The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-12-24

S'iom, I'LL WiiitSs fOS'
Pearl Meal-7Sc.
Cream meal-S0c.
Hay-Choice timothy, $780, No. 1, $14; No.
2, S13; clover, mixed, 49,
Mixed Oats-36c; white, 39c.
Bran-Mixed, $14.00; pure wheat, $1,000.
Cotton Seed Meal-S16.00
n WI St~so-
New York, December 23-The stock mar
ket moved in an irregular fashion today,
but net changes were fractionally in favor
of the advocates of the long account a very
unusual thing on the eve of a Christmas
holiday. The activity and breadth of the
market were well sustained. London was
a buyer in the early dealings, but later
took profits on the rise here. The action
of the government in calling for the IS O00,0 600
of Union Pacific payments now in the de-
pository banks, which is to be paid in 10
per cent installments, failed to cause rip
pie in the Money market. The speculation
in federal steel issues was on a tremendous
volume of business and both common and
preferred rose sharply, but in the after
noon on free liquidation and the with
drawal of some of the usual support the
stocks broke, leading to a moderate reac-
ton in other shares There was good buy
ing, however, of federal steel on the dip
and this steadied the general list. Sugar,
leather tobacco and American steel and
wire showed considerable strength. Rumor
had it that there would be favorable de-
velopments announced in Brooklyn Rapid
Transit before Tuesday and the stock rose
points, but did not hold the extreme RISE
The closing was irregular.
The market this week continued in an al
most uninterrupted movement upward for
bonds, although there were daily periods
of depression and recovery. The movement
In a general way verified the street prov
erb, las go governments, so goes the mar
ket.''
The upward trend in the government
mortgages resulted in some record prices
and the general market for stocks and
bonds was likewise strong. Two other street
maXims were not born out by the course
of quotations.
London's early prices are usually an in
dex to the trend of the market locally,
and to copper London's Trade" has not
been regarded the part of wisdom. Then,
too. the public was content to enjoy the
Christmas holidays without realizing pa
per profits and the reaction before the
holidays" which according to precedent
failed to materialize. Conditions permitting,
the financial fabrics continue wonderfully
favorable to this nation. Bountful crops
sell abroad at remunerative and steadily
Improving prices, while the great iron and
coal industries are getting grip on the
worlds market The congestion of surplus
capital due to Americas enormous trade
balance explains the investment of some
$75 900 900 used in discounting foreign COM
mercial bills, which must be paid in gold
or in securities unless the United States
assumes the role of creditor nation and
gives ear to the reported propositions to
float foreign government loans here the
return flow of money from the south and
west is about due and the banks gained on
balance at the sub-treasury. To meet the
January dividend requirements money has
shown a slightly hardening tendency, and
last Wednesday a furry in call money re-
suited in it's being marked up to IL per
cent for a small loan, but enormous oHer-
ings quickly brought 1t back to IL. me
railway traffic reports continue gratifying
and gave substantial foundations for rise
in some directions and seemed to warrant
the introduction of many dormant securi-
ties to the speculative semi-investment
public Small reactions and irreguiarlty,
due to bear tactics, kept trading rather
healthy and free from the danger OF too
sudden imitation When 1t was found prices
would not go down manipulation ensued Tor
a rise. Toward the close of the week there
was disinciination to be short, but
over the three holidays and there
wore large covering purchases. Much IN
terest was manifest In the dividend oeeiar]-
lions of the week, but there was no cnange
except the increase to per cent. III lhe
Denver preferred disbursement. The over
sanguine predictions current as to the prob
able dividend declaration, met some
credence in particular cases owing to the
favorable reports OF earnings. Inc
Changers and the Pacific were IN Keen re-
quest at period and gained substantially. A
number of hitherto inactive stocks made
inward. prominent
among which were Baltimore and ONO,
Lake Erie and Western, Minneapolis and
St Louis, and Pittsburg, Cincinnati, chi
cago and st. Louis. Besides the much
mooted Alton deal, there were various ru-
mors of traffic alliances of many roads,
which served to keep undated the invest
ment demand. Talk of the prospective set
Element of the Central Pacihc's government
obligation and a subsequent reorganization
helped that stock, in view of the beneficial
results of similar rehabiltations OF railway
properties. The resignation of prominent
officer and director of the sugar company
brought forth much bear activity in that
stock which subsequently recovered its loss.
The prosperity of the iron and coal indus
tries was reflected in pronounced activity
in the securities of all kindred securities.
Powerful interests at times supported such
socks as Federal Steel, the common making
an extra gain of 111zc, while the preferred
touched S4K, rise of 5A points, but both
lost about points of their advance.
The weeks bond market was less active
than the preceding week and the dealings
were devoid of such a pronounced tone OF
strength.
Irregularity was very conspicuous In op-
erations, but the general undertone never
theless was very substantial, many issues
improving to the best price ever recorded
for them.
United States new 3s and the As ad-
yanced u; the old As coupon " and do reg--
istered n in the bid price.
Total sales stocks today, S734 400 shares, In
Guiding 17.l20 Atchison preferred; 15,11O
Louisville and Nashville; 49, goo Missouri Pa
cito; 1858 M, X. and T.. preferred; 14,12O
Rock Island; 22930 Union Pacific; 1880 st.
Paul; 1920 Tobacco; 14022O Steel; 53,S57 do
preferred; 63,450 Peoples Gas; 80, 280 Sugar;
22NB Tennessee Coal and Iron.
New York, December 22.-Money on call
steady at 2A04k per cent; last loan, az.
Prime mercantile paper, 1904 per cent.