The age-herald., 1899-09-15
GAINS WIPED OUT
 IN STOCK MARKET Bear Scramble to Cover Short
 Contracts. MONEY RATE NO HIGHER
Further Liquidation May be Necessary. Bonds Only Moderately Active With Total Sales Amount
 ing to $1,985,ooO.

New York September 1.-The greater part of the gain in prices which was estaD- llseed yesterday and during the early part Of today were wiped out in the latter part of the days trading. period of almost stagnation succeeded until the announce ment was made fixing the St. Paul dividend at the regular rate. The large selling of the grangers induced by this news was met by supporting orders which rallied prices frem the lowest Losses are the rule on the day, however, which extend to d point in many active stocks.
 The rate for money was not lifted above the lower level established in yesterdays relapse and the reaction in prices can not De attributed to calling of loans. It was rather due to a reconsideratfo ton of the optomistic view engendered yesterday Dy the easing of the money rate and the sentimental effect of the treasury depart nent's decision to anticipate ,the payment ot October interest on government bonds. Yesterdays upward movement has been reduced to its true proportions of bear scramble to cover short contracts after haVlhg oVersold the market in the rush UT heaVy liquidation on the preceding days. Estimates varied widely as to whether the liquidation had proceeded to saiHclent lengths to re-enforce the banks aaanst the present and future demand upon anem cash resources. Money con- tt-ues to move to the interior and the benks have parted with upwards of $4 000- eVU 10 the suo-treasury since last Friday
 lhere was no evidence today of fur Hheff urgent contraction of credit, but the outtook Tor the future is that furth- CT liquidation may become neces- SaFy. Foreign hOuSppS arp ranor+ad nave put out considerable sums in loans yesterday and today, and this may ac- count for the eomparatiy firmness of the foreign exchange market
 Discounts hardened today in London and Berin in spite of the improved condition reflected by the Bank of England's weekly statement, and London bought stocks mod erately in New York in continuation of the fortnfghty settlement. The failure to n- crease the St. Paul dividend is accepted a s an mtimation that present prosperous con d1tions of the railroads are not so we'll established but that ample provision must be made against recession The extreme decline from the early high point ranged from l to points very generally among the active railroads. The grangers and trunk lines were especially affected. In the specialties, movements were wider. Brooklyn Transit was under pressure all day and in the final dealings broke it's pre- vfous low record on the movement and fell to 94A, at which point it closed 4h below yesterday Tennessee Coal ranged over 31s points and closed with net loss of 2. Sugar, Tobacco and local municipal stocks Peoples Gas, and Iron and Steel stocks were all weak before the close. A number of obscure stocks showed wider movements than the average. Pullman, Twin City, Rapid Transit, Mobile and Ohio and Pa ciiic Coast, common and second preferred, gained between 2A and points and Knick- erbocker lee dropped. The United States milling stocks continued their upward course and gained II each
 Bonds were only moderately active Total sales, par value, $1 9S5,000. United States bonds unchanged in the bid quotations.
 New York, September 14--Money on call was firm at 5@6 per cent; last loan at 512 per cent.
 Prime mercantile paper, 414M5 per cent.
 Sterling exchange was steady, with act ual business in bankers bills at 1854 .S6 for demand and 4s21a@4s2a4 for sixty days.
 Posted rates, 4.S31a@4S7l5.
 Commercial bills, 4S11s6f4S2.
 Silver eertffica tes 59d59Ac,
 Bar silver. 59c
 Mexican dollars, 471sc.
 Government bonds steady.
 State bonds inactive.
 Railroads bonds irregular
 (By Private Wire to Talbott & Palmer)