The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-11-20
The Market Continues Its Dull and Mar
row Character-Sugar and Manhattan at
One Time Ran Up Two Points,

The Market Continues Its Dull and Mar
row Character-sugar and Manhattan at
One Time Ran Up Two Points,
New York Novss 1s.--The market to-
day continued it's dull and narrow char
acter, though at some slight improve
ment over yesterday both in the volume
of the trading and in the movement of
prices. The extreme rise on the aver
age was greater 3than yesterday, but
realizing sales in the last hour reduced
the net gains to very narrow fractions
in most cases.! The movement in the
specialties was much freer than in the
standard railroad stocks, and Sugar
and Manhattan ran one time points
higher than yesterdays close and sharp
gains were also shown by Peoples Gas,
New Jersey Central, Reading first pre-
ferred and Lead preferred. All of these
gains were very materially Iessened be-
fore the close. West Chicago Street
Railway was quite active and strong,
and rose nearly 2 points.
But Consolidated Gas occupied the
middle Of the stage and was the center
of attention all day. I opened 31s
points higher on the belief that large
individual interest in one of the local
gas companies, which has been holding
out for the best terms, had been brought
into the agreement for amalgamation.
The stock mounted upward by wide
bounds sometimes over point between
sales to 1881.
But the very great skepticism in the
speculative mind regarding published
utterances on the progress of the plan
Of consolidation then became manifest
in the equally feverish course of the
stock towards a lower level. 1t got as
far down as 1888 and after vibrating in
a. very erratic manner closed N point
higher at net gain of points. The
latter weakness in the market was due
in mart to report from the west of a
falling off in railroad earnings and to
widespread difficulty over the mainten-
ance of railroad rates. There was talk
also that large increases in operating
expenses would reduce the net earnings
of railroads for October below what has
been counted upon. Buying for London
account helped to sustain the market in
thu earlier dealings.
A feature of the day was a sharp rise
of IL cent in the rates of sterling ex-
change, both for demand bills and cable
transfers. This was in part the refec-
ton of a stiffening in the discount rate
in London, where the Bank of England
is again borrowing money in the open
market with the purpose of controlling
the private discount rate and relieving
the pressure for gold in that center
Money in this market continued dull
and easy in all departments. Not only
has the dullness of speculation reduced
the demand for money, but there has
been quite heavy flow of funds during
the week from interior points. To-
| morrow's bank statement is expected
to show a material increase Of available
money.
The bond market was moderately ac.
tive and prices advanced. Total sales
| s., 345, 900.
United States As registered and Unit.
ed States IS advanced Il bid.
Following are the closing prices re-
| ported by Prince & Whitley. bankers
and brokers, 46 Broadway, New York,
and Is Center street, New Haven: