The age-herald., 1901-09-04
BEAR CAMPAIGN i. RENEWED IN STOCKS Sudden Reversal In Speculation
 Interest in the Market RENEWED VI6OR IN SEL LING Large Loans Are Being Made of of Foreign Capital In Wall Street
 and the Money Market Is
 influenced Thereby.

New York, September s-The reason for the sudden reversal of speculation opinion in today's stock market so far as events of the day threw any light upon 1t, was rather obscure. The bear party, which was obviously intimidated on last Friday by the good support offered to stocks by inside interests. and disappointed at the failure of the money market to stiffen on the eye of the triple holiday, were ap- parently willing to take chances on the short side that they were afraid to Ven- ture upon for the interval during which no market would be available for them to close contracts in.
 Their renewed vigor in selling stocks thus represented a renewal of the bear campaign based upon the closer tendency of the money market. which was inter- rupted by the holiday. The actual condi- tion in the money market conformed pret- ty closely to what was expected on Fri day and which the Saturday bank state ment served to confirm by anticipation, but the sterling exchange market prompt ly responded to the closer condition in the local money market in way to in- dieata the operation of forces at work for the relief of the market by drawing gold from abroad. In addition there was announcement of the receipt of $60,000 in Australian gold at San Francisco, avail able for telegraphic transfer to New York and the expected receipts later in the month of $1,250,0O0 to the same destina- tion.
 u In the prevailing sentiment of Friday the marking up of the money rate, which occurred today, would have been ignored If offset by these counter effects. The lt,arr per cent. None were below 3 per cent, and the rate ran up at one time to per cent Money was reported in abundant supply in London and conditions were de- cidedly more cheerful and the prospect Of being called on for gold by New York is apparently viewed with equanimity. Lon dons higher range for Americans had the s-effect of opening this market higher. but the opening prices proved to be the high est
 The action of the foreign exchanges has been so anomalous of late that some dis- trust Is felt of the present weakness as index of coming gold imports. Large loans ar known to be making off of for eign capital here, which involve the sell ing of long exchange to be covered by purchase of sight exchange when the loans are made. It Is known that arrange ments have also been making in the Paris exchange market for meeting future re- quiremepts for the purchase of American wheat. The recent heavy export move nent of wheat from here Is to some ex- tent artificial, being stimulated by demor- alization of freight rates, caused by tho extremely scanty demand for room to export merchandise. These factors all nave bearing upon the future of the for eign exchange market, promising some support at the period when exchange Is generally the VI sakest When traders per- ceived large selling today by brokers gen erally acting for interests which have considerably supported the marke. through all recent signs of weakness, the selling pressure became acute, causing declines of to 3 points among the prin> cjpal active stocks; the grangers and Pa- cifcs leading, Denver and Rio Grande is- sues showed extraordinary strength. and after reacting with the market. show net gains of points for the common and 3B for the preferred.
 Railroad bonds weakened. Total sales, par value, $2.026O0o. United States bonds were unchanged on the last call.
 New York Stock Market.