The times., 1899-11-16

NEW YORK. Nov. 15.-To judge from
the course Of prices in todays stock mar
ket. speculative sentiment, as regarded the
general situation, was much mudd.ed. TIE
Fundamental features of the situation wese
not essentially altered from yesterdays
conditions. Money on call ruled al the ar
erage rates that prevailed then and the
supply was inadequate. Sterling exchange
also presented yesterdays main fea u es,
without any essential alterations.
The South African situation was not
an important influence in this market, and,
notwithstanding the absence Of definite
news and the presence Of alarm-st ru-
mors, the London market was practically
unaffected by that matter. Foreign houses
traded rather heavily in this market, but
cn balance the transactions on this ae-
count were unimportant. AS bearing upon
the foreign exchange situation, ii may be
noted that tOdays monthly statement Of
the country's foreign trade, issued by the
Treasury Department, shows that while
our imports OF foreign merchandise in
creased SO, 600 GEO, our exports for the
same period increased ou!y SS0UO, Geo.
Hence the excess Of imports for the month
1898, while the excess Of exports for the
ten months OF the calendar year shows
falling OF Of nearly Ss0.G000 90, as COM
pared with the same period Of 1888 The
specie movement is excluded from these
figures. The general situation in short,
comprised very little that was new to give
any particular trend TO speculative senu-
ment
There we're. nevertheless, a number of
oF 0f
the days trading. New York Central was
q c0uspicuously strong feature Of the mar
ket and as is ordinarily the case, its
course was not without effect upon the
general list The advance in the stock
was generally based on The removal OF the
obstacles in the way Of the lease OF the
Boston and Albany road and perhaps the
statement Of the Lake Shore Company for
the quarter ending September 80 may
have induced some buying Of New York
Central The Lake Shore Company re-
ported an increase IN surplus earnings. af-
ter fixed charges, which is equal 10 over
Is per cent and the. prosperity of this
road indicates that the New York Central
may soon reap material advantages from
its large holdings Of Lake Shore stock.
Southern Pacific was again very actively
dealt IN, but the movements Of the stock
were more limited and uncertain than III
have been for some time. Probably the
absence OF anything definite 10 account for
its recent particular strength and actiyI-
~ may have induced some profit realizing
sales but il was noteworthy that foreign
houses continued large buyers Of this
stock.
Further activity in Consolidated Gas at
advancing prices revived the Tumors cur
rent yesterday that progress was making
toward the settlement Of the trade war, and
chs ff-cr Fz he
ket the securities Of the New Amsterdam
Gas Company broke violently. The steady
6eSline in the last-named has not unnat-
urally resulted in ideas which have been
expressed IN rumors that the developments
OF the next six weeks might Of themselves
bring this foolish trade contest TO a con-
clusion. Manhattan Railway was virtually
unaffected by the advertised invitation Of
the Rapid Transit Company TO contractors
10 come forward and bid for the consGuc-
tion OF the tunnel railroad. II viii doubt
less take up a great deal Of the time CT
bidders for this work 20 figure upon their
position in the event OF the contract for
the enterprise being awarded 10 them The
industrial quarter IL the market was steady.
although inactive along with the general
market.
Yesterdays testimony before the Indus
trial Commission at Washington, furnished
by the chairman OF the board Of directors
OF the American Steel and Wire Company,
might have been expected 10 have caused
some trepidati0n on the part OF holders Of
these stocks, but, On the other hand, the
conditions set forth doubtless account for
the level at which most Of the common
stocks CT the STEEL manufacturing com
paEies are selling. i would seem 10 imply
an astonishing want of business foresight
for these companies 10 be delivering their
finished produce al prices SO q ton lower
than they have to pay for the raw material.
At the same time, this shortsightsdness
seems 10 have been common IN the man
agemsnt Of both the iron producing and
manufacturing companies, as has appeared
notably in the instance OF The Tennessee
Coal and Iron Company, which has only
recently ceased delivering iron under con-
tracts made a year ago at prices one-third
Cf those nov prevailing