The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-11-29


New York, November ga moderate
buying movement broke out in the last half
hour of today's stock market which carried
prices throughout the list buoyantly above
the previous high level and made the clos
ing very strong. The demand was broad
and better distributed than at any other
time during the day and the market looked
healthier and freer from manipulation and
less congested in a few prominent stocks
than at any time during the recent upward
movement. Just what the motive was Tor
the renewal of the buying was not very OBJ
vious. Perhaps the sullen o6stinacy of the
market in the period of dullness and re-
action in spots which followed the opening
strength had large influence to encourage
renewed commitments to the long side. The
receipt of some orders from commission
houses which had been held back by the
damage to the telegraph wires was also a
factor. The market had already had It's
opening squirt on the acceptance by Spain
of the peace terms offered by the United
States. The prices for Americans had been
SHARPLY advanced in London on the strength
of this factor before the opening here. The
professional traders rule to sell on good
news brought a flood of offerings to real
ize on the opening advance by those who
had been buying for several days past in
L
bears seized the opportunity to attack
group Of specialties, including Manhattan,
Brooklyn Transit, Sugar, Peoples Gas and
Tobacco, and worked declines in them from
l to per cent. The coalers, which have
SO often been the target for the bears, broke
away from their associations and showed
unusual strength ON account of the belief
in an adjustment of the difficulties over the
control of the trade. There was notable
realizing in the Atchison issues which held
hQ oh Iorhn ont dnx 10 rQ.
heaviness also in Federal Steel stocks and
at one time in Sugar. The reactionary ten
dency carried prices before the middle of
the day back to near Sundays level, in
some cases the recovery began when the
receipt of a number of strong traffic re-
turns, notably that of St. Paul for October,
which showed an increase In net earnings
of 1906, SIG, after an addition to operating
expenses of nearly 1892 900 over last year s
expenditures. There were good statements
besides OF the third week in November for
Norfolk and Western, st. Louis and San
Francisco, Southern Railway, and Denver
and Rio Grande, and for October from
Chesapeake and Ohio, besides an increase
of eastbound shipments from Chicago last
week of II ,51S tons over the preceding week.
and of 81 442 tons over the corresponding
period of last year. The trunk lines felt the
ben nit of this latter statement, especially
those of the south, the northern lines feel
ing the adverse effect Of the snow storm.
this group in the late dealings. The ag-
gressive strength shown by Union Pacific,
Northern Pacific and the Oregon Short line
issues was rather convincing evidence of
progress in the efforts to heal the differ
ences between Northern Pacific and Oregon
Navigation. There was a conspicuous up
ward movement in Metropolitan Street
Railway, carrying to 1909, in spite of loss of
earnings by the snow storm.
The bond market was strong and active
and showed a general upward tendency in
sympathy with stocks. Total sales, So, $780,
900.
United States 2s declined y, while the as
advanced a, and the old As registered and
the new As, u in the bid price.
Total sales of stock today were 571 200
shares, including: Atchison, 5932; Atchi-
son, preferred, 1900; Burlington, 1850:
Louisville and Nashville, 26,5O2; Manhattan,
10,220 Missouri Pacific, $3.50; Northwestern,
$3.50; Reading. 6415; Rock Island, $3.50;
Union Pacific, $4,000; Union Pacific, pre-
ferred, 1890; st. Paul, SO, 9SS; Wabash. pre-
ferred, SOP; Tobacco, 1884; Federal Steel
314; Tobacco. preferred, 1000; Pacific Mail
$40; Sugar, 10,205.
Money on call steady at 2G2b per cent:
last loan, 2lac; prime mercantile paper
314c@4Ac; sterling exchange weak with ac-
tual business in bankers bills at $4S41baD
4S4A for demand and at $4S11aa4S1% for
sixty days; posted rates, $4.S2h14S3 and
$4.S519G14.S6; commercial bills at $4SO1S014.S1
silver certificates, 601sc; bar silver. 59asc:
Mexican dollars, 461ac
Government bonds irregular
State bonds firm.
Railroad bonds strong.