The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-09-28
THE MARKETS.
Wall Street Review.

New York, Sept. 27-The stock mar
ket fell degree further towards stag
nation today, and the activity, such
as 1t was, showed an added tendency
20 center in a few speculative special
ties. Tennessee Coal was relatively
much more prominent than for some
time and registered an extreme decline
of Ga points. American Tobacco
showed the continued effect of the
pressure to which it has recently been
subjected up to the time of the an
nouncement of the declaration Of the
regular dividend. The weakness in
these two stocks served to hold back
the market, which showed a tendency
to advance from an early period in the
day. Better advances from abroad
made the opening higher and the an
nouncement of an additional engage
ment of $75O0OO in gold in London fer
import added to the conviction that
the exchange situation admitted of
regular import operations. The con-
tinued high price for money in spite Cf
the gold announcement served as IA
setback to the advance, as was the
case yesterday. But late in the day
rumors were industriously circulated
of the early approach of gold import
on a large scale. At the same time
the money was quickly offered down
by successive stages to per cent, but
before . o'clock call loans had been
made all the way from IL to 20 per
cent. 1t was said the money could
be had at a lower rate on some high
grade railroad stocks, but the higher
range was that quoted on the stock
exchange. Even on the higher grade
of collater AL the margin required was
widened materially. Under cover of
this requirement and of what We're
called commissions there was room for
considerable manipulations of the
quoted rate. This was true in the
time loan market, in which there was
considerable demand for short loans,
as well as in the call loan department.
Very little is doing i'm mercantile pap
er, but rates are firm. Predictions
| of a favorable bank statement tomor-
row. upon which date the clearing
house institutions are to make their
weekly return, were a factor in the
| firmness of the market. The outgo to
| the sub treasury will be something
| less than half a million dollars. Ship
ments to the interior have continued on
a considerable scale How far they
| have been offset by small sums here
and there attracted by the high money
| rate cannot be clearly estimated. So
| far as stock market operations go there
| has evidently been a further cOntrac-
| tion of loans. The character of the
| statement will largely depend on how
| far the demand for accommodations
in preparations for oct. / settlement
have offset this contraction. The
| movement of prices in the railroad list
was very narrow. Atchinson pre-
! ferred enjoyed a belated demand ap'
| pearance. It's statement and South
| ern Pacific rose quite strong late ir
the day. The stringency of the money
| market resulted in a decline i'm the
sterling exchange in spite of the fur
ther advance in the private discount
rate in London. Total sales, 366,5 500
The bond market was without any
special feature, but was inclined t.
firmness. Total sales par value, ST.,
O5OO00.
United States 3s declined Is and ole
As 4 in the bid price.
Quotations furnished by ]. \. RUS
SELL e. Co. 40 and All Conneil building