Evening star., 1898-11-19
FINANCE AND TRADE
Slumps in Federal Steel Demoraliz-
ed Stock Market Today.
FLOWER STOCKS STRONG AGAIN
Dear Money in Berlin Caused
London to Sell,
GENERAL MARKET REPORT
Special Dispatch to The Evening Star

special Dispatch TO The Evening Star
NEW YORK, November I9-The advance
in the bank rate at Berlin to g per cent
the friction among railroads i'm the north
west and the failure to form the so-csl,ed
steei-rail pool were all active agents in ,1a-
pressing prices this morning The advance
in money on the continant exnI.ins a., :,
cent continuous unloading of American in
vestments. but has probably hean as tbor-
oGshly discounted as the cir.ums.apc.,
warrants
The second influence likewise is nor Ila,,
TO run into prolonged evil. as NAV h
gathered from the rather good buyinp of
northern and Union Pacific issues at tte
uecihe. AS to the steel combination. there
s some diherence of opinion on the main
point as To whether steel pool or A mere
proposition TO maintain rates was in the
minds OF those in interest. The latter idea
is the one accepted in the better informed
circles, and from these sources the market
derived Its best support.
The preferred stock of the Eader,l g.,
company declined sha rply during the firsf
taII hour, and was practically without sun
FORT until a decline of 312 per cent had haan
recorded Afol nj a several buying ordars
wee sent In and the price forced slowly
oack to"af1 the opening level The ex
ueme fluctuations unsettled the entire ,,,r
het LOT tirne. but prompt support through
out the entire Flower group turned nriccs
Upward. iiee9
Peoples Gas was ably sustained during
the periods OF weakness elsewhere and so
We're the Grangers.
Profit taking in Atcbison nrafarrad f,,.,,
the stock into an appearance of weakness
Hut IN this property also the buyinp de-
nlaHa soon demonstrated its superiority
ne market has had rather severe test Of
endurance during the week and wjtb IN
result that the most skeptical must recog-
HiZe. olulnary arguments and merely ron
.ihe ,ii deVelC9ments are not safe guides to
the present market because of the extra
ordinary conditions prevailing.
III mas been demonstrated t1at the exnor-
tduoi OF cereals is not the only reliance OF
the United States in the interest of favor
able trade balances. and thai the nroro
ltence of manufactured commodities is
nheiy TO increase in future trade reports
WIN thlS degree OF progress there is al
.eady the natural increase in the money
supply which seems destined to make the
'egai rate of q per cent al emergency
cnarge only. with many weIl-manaee5 Dron-
critics paying . and per Gear animal di,t;
dends.
1t is not unnatural that there shoul he a
period OF higher prices in which the returns
from such sources would be reduced to a
par-S Win the prevailing interest rate
ihen' TOO, there are the stocks approaching
dlVldends such Atchson preferred
NasnViiie, Northern Pacific common and
the ike, which are furnishing strong in
StHt''e 10 d uiScOGntlng process.
Inc Dank statement helped the marke:
toward the close of business, and made M
carry losses In many instances because OF
the Uniform changes for good. The total
gam IN lawful money is S4,013 500 which.
ADDED TO an increase of s., ,S97, 800 in loans
ahcut explains an increase of 50 49, 500 in
tne deposits The increase in loans IS less
than usual, but the net result of all chanyrs
increases the surplus above legal require
ments by sl,65o.5I5. making the total re-
serve holdings over the - per cent limit
SIG, ,661,315.