The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1900-09-07
GENERAL LULL In
THE STOCK MARKET
Little Interest Was Manifested
by the Traders.
LONDON WAS INDIFFERENT
Anthracite Coalers Were Weak on Fear
of Strike-Steel Stocks Heavy
-
Southern Railway Adyanc-
ed-The Money Market
LONDON WAS INDIFFERENT

New York Sept. 6-The hopes aroused
by yesterdays increase in business that a
more active trading In stocks was at
hand were disappointed today. The stock
market again became an unimportant affair
and offered little of interest commentary
on general condition of events. London In
particular renewed its attitude of indif-
ference towards American securities and
buying for that account in New York fell
back into insignificant proportions. This
served to discourage the local traders, who
based some of their buying yesterday on
the hope that the London demand would
take their holdings off their hands. A har-
dening of the discount rate in London had
something to do with the setback to the
stock market
The weekly statement of the Bank of
England discloses that the easy tone of the
open money market is not viewed with
favor by the authorities of the banks. The
marked recuperation in the proportion of
the bank reserve Is due not only to re-
ceipts of gold and repayments of loans to
the bank, to the extent of over So, 900 in
each case, but also to the banks extensive
operations to control the open market, dis
closed by the decrease of SO, 100000 in the
item of government securities, which is
equivalent to borrowing that amount from
the open market. Such a policy on the part
of England is regarded an index for the
belief of its governors that the prevailing
ease of money will not last long.
The rebuff given by London to the New
York bulls was emphasized by the weakness
of the anthracite coAlers, which declined on
the ultimatum by the operators to the
miners and the fears caused thereby of
strike. Reading first preferred, New Jersey
Central Delaware and Hudson and Penn
sylvania were down during the day AQ14s,
with some subsequent recovery. Ontario and
Western was an exception, and was firm
on the strong statement of the years in
come.
The steel stocks were heavy as rule, APP
parently on the refusal of the trunk lines
to grant reduction on freights from Pitts
burg. Continued decline in prices of iron
also affected the group.
The bears were disposed to let Peoples
Gas and Brooklyn Rapid Transit alone,
mindful of their recent unpleasant expert
ence with sugar. Where there was any de-
mand developed there was significant
scarcity of stocks offering and prices ad-
vanced easily. This was notable in South
ern Railroad preferred, which was advanced
from 52M to So. The buying of this stock
was attributed to the high price of cotton.
which Is a direct benefit to the Southern
Railroad. Southern Pacific was well alb
sorbed on the denial of the recent reports
a whole hung heavily and neglected
throughout the day. Kansas City Southern
bonds were active and reactionary, other
wise the bond market was dull and irreg-
ular. Total sales, par value, $4,000. United
States refunding Is advanced u in the bid
price.
New York, September 6.-Money on call
steady at 1AQ1k per cent; last loan at
~ per cent.
Prime mercantile paper, 4d4A per cent.
Sterling exchange weak, with actual bust
ness in banks bills at S4S7 for demand and
sassy for 60 days.
Posted rates, $4s4k04S5 and s4 SSGl4 SS1a.
Commercial bills, $4S364. S3k.
Silver certificates, 6214@631ac.
Bar silver, 62Ssc.
Mexican dollars. 4S%c.
Government bonds strong.
State bonds active.
Railroad bonds irregular
6sv Private Wire 70 Murnhv E. 90