The age-herald., 1897-11-19
RIORDAN & co.
In W all Street.

New York, Nov. 1S-The volume of transactions on the stock exchange to- day was even smaller and changes in prices ev5n less than yesterday. Prices of securities have apparently come to a condition of equilibrium and speculation is, for the time being dead. Even the small ehanges in prices, which occurred today, and which were nearly all gains, were due to manipulative operations with which the room traders amused themselves. AS thes4 operations invole the matching of the buying orders with 8 corresponding selling order for the purpose of attracting outside buying or selling, the net result, in the absence of outside operations, is very close to nothing. Sugar displayed some specula- tive strength on account of buying at tributed to Washington account and Consolidated Gas flashed up and down in it's customary meteoric style, jump ing at one time six points and reacting 115. The Coalers were weak on rumors that there were obstacles in the way of tha proposed agreement to restrict the outpnt. Although speculative buying was so resbiIfcted there continued to be evidence of some good buying of the very high grade bonds, whose security is of the best, though with @ low return of interest This class of buying is a natural outcome of the easy condition of the mooney market and the doubtful outlook for SD sculatJon. Bond operators report that there is quite a large offering for these bonds for foreign account the foreign holders being tempted by the high prices for them existing in this market. It is quite possible that this class of selling for foreign account has much to do with keeping up ths rate of exchange dn face of conditions that would tend to weaken it and, in spite of the tendency toward ease in the rats. of money in London, the trads balance in our favor for three months including October. Is nearly 65,00O, ,00O Gondou has been a buyer in this market of low priced speculative securities during the last few weeks, as 1t was today.
 Foreign capital is known to have quite a large interest in the Union Pacific reorganization syndicate and payments from abroad In proportion are due in this market. Operations of borrowing money on sterling exchange, which tends to keep up the rate of exchange, has ap- parently ceased. The continued holding of the rate of exchange above the gold import point under these circumstances Is not easy to understand, but sales for foreign account of high grade invest ment bonds would aid in explaining it. IA report from Chicago that there is talk there of reduction in interest rates of bank balances to 1h per cent. shows that the abundance of money extends to the interior. The immense sum of the first payment of nearly $53, 100000 by the Union Pacific committee to the govern ment has made no impression whatever on the local money market. Today's re- turns of railroad earnings were favor able, notably in the case of the South western and far western railroads and of the soft coal roads. Reports from the west indicate that the large earnings are due in no small part to the westbound movement of merchandise showing the activity of general business.
 Bonds were more active in proportion than stocks, and Improvement was shown in the high grade issues. Total sales. $1,2 ,000.
 The total sales of stocks were N147, 600 shares, including Burlington, 9.715; Rock Island, 10.67O; St. Paul, 9,29O; Peoples Cas- 1885; Consolidated Gas, 6,650; Su- gar, 39,450.
 Money on call steady at 1H@2 per cent; last loan 1h per cent; closed 11s@2 per cent.
 Prime mercantile paper 3k@4A per cent.
 Sterling exchange steady, with actual business in bankers bills at $4s5A@ 4.S5k for demand, and at s4. s21s for sixty days.
 Posted rates $4.S3k k@4S6ik.
 Commercial bills $482.
 Silver certificates 5S@59Hc.
 Bar silver 57%c.
 Mexican dollars 5Okc.