The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-10-07
IN Wn.]l S'ree:-


New York. October 6.-Infiuences gov
erning the stock market today were large
ly confined to developments in the special
ties. The status of the war in the sugar
trade was momentarily lost sight of, owing
to consistent support to the stock A fur
ther reduction in refined was a signal for
raid, but after effecting a break of
point, the stock rallied strongly and
eventually ruled a point above yesterdays
close. Subsequent weakness robbed it of
pract cally all the gain and commune
Gated heavmess elsewhere. Pool buy hg
was evident during the course of the day,
and this factor, in addition to moderate
outside purchases, embracing large
sprinklng of the inactive stocks occasion
ally sustained prices, although the general
run of stocks favored a lower level.
Liquidat'on was very pronounced in North
ern Pacific common, Union Pacific, Denver
and Gulf, Lorraine preferred and Tobacco.
The latter broke 4lac but rebounded fire.
quently and closed point above the low
est. President Duke was quoted as refus-
ing to deny or confirm the current rumors
regarding the negotiations with western
plants. Dizziness became quite pronounced
during the afternoon, and but few changes
of note occurred. except where special con-
siderations operated. Operations by the
arbitrage interests were on both sides,
early purchases being thrown over when
the reactionary tendency became marked.
Reports of railway earnings from the less
important lines which averaged well,
coupled with encouraging statements from
influential railway officials regard ng the
outlook for general business and the an
nouncement Of the appointment of arbi-
TRACE committees to settle the long stand
ing fight between the Canadian Pacific and
the American Transcontinental line re-
garding the question of differentials be-
fxua Atlantic and Pooifip pOintS did
not arouse much enthusiasm. Prices of the
railways outside of the grangers and some
of the southwesterns did not get up to last
nights level and final prices all around
were about the lowest
The bond market continued to reflect a.
steadily increased outside demand, which
found expression in purchases of the stand
ard mortgages and speculative buying of
the middle grade issues w sconsin Cen
trial frsts were in exceptional demand, and
at one time showed a rise of points to
So, but subsequently suffered from realiza-
lions and lost half the gain. Total sales
$2,375,OO0 Government bonds were un-
changed in bid prices, but an active de-
mand for the threes advanced them to
Nc.
The total sales of stocks today were
1883, S14 shares including Atchison. preferred
$780, Metropolitan Street Railway, 20,S67;
Northern Pacific. 51,420; Northern Pacific,
preferred, $3.50; Rock Island, 1000; Union
Pacific, 7,400 st. Paul, 1850; Union Pacific
preferred, S404; D. e. G., 1874; Cotton OIL
1920; Tobacco, 1920; Chicago Great West
ern $50; Peoples Gas, 1900; Sugar, 1854;
Rubber, $40.
Money on call steady, 2c@2%c; last loan
21bc; prime mercantile paper, 3hc@41ac;
sterling exchange firmer, with actual bust
ness in bankers bills at S4.S41s@'4.S4A for
demand and at s4S1%@4.S1B for sixty days;
posted rates, 4.S21a@4.s5; commercial bills,
$4.S01a; silver certificates, Gle; bar silver,
Coo; Mexican dollars, 46calc.
Government bonds firm.
State bonds strong.
Railroad bonds strong.
New York, October 6.-Evening Posts
London financial cablegram:
The stock markets here were quiet to-
day. They opened fiat on developments re-
garding Fashoda and closed generally at
about the lowest. Not the least important
factor is the financial situation in Germany
to which special reference was made IN
these dispatches on the 23d of September.
Berlin has been specializing in Industrial
shares in all parts of the world, in addi-
ton to American shares and there is some
danger of an overstrain. Bankers here are
beginning to throw out a certain class of
German bills drawn on German houses
with only foreign agencies here 1 learn
that large amounts were lent to Germany
for three months at AZ per cent. Today's
further rise of 1-16c per cent. in London dis
counts is due to this German position
A rise in the discount rate of the bank
of Germany is looked for by Monday next
but it is not certain. Americans were dull
closing at the lowest. Spanish fours' Por-
inquest securities and mines were all de-
pressed on Paris selling Grand Trunk
was lower on realizations; Consols were fiat
on Fashoda.
~, Ior;x,ata Wire to Paine Murphy & Co.