The herald., 1897-09-05
ON 'CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Sept. 4.-The market held
remarkably steady today considering the
fact that a Sunday and holiday are to
intervene between the resumption of trad
ing. and the realizing has been on a large
scale all the week. There was liquidation
in progress today. London also bought
quite freely in this market Of the interna-
tional shares, and buoyant tone was also
reported on London-American change.
Operators who have been recent dom
inant factor in the market did not share in
the dealings today, and no one stock was
pushed to a sensational point as a prop
to the market, as had been the case on
every other day this week. The advance in
Northern Pacific did, however, give evil
dence Of manipulation. The stock Jagged
in the general advance, owing to the poor
showing of other lines. The motive as
signed for today's advance was the benefit
to result to the road from the clause of the
tariff law levying a discriminating duty on
foreign goods brought into the country
through a contiguous country. The week
has witnessed the liquidation Of some very
heavy holdings of stocks to realize profits
on the rise, which commenced in the
grangers on Monday. 1t has progressed
steadily since then. and has kept the
price of recent favortes in the speculation
more or less depressed. The market has
been saved from large reaction in the
tanning force of individual stocks, the
prices of which have been rushed forward
In sensational manner. The successive
upward bounds of different stocks and the
continued liquidation which attended
them have made q sensational and ex-
tremely irregular market all the week.
The greater part of the advances have
been we'll maintained and the volume of
dealings have shown a constantly broad
ening demand, the sales of Friday ap-
preaching the maximum for the year. and
those today the maximum for a Saturday
That this tremendous speculation has alb
sorbed vast sum Of money is evident
from the clearing house statements and
still more evident from the hardening of
exchange rates during the week, the pur-
chase of securities abroad having appar-
emily offset the heavy foreign purchases
of our breadstuffs. The absorption of
funds has made no appreciable effect on the
rate for money, which still remain unpre-
cedentedly cheap. The fact that exchange
| remains above the gold import point is due
in part to the heavy purchases of securi-
ties by Americans in London. But while
| those large purchases are absorbed with
out any effect on the local market the
rates for money in London continue to
| harden in spite Of large sales of securi-
ties. The Bank of England up to last
week continued to contract its loans. and
there is a margin of profit in the London
money rates sufficient to induce drawers of
exchange to leave their funds at interest,
thus deferring the gold import movement.
The cheapness of money is one incentive
to rise in prices, especially in view Of the
recent placing Of large issues Of railroad
bonds for long periods at an interest rate
of 31a per cent, which bonds command
premium in the market. Prices of govern
ment bonds are at high records recently.
| The bond market has shown great activity
during the week, and prices are generally
higher. The total sales were $9,76S 400.