New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-17
WALL STREET QUIETS DOWN.
NATURAL REACTION FROM WEDNESDAY.

sTRINGENCY IN RATES FOR MONEY PARTLY RE-
LIEvED-NO FRICTION IN THE EXCHANGE.
The excitement in Wallst. had largely SUBJ
sided yesterday even before the opening Of busiS
ness at the Stock Exchange. The London market
had refused to follow the paniclsy decline in NcwS
\ ork and the publication Of the yearly states
mcnt OF the New York Central Railroad evidently
had had good effect, for that stock showed an
advance. Under thcsc influences the natural
reaction from the excitement and activity Of the
previous day reflected in an irregular and
comparatively dull market. The opening waa
strong at general advances Of large fractions. and
Reading opened and New-Yorlk Central and
Canada Southern each 1-2 per cent higher. Th4
advance in the Bank of England rate Of discounts
from 4 to 8 per cent somewhat disturbed COM
idcnce because. it argued, the rise would
check the shipments OF gold TO this country>
This influence partly Offset however by tho
announcement by the Treasury Department thao
the payment Of January interest on Governments
bonds would be anticipated without rebate.
The continued stringency in the rates fo1
money was also a disturbing power. and until
afternoon prices declined with occasional inter-
ruptions. The losses were moderate compared
with the rapid declines Of Wednesday and rarely
exceeded per cent a rally was started in the
middle of the afternoon dealings, and with
more cheerful feeling it was maintained practically
to the close. Active stocks showed final adNa
of l to 2 per cent. Ncw,YorlS end Ncw-Eng,and.
which suffered the largest loss on Wednesday,
closed 3-4 per cent higher, and some OF tho
Vanderbilt shares gained from TO nearly 3 pen
cent. There were no exceptions to the general
movement, although st. Paul closed unchanged
after rally of per cent from the lowest point
Tic total transactions we've not much more thar
q half of the enormous business on the preceding
day, but they made IN ordinarily active market.
The highest rate for call loans at tie Stock Exs
change was premium of IA per cent day above
legal interest, but the striDgcncy was partly re-
lieved in the afternoon and the closing rate was
simple interest. A considerable amount oa
money has been attracted to the market by tho
high rates that have prevailed recently not only
from various Ionts in this country but also from
was received by the French steamship which ar
Europe About million and quarter in spccid
rived yesterday, and it is estimated that about
four millions more are on their way. The action
of the Treasury will release few millions III tho
way Of interest which ultimately will reach Wall
Street for investment The banks nou
charging their customers over the legal rate on
interest yesterday, but their resources were some
| what limited.
| great deal was said in praise OF the Stoce
| EXCHANGE. which had done the largest business
| in its history with no increase IN the frlctloni
| of the machinery. II was frequently recalled THAI
there were rather fewer blunders on Wednesday
| than usual and even the "tclcis, which are
apt to 20 astrdy small provOcatlon' recorded
lie sales with unusual precision. Tie clerks IN
| the brokers' offices had rather dlsslpated LOOK
Yesterday morning They have been overworked
| for some time but Wednesday nisbt they were
Obliged to keep extremely late hours. In few!
offices the days work completed at so lats
in hour that some of the clerks "bunked down
| there rather than TO seek their homes. The ncar
approach of the Christmas holidays was spur
| TO them but the annual presents will have been
| faithfully earned.
| Many incidents of the "panic' were related.
| One broker said ave called loan OF SlI90Oo
| nom one of our neghbors, who finally asked us
| TO withdraw tie notice, as he could not obtain
| the money. We compromised on 100000, ana
we hurried to the board to loan again Imagine
| our feelings when we discovered afierward thao
| we had loaned it to the same man..
| An impeclnious put-and-call broker remarSeds
| when he was told that money was 100 per cent y
That is nothing money is always 100 per cent
| with me the year round"
| A millionaire broker, who luckily was on thd
right side OF the market, concealed his satsfac@
| tion by SAYING Il had intended to go 10
| Callamores for some Christmas presents but yes<
terday l concluded to try Macy's.