts. Professional operators who had secured stocks at yesterdays low level had turned bull. and there was a fair volume of buy ing orders in commission houses this morn
 
 in priees Prices were marked high at the opening, and trading very active for time, but on a descending scale. After prices had gotten back to near yesterdays close a demand of a substantial character developed for standard railroad stocks. Some of the specialties, notably in New York traction stocks which have suffered recent violent losses, were marked up rap- idly. Late in the day a very buoyant tone carried the coalers upward under the lead Of Lackawanna, which advanced an ex- treme 1R. Other members of the group rose from 212 to points. Metropolitan's extreme rise Was 6l2. Brooklyn Transit was up at one time 4ss. Many other specialties were up between and points, and the active railroads very generally showed gains of from F to 1 point Such was the state of affairs when traders began to take profits in the coaers and Metropolitan Street Railway. It did not take the bears long to wipe out all of the gains in Brook lyn Transit, and the course of prices turned quickly downward, the selling movement continuing aSive to the close. The advance in high prizes was accompanied by pro- fessions of confidence that the money mar ket difficulties had been passed
 Call money ruled at per cent and above during the day. The banks are not losing quite as heavily as last week either to the sub-treasury to the interior But the outward movement of money is more than sufficient to make inroads upon the legal reserve of the banks. It is known that many loans which have been called have been placed with other borrowers or have resulted simply in a shifting of eollaterals while the loan was marked up, but left otherwise undisturbed. Reports found cur rency that considerable money had been placed in call loans for account of a Cana dian bank One New York bank took out additional circulation in Washington to the amount of $250,0O0 for which notes had al- haa nrf,,t Tod nI do i1oII for circulation. Except in these cases there is no evidence of any repenishment of cash for the New York market, nor Is any dis cernible in the immediate future. Bankers express the opinion that money will con- tinue hard at per cent. or above. One of the vagaries of the situation is that sterling exchange held steady to firm to- day with buying for Londan account of over 15.000 shares of stocks, while 1t drop ped sharply yesterday in spite of London's selling over 4O,0OO shares. Competent au- thorities do not look for gold imports until much later in the fall.
 Bonds showed gains and held better than stocks in the late weakness Total sales, par value, Sg290,00 United States bonds were unchanged In bid quotations.
 New York, September 19-Money on call firm at GOT per cent; last loan, per cent.
 Prime mercantile paper, fs4@515 per cent. Sterling exchange steady with actual business in bankers bills at s4.s51aM4s5A for demand and $4 4S264S2A for sixty days
 Posted rates, s4Ss1h and si.s61a@4.S7.
 Commercial bills, SASHA.
 Silver certificates, 59&.
 Bar silver, 57 11-16.
 Mexican dollars, 4S1s
 Government bonds steady
 State bonds inactive.
 Railroad bonds strong.