The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1898-11-23
FINANCE AND TRADE
Bulk of Days Business Below the
Best Prices,
A Large Amount of Orders in Commls-
sion Houses from the Country.

New York, NOV. 22.--Priees We're
sharply advanced at the opening TINS
morning, and for number Of stocks
closed near the best. But the market
in the meantime went through a period
of depression, and the bulk of the days
business was down below the best
prices, and in some very prominent
stocks below last nights closing prices.
The opening advance was emphasized
by the discovery of the spurious char
acter of yesterdays report of the
breaking off of the peace negotiations
between the United States and Spain.
The bears, who sold short yesterday
fastened to cover this morning, and
there was besides a large amount OF
orders in commission houses from the
country at large. Rock Island, Atchi-
son preferred, Baltimore and ONO,
Denver and Rio Grande preferred, and
Norfolk and Western preferred We're
up about a point and Federal Steel
preferred, Manhattan, Tobacco and
Peoples Gas rose from 1 to ga This
sharp advance in prices invited realiz-
ing on a very large scale, and there
was in addition renewed heaYinesS III
the northwestern railroad properties
on revived reports of bitter
war in prospect between North
ern Pacific and Oregon Navigation and
its extensive allied interests. There
was slackening up also in the adj
vance in the grangers, probably on ac-
ojnt VI ne prevailing storm in the
west. Very marked weakness developed
in the Federal Steel stocks the pre-
ferred dropping off IL per cent, The
reputed ground for this weakness is
the alleged unWillingness on the part
Of some financial institutions to accept
these newly fioated securities as collat-
eral.
There was a very marked falling off
in the last conspicuous movement in
Atchison securities after the heaViness
in the general market developed in a
marked degree. These several points
Of weakness appealed for support to
some of the most powerful interests at
this financial centre, and the support
was forthcoming in quite a vigorous
manner towards the close of the day
The rise in Northern Pacific was at
tributed to the large banking interest
which exercises the dominant control
in the property. 1t was regarded as
significant that the stocks of other
companies in which the same interest
has been dominant in reorganization or
formation were advanced simultane-
ously with Northern Pacific. Such
stocks were Southern preferred, which
rose an extreme IA, the Reading
stocks, the Erie stocks and Federal
Steel stocks 1t was the inside support
and manipulation in this group Of Sc
curities and in Federal Steel which
rallied the market. Incidentally, there
was a recovery of ? IL points in Della
ware and Hudson and of nearly 6
| points in Chicago and Alton
| New York bank clearings ran up to-
day to over $220,000O0O. This activity in
the local money market the slight dis
| parity in rates between here and Lon
| don, although the London rate hard
ened today and the failure of the pri-
/ vate discount rate in Berlin to fully re-
| spond to the advance in the bank rate
| there led to an easier tone in the eX-
change market today. Actual rates
for sterling were shaded and posted
rates were reduced IL cent,