The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-12-22
RIORDAN & co.


New York, Dec. H.-Business in securi-
ties was for the most part intensely dull
today and prices suffered from mamma
ton. The most notable movement in the
railroad list was that in Northern Pacific
preferred, which fell away a point on large
realizing sales induced by the payment of
the dividend of l per cent, which was
taken off the price today. Prices from
London and German bourses were less en-
couraging than yesterday. and showed the
realizing movement was in force there as
well as here. There were sales in this
market on foreign account. Rock Island
earnings for the second week in December
also encouraged the sellers with it's in
crease of less than $4,000 over the CORE
spending week in last year. as compared
with increases of over 100000 in other re-
cent weeks. The stock rallied fraction
before the close. The failure of the direc-
tors of the New York Central to increase
the dividend above the quarterly rate of
l per cent. caused disappointment to hold
ers of that stock. The statement for the
last quarter was also considered disap-
pointing, the gross earnings showing only
a slight increase over last year and falling
off over 100000 below those of the CORE
was a moderate seller in this market of all
the International stocks. The Coalers
showed a tendency to react today on trad
ers' realizations, and New Jersey Central
was at one time per cent. below yester-
days close, but it rallied two points, and
its final price was only fraction below
Yesterdays close sellers. Sugar and Man
haitian ruled in a rather erratc manner,
Toll
way on the other hand was strong on the
talk of a compromise agreement with
prominent competitors. The declaration of
a semi-annual dividend of ~ per cent. on
the first preferred stock of st. Joe and
Grand Island lifted it's price over per
cent. and caused demand for other Sc
curities of that company.
The tone of the money market continued
unsettled today. Loans were reported dur
ing the day as high as four per cent, but
Just at the close of the market there was
some offered down to 1 per cent. and an
actual transaction was reported at that
figure. This sudden weakening of call
money had no influence on the prices of
stocks which were weak and declining at
the close. Sterling exchange also responded
to the stiffness in the money market with
a decline of 4 in the actual rate for de-
mand bills and u in rates of cables on
London and in sixty day bills. There was
also significant fall in the price of gov
eminent bonds, the new tours and the fives
falling Il in the bid price. The market was
exceedingly narrow throughout the day and
many usually active stocks did not move
at ALL
The bond market showed a large falling
off in activity and prices of the majority
of issues dealt in showed losses. Total
sales, $1,150OOO.
Money on call easier at 2lz@S per cent;
last loan, per cent; close offered 9 per
cent.
Prime mercantile paper 1904 per cent
Sterling exchange weak, with actual
business in bankers bills at $4.sfssd4S41s
for demand and at s4S1%@4.S2 for sixty
days.
Posted rates $4.S394. SS1h and s4S6@4s61a
Commercial bills, $4.S1@4S11a.
Silver certificates. 562a @57al.
Bar silver 81.
Mexican dollars, 45s
Government bonds weak.
State bonds weak.
Railroad bonds weak.