The herald., 1895-12-25
THE MARKETS BY TELEGRAPH
Money, Stock, Bond and Produce
Quotations
WALL STREET SPECULATION
The Market Rallies Somewhat From
Late Panicky Conditions
Good ResuIts Follow the Action Of the Clearing
House committee-Light Selling
for London Account
VAIL STREET SPECULATION

NEW YORK, Dec. 24.-Today's stock mar
ket was somewhat below the total of yes
terday, but business was we'll distributed
and the tone was buoyant. London was
much less factor than on Monday, but
there was comparatively light selling for
that account. Important buying for Lon
don is not looked for in the immediate
future, as the short interest at the center
has been practically eliminated and in
vestors are directed from this market by
mis2ivings as to our currency outlook. The
features of today's local trading we're the
purchases by large houses with Washing
ton connections, due to the expectation OF
the issue OF government bonds on a basis
satisfactory to the treasury department
and the gratifying results of timely action
OF the clearing house committee in pre-
venting distressing rates for money. Al
though call loans were made at 8 per
cent, the bulk of the business was done
at six per cent, and transactions we're
made on good stock exchange collateral
at five per cent. The market proved supe-
rior to sharp rise in the sterling exchange
market, partly owing to the great dispar-
ity be tween the amount of actual engage
ments of gold for shipment and previous
extraordinary estimates 1t was attempt
ed to be explained that the exports should
have been much larger but for the difficulty
experienced by would-be shippers of the
yellow metal in securing legal tenderg.
This feeling prevailed to q very moderate
extent. As matter of fact, foreign bank
ers are disinclined to sell exchange to a
large amount where the gold is required to
be shipped three or four ,ys ahead,
because in the event of the clearing
house loan certificates being used, the
banks where they deposit their cheks
would receive further credit loan certificates
instead of legal tender notes. The loan
certificates could not be paid over to the
foreign bankers and the bankers would
not pay in legal tenders out of their own
stock. as their reserve would soon be ex-
hausted. The market opened fairly active
and firm and soon became generally
strong, advances being extended i'll some
instances to 3 per cent. About l o'clock
reactions occurred on the sharp advances
in actual and posted rates of exchange.
purchases by the shorts turning the scale.
The upward tendency was thereafter
maintained as a rule, the highest figures of
the day being reached between / and 2
o'clock.
The appreciation at the extreme point,
as compared with last nights closing
prices, are: Sugar, 81; Denver and Rio
Grande, 32s; Northwestern, 25s. The best
figures of the day record gains on the ex-
treme panic prices Of: Lead preferred, IL;
Pullman, IL; Sugar and Distilling, tx;
Canada Southern, IN. Around delivery
hour there was a disposition on the part of
the traders to take profits on the advance,
and a sharp slump resulted. The pressure
was soon over and the upward tendency was
resumed, the marke closing stronger. The
appearance OF heavy purchasing for in
vestmsnt caused a sharp advance in rail-
way and miscellaneous bond market
throughout The day. The transactions
footed up 1916, 200. Among the more
important net gains are: Northwest de-
benture fives of 1921, 3 per cent; Oregon
Short Line consul trust receipts, 2N, do
skies, IN; do trust receipts; az Atchison
adjustment tours, 2ls; do tours trust re-
ceipts. Rio Grand Western hrsts, az per
cent each. Government bonds broke
sharply on the anticipated new issue of
bonds. The new tours receded ~ and
the old tours per cent.