The herald., 1898-11-06
Conditions as Shown by Transactions
on Wall Street

NEW YORK, Nov. 5.-Market was dull
and sluggish throughout the short session.
but with an undeniably firm undertone
closing at best prices. with no disposition
to take profits, after the two days rise,
such as might commonly be anticipated at
the easd of. al week given over largely to
profit trading. The market in fact, re-
sisted an attempt to reduce prices after
the appearance of the bank statement, the
attacks centering on local securities. Third
Avenue, Metropolitan Street Railway, Con-
solidated Gas and People Gas all showed
the effects Of the bear attempt, but the
market generally continued upward to the
close. No effect was produced by the ac-
ton of the Paris peace commissioners in
refusing the American proposition for the
disposition of the Philippines. The specu-
lattve mind was almost prepared for a rup-
ture of negotiations The reassurng words
uttered last night by the British premier
and the semi-ofricial statement from Paris
served to clear up apprehension of foreign
complications. The various weekly trade
reports were, on the whole, encoura ging as
to the business outlook, and there were
strong statements Of railroad earnings
from Oregon Short Line, Oregon Naviga-
tion, st. Louis and San Francisco, Flint
and Pere Marquette, Louisville and Nash
Vile and other roads. The demand for bonds
was very large and we'll distributed
There were heavy individual blocks of
the Baltimore and Ohio 31e's when issued,
the Atchson and Union Pacific fours
The bank statement showed rather un-
expec tedly large decrease In cash, but the
fact that credits have been extended s11,-
612,500 In face of decline Of over Sc, 900 900
in cash reserves Is convincing evidence of
the confidence felt in the money market
outlook. Since September 1st loans have
expanded $42, 465,0 900, while cash has in
creased only $14S49,60O. AS a consequence,
the surplus reserve is but $279,450 higher
than 1t was month ago. A large proper
tion of the loan expansion, of course rep
resents money lent abroad. The recovery
in stocks during the latter part of the week
indicates that the selling early in the week
did not extend far outside professional
limits, and for short account dull and
waiting market Is almost sure to invite this
class of professional operations There
were various factors tending to uncertainty
in the speculative mind in the earlier part
of the week, outside OF the small group of
industrial specialties, which were un-
violent manipulation, and the dealings in
which made up the large proportion Of the
local transactions in the exchange One of
these factors was the provisional dtsin-
clnation of stock operations to make fresh
commitments on the eve of a general elec-
ton. Another was the threatening ASPECT
of European political affairs. This factor
was emphasized by the news of Wednesday
from China, reporting the hostile prepara-
tions of the Russian and British fleets, and
indicat ting the possibility that France and
Russia were in cooperation to press upon
Great Britain solution of sundry vexed
problems of international relations which
would threaten an immediate embodiment
of all the powers. Apprehension on this
score was somewhat relieved by the news
that the Fashoda difficulty had been 6olved
by the withdrawal OF Major Marchand. It
also appeared that the sharp decline in con-