The daily morning journal and courier., 1898-12-03
EtnnmeraV.
- - - - --------------'--'- The Stock MarlrHf

New York, Dec. 2.-The stock market In New York refused to respond to the sanguine view manifested on the Lon. don exchange of the future value of American securities. Americans were the feature of that market and were marked up quite sharply before the opening here. The countermanding of orders for the engagement of gold for shipment to New York alleviatled ap- prehension in London over the money market outlook The rate for call money there fell to 21a per cent. and was easier also in Paris as a result of the extensive accommodation accorded the money market by the Bank of Eng land and the Bank of France. The ef- feet in the New York market of the higher prices abroad was only tempo- rary and the demand for standard stocks became semi-stagnant. In the dullness which supervened the move ment of prices for standard stocks was extremely irregular, the irregularity ex- tending so far as a contrary movement of different issues of the same com pany. Thus the preferred stock of the Chicago and Eastern Illinois, and St. Louis and San Francisco first preferred moved upwards while the>common of the former and the second preferred stock of the latter suffered heavy losses. The preferred stock of Union Pacific was also frmer relatively than the common stock. Generally speaking the Pacific stocks, Including Northern, Union, Central and Southern Pacific suffered from extensive profit taking sales. The grangerse were in the same category. The sluggishness and heav- mess of the railroad list caused a con- tinued diversion of speculative activi- ty into the industrial specialties. Sugar showed the greatest activity and it's de- cline in the late dealings after an early period of strength Was no small factor in the general heayiness towards the close of the day. The decline in this speciality was based on the lowering in prices of the product by leading com petitor, and on the opinion that the re- cent demand in the trade has been all together abnormal. Brooklyn Transit rose at one time above 70 to the high record price, and Metropolitan Street Railway was strong on the talk of an increase of dividend. The preferred stocks of the Rubber and Leather com panies enjoyed the benefit of favorable trade conditions. Federal Steel prefer red was suddenly marked up almost a point without an explanatory news de- yelopment, and other iron and steel stocks responded in sympathy. Linseed Oil rose 614 on the reported underwrit- ing by syndicate of the organization plan, but lost it all. General Electric was helped by the expected declaration of $1750 of the accumulated dividend of the preferred stock. Pacific Mail was strong feature on the increase in net earnings for October of $128,S07 due to the increased trade activity in the Pacific ocean. The anticipation of poor fourth week traffic returns for railroads on account of bad weather had its in- fiuence in causing the reaction. The days net changes are mixed.
 The bond market was active and prices were better sustained than in stocks.
 United States old As registered and the 2s advanced Is in bid price.
 {. NEW YORK STOCK M4RKET.