The age-herald., 1898-10-18
sugar
In Well Street.

New York, October 17.-A scrutiny of the list of changes in prices today will snow that nearly all of the railroad stocks dealt in have net gains of a small fraction Con siderng the number of unsettling episodes in the days market these gains, though small. indicate a strong resisting power in stocks. A gough the opening was slighty higher in sympathy with the rise in Lon don, the tendency of prices turned down. wards early in the day under the influence of a break in Tobacco on apprehension that the supreme court would deliver today a decision unfavorable to the ra lroads inethe case to test the legality of the joint traflc association Although this decision has long been anticipated and although the opinion Is almost universally held that 1t is to be sunfavorable to the railroads m consonance with the decision in the trans Missouri case the bull party shows great tim'dity as to the effect of the courts rul- ing, The dealers were subjected to attack by the bears and the valuation of the stocks lowered to an extent surprising even to these much be-labored securities. New Jersey Central fell an extreme 51a and the decline in the rest of the group ranged from 11b to 8. The price of Lackawanna was bid down over 12 points from the last sale. but no stock was offered. About the same time Metropolitan Street Railway broke 31a points and the whole list touched the lowest prices of the day. None of the active railroad stocks fell over IF points net The weakening of the new federal steel securities after the opening activity and strength was also bear factor To- bacco was dealt in minus the dividend or per cent and 15s in addition was knocked off the price. Then came support and before the close of the day the shorts were driven to cover by rise of 5%. Sugar was also well supported all day. London was a buyer in the market especially of the Pacifics The covering by the bears in the coalers worked recoveries ranging up to 2H in New Jersey Central and the news that there was no decision in the joint traffic association case induced covering by room traders in the general list. Man haitian was strong and Hawaiian Com merc'al advanced at one time 59s The closing was firm at the top There was notable frmness in the exchange market notwithstanding very heavy offerings of bills against grain and cotton. The de- mand came from bankers and others for in- vestment for the purpose of placing loans at the h gher interest rates existing in Lon don and Berlin This process operates to sustain the local money market also; 1t Is in effect draft on the resources of this center for the benefit of London and Der lin. There is an abundance of money of fering here nevertheless and the tendency continues towards greater ease. Railroad bonds weakened in sympathy with stocks. but showed partial recovery towards the close. Total sales $1510,000 United States 3s regular the old As coupon and the As ad- vanced K and the 3s coupon. the old As reg istered and the 5s h per cent in the bid price. Th~ coupon 3s sold at 105.
 United States 3s registered sold at 105B, which is the highest price.
 Total saleG stocks today 300 shares in- cluding Manhattan, 4,01S; Reading, 13,1S0 Northern Pacific 2O,497; St. Paul, S,230; To- bacco, 49, 792: Sugar. 2s,92S
 Money call steady at 2d2h per cent; last loan 21s per cent.
 Prime mercantile paper, 3A4 per cent.
 Sterling exchange, firmer, with actual business in bankers bills at A.S4h6D4. .S43s for demand and at s4S11S44.91% for sixty days.
 Posted rates s4.S264s21s and $4.S5.
 Commercial bills s4S01a.
 Silver certified tes. 59% @60l5c.
 Bar Silver 60c
 Mexicon dollars 46Rc
 Government bonds strong.
 State bonds inactive.
 Railroad bonds weak.l