The age-herald., 1898-11-06
Tn Wall street.

New York, November 5.-The market was dull and sluggish throughout: the session, but with an undeniably firm undertone, closing at best prices with no disposition to take profits after the two days rise, such as might commonly be anticipated at the end of week given over largely to pro- fessional trading. The market in fact, re- sisted an attempt to reduce prices after the appearance of the bank statement, the at tack centering on local securities. Third Avenue, Metropolitan, Consolidated Gas all showed the effect of the bear attempt, as did also Peoples Gas, but the market gen. erally continued upward to the close. No effect was produced by the action of the Spanish peace commissioners regarding ahe American proposition for the disposi- Sion of the Philippines. The speculative mind was almost prepared for rupture of negotiations. The reaSSuring words ut tered last night by the British prime min ister and the semi-official statement from Paris served to clear up apprehension of foreign complications. The various weekly trade reports were, on the whole, encour- aging as to the business outlook and there were strong statements of large earnings from the Oregon Short Line, Oregon Navi- gation, St. Louis and San Francisco, Flint and Pere Marquette, Louisville and Nash vile and other roads. The demand for
 
 tributed. There were very heavy indi-rid- ual blocks of the Baltimore and Ohio 3las, when issued, the Atchison and Union Pa citic fours.s The bank statement showed rather unexpectedly large decrease in cash and credits have been extended $11 ,625, 300 in the face of a decline of over $5, 900 900 in cash reserves is convincing evidence of the confidence felt in the money market out look Since October s, loans have been ex- banded $42 900, while cash has increased only S14,S49.6O0. As a consequence the sur plus reserve is but $279, 450 higher than it was month ago. A large proportion of the loans expansion, of course, represent money lent abroad.
 The recovery in stocks during the latter part of the week indicates that the selling early in the week did not extend far out side professional limits and for short ae- count. A dull and waiting market is al- most sure to invite this class of profession al operations.
 One factor during the week was the threatening aspect of European politics.. particularly the report on Wednesday in dicating the possibility that France and Russia were in cooperation to press upon. Great Britain a solution of sundry vexed problems. of international relations which would threaten an immediate embodiment of all the powers. The apprehension on this score was somewhat relieved by late news that the Fashoda difficulty had been settled by the withdrawal of Major Mar chand. It also appeared that the sharp decline in consols which was partly due to the process known as s.borrowing from the market" by the Bank of England which in reality consists of sales of consols from the banks reserve of government securi-' ties. The bank is resorting to this device to keep the private discount rate up to it's own rate, with a view to shifting the pos- sible demand for gold upon continental centers. The money stringency in Berlin and London is in fact continued factor in the outlook for the worlds financial markets. Of domestic affairs, there were several factors melting to caution and cnservatism. notwithstan nding the unfa- yorabe outlook. The unsatisfactory cond- tion of the boot and shoe, leather, cotton and woolen trade are among these, though the weeks business in wool at Boston shows an encouraging recovery