The herald., 1896-01-07
Money, Stock, Bond and Produce
Quotations
WALL STREET SPECULATION
The Market Dominated by the Ma tionaI
Bond Issue
All Lines Are Thoroughly Unsettled and the
Close Sees the Lowest Prices
of the Day

NV YORK, Jan. 6.-The stock market
was dominated today by variety of con-
illusions and conjectures over the action by
the administration in respect to a popular
loan. Wall street, almost to man, had
regarded an arrangement with Mr. Morgan
and his associates as foregone con-
clusion, and official intelligence from
Washington giving the loan to he syndi.
cate was considered to be merely a ques-
ton of day or two at the farthest. The
actual developments SO suddenly an
nounced, had decidedly unset ling effect,
and the unfavorable influence was lent
force by special considerations bearing
upon various stocks. The most discour-
aging deduction drawn by the financial
community from the popular loan plan,
regardless Ct its merits from any 9th er
point of view, is that the delay entailed
hereunder may cause acute disturbance
in the money market and temporarily ag-
gravate the prevailing unrest. Already
rumors of a distressing character have been
circulated. 1t is alleged that out of town
banks have been recently very slow in re-
hitting their balances to their New York
correspondents. Bank Examiner Kimball
authorized q representative of the Asso-
ciated Press to deny any and all
rumors respecting any New York institu-
tons. Two small uptown banks had
recently. on account of slow collections,
been afforded some assistance, without the
issue of clearing house loan certificates,
but the obligations had been substantially
made good. Rumors of probable "trouple''
among the brokerage houses here also
passed around after the close of business,
but no confirmation was obtained. Money
on call was firmer during the day but loans
at above the legal rate were exceptional.
It was stated that $l,50O,00O which had
been ordered for shipment recently but
withheld would be sent out on W ednes-
days steamer and the impression prevailed
that considerable amounts of gold would
now go forward. No eng .gements were re-
ported. Reports Of a conference of MEM
bers on the subject today could not be
traced to any responsible source. London
first cables came higher all around and re-
ported advances also in American stocks.
This impa ted more cheerful tone previ-
GUS to the opening of the local market, and
furthermore a number of reports of
railway traffic returns for December, ex-
hibitlng increases for the most part, also
contributed to the hopeful sentiment in
spired. The market opened firm and in
the initial dealings advances were scored
The temper suddenly changed, however,
and on free selling by leading professional
operators and their following and the un-
covering of a great many stop orders
prices receded steadily under the influence
noted preiacing this article. About noon a
temporary and partial rally occurred, but
the downward movement was soon re-
sumed and gained full force in the last
tb<.v IN, ha
tirely without support. The closing was
at the lowest point of the day and final
sales showed general losses. The railway
bond market displayed marked heaviness,
being influenced by the causes aztec ing
the share speculation. The speculative
and 4 per cent. The dealings aggregated
S2.22l ZOO.