The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-11-13
- W sli street.

Wal street.
New York, November 1.-THE process oil
digestion of railroad and corporate securi-
ties was continued on an enormous scale at
today's short session OF the stock exchange.
The public were in the market as buyers
again at the opening and very heavy or
ders placed with commission houses were
executed throughout an extended list. AT
the same time recent buyers who saw an
inviting and secure profit at the advanced
level of prices were sellers. The result
was very active and broad market, the
constant exchange OF securities going on In
the first hour resulting in rather unimport-
ant changes in prices except in few cases
,.--h the completion of the buying orders
the realizing offerings were in way to eN-
coed the demand in the second hour ana
prices showed a sagging tendency. But the
violent advance in Sugar to 123&., or almost
8 points net, caused a systematic harden
ing in prices, turned the traders to the bull
side and induced the shorts to cover hastily.
The result was a strong close. notwith-
standing the final slump of over points In
Sugar, the net gains reaching l point or
over in many cases. The important move
ment in the Atchison securities was con-
tinued and gave more tone to the whole
ments showed tendency to shift from the
preferred to comma nstoek, which advanced
is the day. The preferred stock and
the bonds continued in large demand, the
former closing at net advance OF IA.
Other properties in which the leader in this
movement is interested were also notably
strong including Peoples Gas, Rock Island
and Brooklyn Transit but the Federal Steel
stocks showed a halting tendency. The
strength of, Louisville and Nashville and
Southern preferred was due to the excel
lent traffic returns of the two roads for the
first week in November. The bank state
ment, which was unfavorable, was disre-
garded.
The business in bonds on the stock ex-
change during the week which was only
four full days and today's short day en-
ceeds all previous full week'e records, with
total sales oil par value approXImat1ng
$34. 100000 against the previous high record
of less than $25000,000. On Thursday the
sales of bonds exceeded in par value $lO,-
900 against the best previous days BUSH
ness of 1880, 900 and on Friday the days
business nearly approached Thursdays
record. In the total number of shares Of
stocks dealt in, the weeks record has been
many times exceeded, but in the number
of different issues in which 100 share lots
have been dealt in, the weeks record has
never been passed. thus, indicating the
breadth and uniform interest In the mar
ket. The orders through commission
houses for: the three days have been larger
than at any time SINCE August, rejecting
growing outside interest in the market.
Many of these orders have come from the
west and SOUTH where the strong business
conditions and the large earnings of the
railroads give confidence in values. Buying
for foreign account has also been a con-
spicuous feature of the weeks business on
the stock exchange, not only through the
usual interna tional arbitrage channels, but
by banking houses with foreign connec-
TINA class hlIViOQ of American SpclIri-
ties which. has not been noted for long
time. 1t is evident that the outburst OF
activity and strength on the stock
change has only been repressed for some
time past while awaiting the settlement of
election uncertainties.
The undertone of strength in the market
last week was due to quiet accumulation
of stock by large interests who appreciate
the underlying strength of the commercial,
industrial and financial situation. There
has been heavy selling for profits by opera
tors of this class ali week, but the public
demand has absorbed all these offerings
and kept prices moving upwards The un-
precedented volume of business in the
country, the continued growth of the for
eign trade, not only in food products, but
in manufactures, the assured markets and
the abundance and cheapness cause all
minor doubts to be swallowed up in con-
fidence that prices will rise.
For the effect of the outlawing of the
are relieved by the demonstrated made
quacy of these cumbersome and expensive
bodies to prevent rate cutting and the saw
ing that will accompany their abolition.
SUneasiness over the possibilities of imbroil-
ment with European powers notably Ger
many, in connection with the Philippines
settlement is allied by confidence that
Spain is bound to come to terms. 1t Is
nevertheless true that certain undertone
of apprehension Is felt over this question
and over the tension among foreign govern
ments over Central Africa and Chinese
questions and over the unsatisfactory con-
dition of some important domestic indus
tries. notably COAL cotton and wool and
woolens. There is the possibility recog- 1
nized that these factors may bring doubt
and apprehension to the surface again, and
especially in view of the prevailing high
prices of securities. The weeks unpre-
eedented business in bonds has resulted in
higher prices all around the lower and mid
die grade issues, showing the most pro-
nounced effects.
United States new four's coupon have
advanced r. do registered rs; the old
tours registered, Is, and the 3's coupon,
the fours coupon and the fives, Is in the
bid price.
stocks today 3s1 500 shares, including Atchi-
son, $500; Atchison. preferred. 1920;
Louisville and Nashville, 1850; Northern
Pacific, 1e.S77; Rock Island, 9,752: Union Pa
cifc preferred, 1881: st. Paul. 20 1850;
Southern, preferred. 9.729; Bay State Gas.
1890; Peoples Gas 1880; Sugar, sS04O.
By Private Wire to Paine. Murphy G. Co.
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