The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-12-03

New York, December 2.-The stock mar,
ket in New York refused to respond to the
sanguine view manifested on the London
Exchange as to the future value of Amer
lean securities Americans were the feat
ures OF that market, and were marked up
quite sharply before the opening hour The
countermanding of orders for engagement
of gold for shipment to New York allevi-.
ated apprehension in London over the mon
ey market outlook. The rate for call mon
ey there fell to 21s per cent, and was cas-
Ter also in Paris as a result of the extern
sive accommodation accorded the money
market by the Bank of England and the
Bank of France. The effect in New York
of higher prices abroad was only tempo
rary, and the demand for standard stocks
became semi-stagnant. In the dullness
which supervened then, the movement of
prices was extremely irregular, the irreg
ularity extending so far as a contrary
movement of different issues of the same
company. Thus the preferred stock of Chi
cago, Eastern Illinois and st. Louis and
Frisco first preferred moved upwards,
while the common stock of the former and
the second preferred stock of the latter
suffered heavy losses The preferred stock
of Union Pacific was also firmer, relatively,
than the common stock. Generally speak
ing, the Pacific stocks including Northern,
Union, Central and Southern Pacific suf
fered from extensive profit-taking sales.
The Changers were in the same category.
The sluggishnesS and heaviness of the
railroad | st caused a continued adversion
of speculative activity into the Industrial
specaltes. Sugar showed the greatest ac-
tivity, and it's decline in the late dealings
after an early period of strength, no
small factor in the general heaviness to-
wards the close of the day. The decline in
this speciality was based on the lowering in
price of the product by leading COMPETE
tor, and on the opinion that the recent de-
mand in the trade has been altogether alb
normal Brooklyn Transit rose at one time
above 70 to the high record price, and Met
ropelitan Street Railway was strong on the
talk of an increase of the dividend. The
preferred stocks of the Rubber and Leather
companies enjoyed the benefit of favorable
trade conditions Federal Steel preferred
was suddenly marked up almost a; point
without an explanatory development, and
other iron and steel stocks responded in
sympathy. Linseed Oil rose 6A on the re-
ported underwriting by a syndicate of the
reorganization plan, but lost 1t all. General
Electric was helped by the expected decla-
ration of 1850 of the accumulated dividend
of the preferred stock. Pacific Mail was a
strong feature on the increase in net earn
ings for October of ,S07 due to the In
creased trade activity in the Pacific ocean,
The anticipation of poor fourth week traf-
fic returns for railroads on account of bad
weather had its influence in causing the
reaction. The days net changes are mixed
The bond market was active. and prices
were better sustained than in stocks. Iron
Mountain SIS were a feature, with rise
above par to 101;s the Denver and Rio
Grande's As were added to the list of re-
organization As valued at par or above
Total sales 81 .955, 900. u. s. old As regular
and the rs advanced u per cent. in the
bid price; Union Pacific As, 1917.
Money on call was firmer at 2@3 per cent.
last loan at 8 per cent. Prime mercantile
paper, 3A@4A per cent. Sterling exchange
was steady, with actual business in bank
ers' bills at 4S41a64S4a4 for demand and at
4.S11bM4.S1% for sixty days. posted rates,
4.S214. $50; commercial bills. 4S01s. Silver
certificates, 6012m611ac; bar silver, $780,
Mexican dollars, 1880.
Government bonds were strong.
State bonds were steady.
Railroad bonds were strong.
Total sales of stock today were 525,267
shares, including the following: Cincinnati
and Ohio 1890; Louisville and Nashville,
II 1926; Mania ttan, 6775: Missouri Pacific,
IA. 500; Rock Island, 1905; Union Pacific, 49,
sos: Union Pacific preferred, 1881; st. Paul,
$40; Southeren Railway preferred, S,41s;
Cotton Oil, APO; Spirits, 1243O; Tobacco.
$50; Linseed OIL 13,775; Sugar, LBS; Ten
nessee Coal and Iron, 1920.
D., Dr;pafa Uyira IN paine Murnhv <, Co.