The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-10-09

q, New YORK, october 8.-The stock market
To-Day continued in the hands of the pro-
iess1onal trading element. Transactions
We're OF small volume and widely distrib-
uled Such as they were, they reflected a
uecldedly unsettled and heSftating frame of
m nd on the part of the traders The OPEN
ing tendency was downwards, affected by
break or point in Brooklyn Transit and
continued pressure on Nortehrn Pacific.
The foreign markets were unsettled by
the pol teal outlook in France, tight money
IN Berlin and the public agitation in Spain
Tor the payment of interest on government
ponds n pesetas instead of francs. This
had some influence on the opening here ais
though Americans had been supported in
London on orders from New York. Strength
In Tobacco, which gained 21a cents, supple
mented by support in Brooklyn Transit,
Peoples Gas and Manhattan and covering
OF shorts in Sugar, checked the decline.
There was rally also in Northern Pacific,
which drove the shorts to cover and which,
accompanied by a rumor that conflicting
views of the interests dominant N the
party had been adjusted. The professional
traders then took the long side of the mar
ket for turn and there was a general COW
bank statement added to the bullish feel
ing. as it was fully as favorable as had
been expected. Although the reserve re-
qurement had been raised by 50 1863 $50 by
reason Of the larger deposits, the increase
of $5,5S61 100 in cash left the surplus reserve
$3,416,45O higher. The expasion of loans,
though less than m lion dollars, indi
Gates the turn in the tide of money mar
ket, and IS the first increase in that item
since September 2.
The loss contraction from that date up
to Saturdays return was $50, SOL 100 even for
last week it will be remembered the gain
in cash reserve was only accomplished by
q loan contraction of So, 5S2 5o2.
Expectations that the downward turn in
prices would come to an end this week in
the stock market were disappointed though
there were many indications of a return of
confidence in the underlying strength of
business conditions and the value of Sc
curities. Most of the embarrassments
which have been cited to explain the fail
ure of prices to rise have been removed.
Money was working steader to an easier
basis and the process of loan contraction
and consequent forced liquidation of secur-
tiles has come to an end. The government
has collected practically all of the SOU, O0O,-
900 bonds subscriptions and has commenced
its disbursement by the payment of obi
cations on account of the war Imports OF
gold to the amount of less than $20,0OO,00O
ceased, while the continued accumulation
of credits already is evident, being ieft
there at interest as reflected in the invest
ment in '.long sterling in the exchange.
! Apprehensions that the hold ng back of
winter wheat for higher prices would re-
suit in decreased earnings for the railroads,
as compared with last years high level,
have been dissipated by the large earnings
shown in the traffic statements of st. Paul,
Northern Pacific and other important grain
carrying roads, showing the large growth
in general business in spite of the decreas-
ed grain movement. The large and persist
ent foreign demand for breadstuffs and the
advancing prices, with the markets free
from large speculative manipulation, give
increas sing ground for confidence in prof
liable disposition of the countrys crops.
But in spite OF the numerous favorable fac
tors in the situation. prices of stocks have
failed TO advance materially. One reason
has been the unsettlng influence of the
violent fluctuations and feverish activity
in the great industrial specialties.
Tobacco suffered from the completion of
speculative liquidation, decreas ng to lib,
with a subsequent rally of over 10 points.
Sugar has been affected by the opening of
the war in the trade. and violent breaks
in other industrals and as violent advances
at all points, notably Metropolitan Street
Railway and Brooklyn Transit The most
important influence in checking the adj
vance in the market was the weakening In
Northern Pacific common, which was Of
fered in enormous volume and in spite of
large absorption sold off TO 1915. The ru-
mors of differences between the two largest
interests in the property, If true, would
involve such grave consequences in the
whole railroad world, and. especially among
trans-continental railroads, that the weak
ness of the stock had strong sympathetic
influence on the whole list. The large
amount of holdings in the property by
German capital points to the probability
that the money str'ngency in Berlin had
something to do with the liquidation.
The bond market has shown Improvement
during the week, especially among the
speculative bonds, Wisconsin Central firsts
advancing an extreme six points.
United States old As registered have ad-
yanced e. the Us u. the IS n and the new
rs coupon "A per cent. in the bid price.
J2v Private Wire to Paine, Murphy & Co.