The age-herald., 1898-11-23
sugar
In Wall Street.

New York, November 22.-Prices were sharply advanced at the opening today, and a number of stocks closed near the best. But the market went through a period of depression, and the bulk of the days bus- ness was done below the best prices and in some very prominent stocks below last nights closing prices. The opening advance was emphasized by the discovery of the spurious character of yesterdays report of Senor Montero Rios refusal to proceed with the peace negotiations at Paris. The bears who sold short yesterday hastened to cover this morning, and there were be-. sides large amount of orders in commits sion houses from the country at large. Rock Island, Atchison preferred, Baltimore and Ohio, Denver and Rio Grande pre- ferred and Norfolk and Western preferred were up about point, and Federal Steel preferred Manhattan, Tobacco and Peo- ples Gas rose from l to IA. This sharp advance in prices invited realizing on a very large scale and there was in addition renewed heaviness in the Northwestern railroad properties on revived reports of an embittered war in prospect between North ern Pacific and Oregon Navigation and it's extensive allied interests There was a stacking up also in the advance in the Grahgers, probably due to the prevailing storm in the west. Very marked weakness developed in the Federal Steel stocks, the preferred stock dropping off 21s per cent The reputed ground for this weakness is the alleged unwillingness on the part of some financial institutions to accept these newly-hoated securities as collateral. There was very marked falling off in the late conspicuous movement in Atchison secur- ties after the heaviness in the general mar ket developed in marked degree. These points of weakness anDaoiad fnr +o some of the most powerful interests in the financial center, and the support was forth- coming in quite vigorous manner towards the close of the day. The rise in Northern Pacific was attributed to the large banking interest which centers the dominating con trol in the property. It was regarded as significant that the stocks of other compa- nies in the west which have been domi- ; nant in reorganization or formation were advanced simultaneously with Northern Pacific. Such stocks were Southern pre- ferred, which rose to the extreme of 2A per cent; the Reading stocks, the Erie stocks - and Federal Steel stocks. It was the in- side support in this group and in Federal Steel which rallied the market. Incidental 1y there was a recovery of 21h points in Delaware and Hudson and of nearly 6 points in Chicago and Alton. New York bank clearances ran up today to over $22O = 900. This activity in the local money mar ket, the slight disparity in rates between here and London-although the London rate hardened today-and the failure of the dis count rate in Berlin to fully respond to the advance in the bank rate there, led to an easier tone in the exchange market today. Actual rates for sterling exchange were shaded, and posted rates were reduced F cent.
 The bond market also showed decided ac- tivity today and prices yielded at several points, while advancing in others.
 Total sales were $4.520,000 II. s. 2s and the 5's regular advanced E per cent. while the 3's and As regular registered declined 1sd in the bid price.
 Money call was steady at 2621b per cent, last loan at 2h. Prime mercantile pa- per, 31a@41a per cent. Sterling exchange was steady, with actual business in bank CTS bills at 4.S5h @4.S51a for demand and at 4.S2A for sixty days. Posted rates 4.S21a6D 4.s6k. Commercial bills, 4.S1 Silver certif- cates, 601S@61Kc bar silver 60%c; Mexican dollars, 471sc.
 Government bonds were irregular.
 State bonds were firm
 Railroad bonds were irregular.