The herald., 1897-12-19
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Dec. 1S.-The rise of prices
was practically uninterrupted during the
short session of the stock exchange today.
Some very sharp net gains are the result,
exceeding per cent in some of the special
ties. over u point in large numbers of lead
ing active stocks and sharp fraction all
through the list. The rise was almost
wholly the result of professional buying,
outside interest in the market being at
standstill. Bull operators extended their
lines aggresSively and the bears covered
heavily Prices of Americans were high
er In London, that center having become
quite persistently bullish in the outlook
for values in this country on a long turn.
This melted an advance in the internation-
al stocks from the opening. The special
ties were next to show strength, Manhat
tan becoming bIoyant on the belief that
conditions imposed upon the underground
rapid transit project by the Gas stocks en-
joyed the benefit of a rumor that the DIFF
ferences had been adjusted between the
interests seeking an amalgamation of the
gas, companies. Sugar was also quite
buoyant on covering of shorts. Eut the
incident that determined the tone Of the
general speculation and awakened a gen.
eral buying movement all through the list
was the report from London, afterwards
shown to be erroneous that over half a
million dollars in gold had been Withdrawn
from the EAnlS OF England for shipment
to the United States taken in connection
with the casing of the call loan rate yestcr-
day and the quantity of funds offering at
that rate this report had the effect of dissi-
pating some of the fears of traders in Sc
curities. The weekly bank statement with
the large decrease shown in surplus re-
serve gave only momentary pause to the
upward movement which was then re-
newed and continued with a buoyant tone
to the close Of the market.
Much stress has been laid upon the gov
ernment's announcement that 1t would
begin the redemption of the currency sixes
which mature on Jan. l. on Dec. "a as prom
isdng Offset to the Withdrawals from the
money market on account of the Union
Pacific paymenta
1t is, however, pointed out that con-
siderable portion of these currency skies
are now in the treasury as basis for cir
culation and as security for government
deposits in banks.
1t is not likely that these would be Of
Tered for redemption before maturity, and
II they were. they would not relieve the
situation. There has been. in addition, an
outflow of currency from New York to the
south In the last three weeks which Is I'M
usual at this time Of the year and which
promises to accentuate the temporary
scarcity of money here.
FOrelgn bankers express some Skeptic-
ism regarding the gold engn cement in view
of the prices Of exchange still ruling The
governments trade statement for Novem-
Der issued this week shows this balance in
creased still further in our favor by over
S6A01aG0, which makes the balance in our
favor from the beginning of the fiscal year
to Dec. /, $239.456. Gao The ruling price of
exchanges is known to be highly artifi-
cial, due to the leaving in England and
Germany at interest of millions Of dollars
due on balances to this country Under
the influence of. the higher rate for money
exchange rates have declined during the
week and there has been cessation of the
investment demand for long sterling. That
there are great sums of money in Europe
available in case of need in this country
constitutes one of the strongest factors in
the money situation.
Bonds went up and then went down. like
stocks, but still show net gains re-
naming in most issues. Total sales
Si5,5GaD0o United States 4s, have de-
clined n bid, the new is coup u and do
registered IS during the week, while the
old IS coup have advanced 4 and regis
tered % during the week.