The herald., 1897-12-05
ON CHANGE
What Was Done Yesterday on Wall
Street

What Was Done Yesterday on Wall
Street
| NEW YORK, Dec. 4-Today's stock ex-
change was left almost entirely to the room
traders, and they seemed disposed to de-
press prices during the early part OF the
session by short sales. Their efforts met
with but little response, and they covered
before the close. bringing prices in most
cases slightly above yesterdays close. The
movement of prices was, however, trivial
throughout the day. except in few spe-
cial cases. Manhattan reflected the anx-
iety OF those who had bought yesterday
under the mistaken impression that the
underground rapid transit plan had been
declared unconstitutional. Heavy offerings
at the opening sold the stock down point.
the lowest of the day The close was near
the low point after full recovery in the
meantime. All sorts of rumors were afioat
Regarding the Stock and the dealings in l.
were at times quite fevcrish. Sugar was
traded In for the most part at level below
yesterdays close. the supply of stocks be-
ing apparently large on any advance Great
Western showed a degree of strength on
account Of its large percentage of increase
of earnings for the fourth week in Novem-
Der. Susquehanna and Western continued
to rise in price and Delaware and Hudson
of the coal group sympathiZed. but New
| cci Scy SCull I'll anu INtdulIlS slOCkS, OIl lIt
other hand, were heavy. The days news
was favorable statements Of the fourth
weeks earnings that were published show
Ing large earnings and handsome increases
The increase in cash was not sufficient to
cover the increased requirements Of the
legal reserve caused by the heavy increase
in deposits, and the consequence is still
further declines in the surplus reserve
There has been nothing In the requirements
| or the money market during he week n
account for the expansion of 49, 476. 500 in
the loans, and 1t Is probably due to borrow
ing on exchange. This Is part OF some
what complicated operation. the simple re-
suit of which is to leave at interest abroad
money which has accumulated there on
credit. instead of drawing on it by ex-
change bills. 1t is estimated that over
$40, 600 of foreign exchange has been al
lowed to accumulate in this city during the
week, and the fact that prices of exchange
have not materially lowered shows that it
Is withheld and the money loaned abroad.
| There Is a continuance also of investment
buying of long exchange in anticipation of
the usual return movement of trade after
the first of the year. Though imports of
general merchandise at this port for the
week show a sharp falling off. the receipts
at the custom house indicate a growth of
the import movement during November
which buyers of long exchange expect will
increase still further as the stocks are
worked off which were imported in antici-
patton of the tariff law. Unless the import
movement of general merchandise shall be-
come very heavy in the next few months
long exchange must prove a poor invest
ment- In view OF the enormous outgo of
merchandise of the last few months. Lon
don advices during the week have reported
very heavy American demand in that
market for high-grade American railroad
/ hon. H..
the New York market, with very limited
supply. which, was largely furnished for
foreign account. as well as in London.
This would Indicate 9. further heavy trans
fer to this side 81 he water Of the highest
priced railroad securities in sufficient vol
ume to have quiet and appreciable effect on
the exchange balance. The activity of the
bond market has been feature of the stock
exchange here all week. and the total deal
ings in bonds on Thursday were of a par
value of nearly $4,700000. The activity of
the stock market has been spasmodic The
week opened with evidences Of an awak-
ened outside interest in the market, due to
! the sharp advances of Friday and Satur-
! day previous. But the buyers of that period
took occasion to realize on Monday and
turned prices backward again. Tuesday
and Wednesday the bulls loaded up again
and prices slowly hardened. Thursday
opened with great animation and rising
prices. but while the animation continued
the rise soon came to a STOP and soon
prices were falling quickly and sharply
This second realizing movement by the
powerful operators whose resources en-
abled them to manipulate prices threw
the market into a decline from which 1t
showed no sign of recovery either Friday
or today. The reactions have not, how
ever, wiped out all the gains, and the week
! showed net gains Of between l and points
| in many leading shares and exceeding 2
points in some. The rise of Tuesday and
Wednesday was due primarily to the ag-
gressive and confident buying of influential
combined interests. But the factors which
induced a large following were the favor
able railroad statements in general of gross
earnings for the fourth week of November
The free offerings of stocks on the advance
shows the disposition to await the shaping
of policies by congress before buying secu-
rites to hold.
| The bond market has shown less hesi-
| fancy than stocks and prices have stead
| lily advanced. though periods of lessened
lactivity have accompanied the declines in
prices of stocks. The small supply of high
grade bonds has been equal to the demand.
Total sales, $15,5O0, 900.
| United States bonds were strong. The
new as were n higher bid; the 2s 21a higher
bid and the old As registered and the 5s
Registered are Y higher bd. the former ex
Interest