The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-11-28
In Wall Street.

New York, Nov. 27.-The stock market
awolSe from Its letllapgy today and did
, a very flvsly business in the second hour
of Saturdays short session. The volume
of dealings end general movement of
prices was greater than have been seen
for several weeks past The appearance
ON the beard room floor of one ctf the
principal operators during the summer
rise in prices and the distribution of
large orders from his account was prn-
cipally the cause for the rise. Tine mar
ket during thla week yielded to pressure
but showed gradual hardening of prices
in spite of dullness and the rise of prices
under amy confident leadership. Leather
was strong and helped in the rise.
Gains of about a point or over were reg
astared in the Changers shares, the Coal
ers and a number of trunk Ines The
southern lirlsS Jagged in a conspicuous
manner du.Ing tllf5 strong statement of
the Atchison Company for October show
ing am increase in net earrings of $685.
739. No small part of the strength in
the railway hist was due to the anticipa-
tion that 1.-The supreme court upon ress-
sembling ON Monday Immediately after
dts opening will hand down a decision i'm
the Nebraska maximum freight rate case
favorable to the nr1ailroads. This decis-
ION has long been hooked forward to to
give an upward impetus to prices. and
these have in fact been several times ad-
vancai on the assumption that 1T would
be favorable and have subsequently re-
acted. Sugar was strong and showed an
advance of rs ON reports that a decision
from the treasury departments would
soon BIS Forthcoming applying the coun-
tervah3-> duty clause to Dutch refined
sugars.
The bank statement was about what
was expeotHl. Although there WAS an
actual increase din cash reserve or lS3 $685.
700 the legal reserve was RAISED by more
than chat amount on account of the ire
memlous increase of SIG, IA, 100 In the de-
pos5ts. The surplus reserve, in conse-
quence, has falfsn off by $S47, 1926. The
excess of the increase in deposits over
that In loans reflects the movement of
money from the interior to this center.
The large proportions of the increases
I'm loans and deposits are, of course. ire
fieotions of the Union Pacific payment
ON Monday The condition of the MONEY
market present and prospective, has
been of greater interest than the stock
market. The Union Pacific rayment made
not the slightest impression on the money
market OF course, the fact that the
government left the whole amount on
deposit after it's payment obviated the
necessity of dts Withdrawal from the
market but 1.-THE fact remains that the
raising of am enormous amount of cash
has effected an enormous shifting of
loans and credits accomplished that
would inevitably have a stiffening rate
for money some'w what had the market
been In a plethoric condition. Even the
resumption of business activity i'm the
south. the removal of yellow fever quar-
anime. has failed to result in any nolta-
bic demand FOR money from These q ar
ters.
1t is worthy of special notice in that
connection that the imports of dry goods
and general MERCHANDISE for the week alt
New York show an increase of S2,573.475,
or nearly 46 per cent. over those of last
week, and they exceed those of the cor
responding period of last year by over
100000 If this indicates settled ten
dency of foreign trade 1t will not only
mark tbs beginning of "a settlement of the
heavy trade balance in our favor, which