The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-10-16
ON CHANGE
Conditions as Shown by transactions
on Wall Street

NEW YORK, Oct. 15.-There was little
change in the character Of the stock maf-
ket today. the erratic tendency OF the lead
ing industrial specialties keeping the gen.
cral list unsettled. The opening decline
was general and was reflected from abroad.
Both tobacco and sugar went down at the
opening, but sugar reached the point OF
resistance and encountered large buying,
which put the bears on their mettle again.
They covered quite freely and ran the price
up to liz. Urgent demand then stopped
for the day, but the range was held above
last nights close. Tobacco dropped off 81
points to 1.14a4, and closed at about the low
est. The continued disposition Of Northern
Pacific to sag also checked any upward
tendency and discouraged activity in the
railroad list There was conspicuous move
ment in the late dealings on the Louisville
and Southern preferred. The trade at
tr.buted this to the prospects of relief from
the yellow fever by the coming of cold
weather, but in the case of southern. rail-
roads there were reports Of an approaching
dividend declaration. The picking up of
high grade dividend stocks in small lots
was a continued healthful feature Ct the
market A feature Of the dealings in the
outside market was the new federal steel
company, the securities Of which are to be
listed on the stock exchange on Monday.
The stock market enjoyed brief upward
reaction toward the middle Of the week,
owing to a recovery In the group of stocks
which has exercised an unsettling influence
for some time past, but recurrence Of
weakness IN the stocks has led to surm.ses
as to whether their recovery was not due
simply to the closing of bear speculat ion
leaving them for the future without even
the sustaining force Of large outstanding
short interest. The advance In the general
list has halted on account Of this doubt,
in spite Of the many undercurrents Of
strength which have manifested them
selves. There Is a general confidence In the
strength of the financial and business out
look, so that when tobacco began to adj
vance on the strength Of the announced &C.
QUESTION of an opposition plug tobacco
plant, and sugar gave evidence Of resist
ance to the long decline, with the reported
advance In price of low-grade refined
sugars, and Northern Pacific was heavily
bought by the same brokers whose earlier
selling was said to represent inside con-
fiicting interests, small room traders all
turned from bears to bulls and large finaii-
c.al interests proceeded to bid up the prices
Of properties In which they were interested
right merr.ly. But sugar, Northern Pa
citic and tobacco all turn ed downward again
and brought to the surface only more of the
elements of doubt and hesitation. 1t Is ac-
cepted as the natural order of things in
Wall street that there shall be q period Of
dullness and reaction preceding congress
sional or presidential election. Unea siness
also is occaNoned over the foreign political
situation. the domestic unrest In France,
the Anglo-French situation, the conflict Of
interests which may be precipitated by the
extraordinary events in China and the
money str.ngency in Berlin. The latter part
Of the week has Witnessed a continuation Of
the dultness IN the stock exchange and a
renewal Of bear tactics. which is always q
feature of bull markets
The events Of the week in financial circles
were the advance in the Bank of Engla nd 8
minimum rate Of discount from to per
cent, the sharp rise in the private disc cunt
rate In London in response to the bank 9
borrowings from the market and the rise
in the rate Of exchange on London in Paris,
The effect has been that while the dema nd
and cable transfers on London have hard
ened In New York. those in Paris and Ber-
lin have fallen in spite OF the advance In DIS
count rate Of the Imperial German bank
to s per cent and Of the Austrian bank to
~ per cent on Monday.
It Is clear that the Bank Of England IA
maneuvering to divert the movement from
the United States for gold upon Paris and
London. Meantime money rates In New