The age-herald., 1898-11-01
ID Wall Street.

New York, October 31.-Some obvious eff fort was required to sustain prices today above the level of Saturday and the mid day rise was not maintained to the close. prices in some cases declining below Sat Surdays level. An inspection of the list will reveal that outside of a very few cases net changes are urimportant. Some. conservative observers believe that such strength as the market has is due to the support of very powerful aggregations of capital which are interested in seeing bet ter prices for $new securities. Quite large proportion of the total business to- day was in Tobacco, the price of which was rushed up points to 143ss Quite large proportion of business is taken up by the Federal Steel securities, the pre- ferred stock rising nearly points to 75%. The steel stocks are dealt in "when is- sued' which is the stock exchange phrase for buying what has not yet come into existence. There are to be $200, ,000,0 900 of the Federal stocks. There are to be $60, 100000 of securities of the New Continental Plug Tobacco Annex F American Tobac- co company. As these securities are in process of f1etation the importance of sustaining values in the general market for their benefit is undeniabe. Tobacco and Federal Steel were conspicuous excep- lions in some ways. There were points of strength during the day, particularly among the western and southern railroads. St. Paul's September statement showed an increase in net earnings of $253, ,331 in spite of large additional outlay for operating 'ex penses served to counteract the effect of Burlingtons poor showing published Sat urday. There were strong statements also from Denver and Rio Grande and Cheas- apeake and Ohio. while in the Erie state ment the decline in gross earnings was off, set by economics in the operating depart ment, leaving an increase in the net earn ings of nearly $50 900. But there was no general public interest in the market, and some attention was paid to the large naval and military preparations making in Great Britain. The weakness of the wheat mar ket. early in the day on the big Russian shipments was also an influence in the market. The smal. demand for money is not regarded as a favorable indication now that there are abundant funds in the market. There was continued activity in the bond market, the speculative and re- organization bonds being the favorites. The Union Pacific As sold most of the day at par which price they touched for time on Saturday. Total sales $30 900. Government bonds unchanged.
 Total sales stocks today, 3441 100 shares, including: Atchson, preferred, 7,7S0 Bur-; 'lington, 4,357; Louisville and Nashville, 12,910; Northern Pacific, 19,590; Rock Island, f41V, Sl Iduii Zo,4oU, oOutHerIl, preleTreu, 99sS; Tobacco, S9S99; Sugar, 27,120.
 Money on call easy, at 1%62 per cent; last loan. 1s4 per cent.
 Prime mercantile paper, 9A@4A per cent. Sterling exchange, firm, with actual busi- ness in bankers bills at s4S5AG4.S5% for demand and at s4S2ta64.S2% for sixty days.
 Posted rates sA.S3d4s3k and. s4.S6@4.S7 ' Commercial bills, $S1.
 Silver certificates, 61@62c.
 Bar silver, 61ssc.
 Mexican dollars, 47hc.
 Government bonds firm
 State bonds inactive.
 Railroad bonds irregular.