The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-12-23
In w all Street.
RIORDAN & co.

New York, Dec. 22.-There was notnlnB
in today's stock market to refute the opin-
ion generally held in Wall street that
speculation in securities will continue dull
until after the holidays and the release of
some of the funds at present locked up in
large financial operations. Saggng prices
are generally the accompaniment of such
a market but there was sufficient strength
in stocks due to special causes today to act
as a sustaining force on the general list
and net gains the rule in consequence.
The marked features in the trading and
the centers of greatest strength were in
local traction companies. The motives for
the buying of these stocks were the re-
ports of a business compromise between
the Metropolitan and the Third avenue
companies and belief that the chances
were not good for the success of the I'M
derground rapid transit scheme. The Third
avenue was benefited to the extent of six
points and Metropolitan over two Man
haitian rose 8 points. but lost fraction.
The coalers were also aggressively strong
and showed gains of between 1 and points
the Reading issues being especially promi-
nent, There were vague rumors of an in
tended dividend on Reading first preferred
stock, which influenced the trading. The
industrias generally showed net gains of
quite large fractions. The statements of
estimated earnings for the last quarter of
the year of the several Vanderbilt rail-
roads were viewed unfavorably and acted
as something of drag on the railroad
list In view of the large business known
to have been done by these roads, the
small increase in gross earnings and in the
case of Canadian Pacific, an actual de-
crease was taken as an indication of fates
for traffic, such as promised only an I'M
satisfactory return to owners. This was
partially offset by the November statement
by the Northwestern showing an increased
earnings of s125,SS7
Reports of the adjustment of differences
between officials of the coal roads were
heard with satisfaction amongst the hold
ers of railroad securities. Call loans were
made today at rates ranging between 8
and per cent, and there was a further
decline in exchange posted rates for both
long and short sterling being marked down
half, and actual business being done at
decline of u for cable transfers of long
sterling of u for demand sterling. The
price for demand sterling at the time of the
gold import movement last September did
not 1aH below 4.o4A. money was cheaper
in Europe and in London at that time than
now. The weakness of exchange has not
induced talk of gold imports at New York
Gold is, however, on the way from Aus
tralia for San Francisco.
> The bond market was comparatively in
active, especially in some of the favorite
speculative issues, but prices were well
maintained. Total sales 81, 400 900.
United States new As coupon declined sc
bid.
The sales of stocks today 1874, 400 shares
including Chicago, Burlington and Quincy
11,737; Manhattan 24,925; Metropolitan 7.47S;
Jersey Central 3,71S; Reading S,OOO st. Paul
1850; Chicago, G. and w. $780, Sugar 49,
$780,
Money call stiff at 21z@4 per cent; last
loan 8 closed 21A@3 per cent. Prime mer-
camille paper 314d41s Sterling exchange
dull and easy with actual business in bank
ers' bills at 4.S41z@4S45s for demand and at
4.S1A for sixty days; posted rates 4S2h@
4.S31s and 4.S51a@4.S61a.
Commercial bills 4.S1.
Silver certificates 56sl057%c
Bar silver 56Bc.
Mexican dollars 455sc.
Government bonds firm.
State bonds dull.
Railroad bonde firm