The times., 1898-10-09

The market was uninteresting and duh
yesterday. with a tendency downward in
the first hour, and little better feeling
toward the close neither of which, how
ever, manifested itself in any movement
of Importance. The dulness of the day
may be inferred from the fact that there
were no transactions whatever In any of
the following stocks: Spirits preferred,
AtchIson, Atchison adjustments, Canada
Southern, Chicago. ST. Paul. and Omaha,
Lackawanna, Erie. Lake Shore. Missouri
Pacific. New York Central, Texas Pa
cific, Wabash preferred. The amount of
other transactions was also small. No
light has been thrown on the future of
the market by the movements OF the past
week There is no reason to believe that
there is to be any great bullishness In
the near coming weeks. One theory is
that there will be stagnation. with some
weakness in prices, until after the cleo
tions. The character of the market after
that will depend largely on the results
of the elections. If the Democrats make
gains it seems to be the general opinion
that the price of stocks will go off from
the fear Wall Street has of a revival of
'.sIIyer agitation and antitrust legisla-
tion.
A comparison of quotations at the close
of the day yesterday with those of week
ago shows very clearly how little change
there has been In the situation, and how
little interest is felt in the market al
the moment. In some cases the closing
quotations for the two Saturdays are
identical. In Others and in nearly all in
stances the variation has been only frac-
tional, either up or down, not. by far. SO
much as occurs on one active day in the
market
The bank statement was favorable yes
terday in that it showed an increase in
resources and specie. The reserves in
creased In spite of an increase in deposits.
Northern Pacific started downward yes
terday morning on the further publication
of the rumors about the disagreement
between Mr.. Morgan and Mr.. Hill. Later
in the day 1t was thought that house
having relations v-'.h Mr.. Hill had bought
large block of the stock and imme-
diately there was covering of shorts on
the theory that Mr.. Hill and his friends
would not care to buy stock in a COM
pany that was ruined by fathomless and
unbridgeable differences in the manage
ment. This seems to be the sensible view
of the situation, and it may perhaps be
set down as assured that nothing very
serious will result The common stock
advanced 3-S cent from the opening price
and the preferred is cent. This was a
greater gain than fell TO the average stock
on the board.
There were rumors all during the first
hour that the deal between B. r. T. and
Nassau would not go through. and the
stock was very weak Later the friends
of the former road rallied and succeeded
in pushing it up again. Flower is one of
these friends of the company and 1t is
safe to say that his buH operations have
not ceased yet.
Dow, Jones & Co. say-of Federal Steel:
1.-The feature of the outside market yes
terday was Federal Steel in which there
was quite a large buying. There has evi-
IDENTIFY been no attempt made to boom
these securities SO far, but in the last
two days the market has considerably
widened Something like 10000 shares were
done in the preferred on the curb yester-
day, and good deal in common. People