The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-11-20

sArrnnAr. Nov. 1a

The market for securities heA been severely
tested this week. The sharp advance in prices
following the elections naturally Invited a good
deal OF realizing. and this was followed by com
raratively heavy sales by foreign dealers, chiefly
because ~ the extended speculative position
At Berlin. The public, however. has been a
buyer OF stocks on an extensive scale. and in
consequence foreign offerings aud domes-
tic speculative sales havo been we'll
taken. That the public IL In tho mar
ket IL shown by the fact that prices
respond promptly to Developments affecting
values. which Ia very often not the case whom
the speculation is so narrow that manipulation
is superior to actual developments.
The circumstance that have influenced the
selling OF stocks this week have been the re-
ports from abroad early in the week that tho
yeace negotiations between the United States
aud Spain might be broken of, the disclosureo OF
The differences between the Northern Pacific
and the Oregon Railroad and Navigation COM
panies, the abandonment Of efforts TO form a
nteel rail combination. and further evidence OF
the unsatisfactory condition Of the anthracite
coal industry as reflected in the prices OF
the shares OF the coal-carrying roads.
under tho lead OF Delaware and Hud-
son. Notwithstanding these untoward de-
velopments. the majority Of the list closes
higher than on last Saturday. The exception
ally strong features have been Atchison pre-
ferred, Chicago and Northwestern. Metro
politan Street Railway. Peoples Gas.
Missouri Pacific. Denver and Rio drnnde
preferred. Wabash preferred and Bal
timore and Ohio issues. The trading
has been unusually well distributed and many
Issues generally described as inactive have
made noteworthy contributions to the total
dealings. This is another proof OF the broad
ching tendency Of the market.
The transactions in bonds have also been I'M
usually large and prices have been we'll main
tanned. The investment demand for securities
has been stimulated by the extraordinary sue
cess OF two or three public offerings of bonds
during the week. The number OF issues of
stocks and bonds dealt in during the last six
days was the largest in the history OF the Stock
Exchange. The transactions in both, however.
have been exceeded. A logical deduction
from the market as a whole Is that the con-
fdence insured by tho results OF the re-
cent elections has not been impaired by the
various untoward influences enumerated
above. several OF which must be regarded as
temporary. The condition of the business
Of the country continues satisfactory and
money rules at low rates in the face
Of borrowings here for European
account. Berlin in particular has OBJ
tanned aud is still seeking extensive
accommodations here through the exchange
market. at rates well up to the legal limit.
The loans that Europe has made here on long
exchange are a guarantee against any I'M
pleasant activity in the money market, for
they can virtually be called. should an advance
in exchange make it profitable to realize upon
the bills that are being carried hero.
To-day's market was fairly active. and in the
main strong. At the opening there was a break
IN Federal Steel issues that unsettled the
entire speculation. At the decline the stocks
mentioned were we'll taken. a circumstance
that. together with aggressive buying OF
Chicago and Northwestern and the covering
of shorts. turned the course Of the market. The
weekly statement of averages of the Associated
Banks was generally regarded as favorable. In
that 1t showed an increase in lawful money OF
over 81. 100000. The increase in loans was
not as large as it has been for several weeks
past by nearly one-half. These two changes
we're reflected moro accurately than usual in
the deposits. and the net result was an increase
OF $1.655.000 in the surplus reserve. The
character OF the statement was to an extent
responsible for the Improvement in prices in
the late dealings. The closing was strong at
about the best figures.
As compared with the final prices OF last Sat
urday the majority Of stocks are higher. The
more important net advances are in Metropoli-
tan Street Railway. 81 2 cent; Atchison pre-
ferred. AZ: Baltimore and Ohio. n. 1. p. 4:
Northwest. 81; Denver and Rio Grande
preferred. 3; Peoples Gas. 2b; Pacific
Mail. *; Missouri Pacific. 1A: Wabash
preferred. *; Manhattan Railway and Texas
Pacific, / each: Burlington and Quincy. Y; New
York Central. q; American Sugar Refining.
Rock Island and Omaha. y q cent. each.
The noteworthy declines are in Federal Steel
preferred. 81 q cent. Delaware and Hudson.
36 Northern Pacific. 2f; United States Rubber.
2k; American Tobacco and Federal Steel. 1K
each: Northern Pacific preferred, IL: Union
Pacific preferred. X; Reading LIST preferred.
I;5Union Pacific, =, and Chesapeake and Ohio
y p cent.
New York Stock ExchanEo-saIes Nov. 10.
EMITTED sTATEs AND STATE BONDS TN 81. ooosl.
8 o 9 $50 o Ala. class A....lO91
s .1O~5H0lo5kll7 Tenn Set Ss.... o4K
CLOSING PRICES OF UNITED STATES BONDS.
Bid. Asked. Bid. Asked.
% st 7s.r. IN st 4S.c,
atpl org esk 1925 ....127 l274
Us5s.Ieoe- I'm st 5s. r.
1918. r.. - l05AI 19o+"...11lH ll2h
Usss.18os. I'm st 6s. o.