The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-12-12
In Wall Street.

. New York, Dec 1.-THE days stock
market reflected the tendency of pro
feEl5onal tradenS to close up contracts
alt THE end of a week rather than keep
them open over Sunday, and also "a neu-
trad re-aotion towards a higher level
after yeSterlay's relapse in prices. There
WAS some bear pressure against prices at
bhe opening, Manhattan being driven
down III AND Sugar yielding point aif,er
a small gain! But This lead failed to in
duce any-large 6oIllowintg. and 1t became
apparent THAT yesterdays decline had
run it's course for Glhe present. The bun
was prepared to offer large buyiug orders
to weak spels, and large buying orders
turned the tide. Sugar was the center of
the markets strength. and the firm re-
Eilstance of prices drove 1.-The BEARS to
cover. There was a noticeable sluggish
ness of price movement in some of line
most prominent stocks in the market on
THE rise. Sugar wss quite buoyant and
rose to Within about 2 points of the
highest of 1.-THE week, CLOSING with a neH
gain of *. Its range -four the day was
8 potnitE. Manhattan showed a good re-
operative power and closed Within
fraction of hast nights close. Bsisldles
the technical causes for the rise the
marl2es WAS atdcd by the recurring pes
shal,ty that when a decision does oecne
DIT Will be for the railways, end the fact
tlIat Monday is decikd n day with the
supreme court has nVadle such a day a
day of timidlty with the shorts ever since
the supreme court has been in session.
Assertions were ALSO given consideration
that There is "a growing probability of
favorable action by Congress ON bills to
authorize pooling and againcit Ticket
scalp.ng, and this, added to the st ength
of the nstlro7dis. Northern Pacific pre-
ferred enjoyed the bsnefit of the firet
dividend declared yes terGlay by the di-
reoboflg lsinlce lihe REQ ga ni1ation of The
company and of the Favorable statener't
of earnings given ort at the same time.
THE Large sflTtnlxage i'm the bank surplus
lis not due alome to 1.-THE raising of the
legal reserve limit by reason of the heavy
holdings, buI by a 1-rge decrease in de-
posits.
The weeks net gains have been re-
duced, as was the cash last week. by the
large profit taking by operators on FIJI
day. THE manipulation of the market by
the largest interest which has embarked
upon bull campaign was very obvious
during the week and strenuous Efforts
were made Ito keep the course of prices
upwards by vigorous support at weak
points and by initiating sharp rises in
individual stocks to sustain THE general
hist. Scene of the reports set nfloai to
account fer the large purchases contra
dcted themselves during the course OF
the week with subsequent un5e ttlement
of l!ha market. Northwestern preferred
was seha up to 1541s ON reports that an
extra dividend ON THE stock was certainly
flo ithc0mfng and the declarsiti0n of only
the regular dividend drove the price down
below 140. The weeks returns of rail
way earnings have made a remarka bly,
favorable showing Bonds in the south
and southeast have. shown especially
heavy increases and their stocks have
shown the largest gains in prices.
Money has continued cheap and easily
obtainable. In spite of the easy money
rates and in spite of a sharp stiffening
of exchange rates in London and Ber-
lin, the foreign exchange market has
showed increased weaknes. Actual rates
for London sterling exchange have fallen
one-half during the week, due to the Of
ferings of bills against grain and cotton
and to a reinyestment of London ser
ling The abundance of grain bills
which has served to weaken exchange is
bull clique I'm pushing up the price of.
wheat.
The strength and activity of the bond
market during the week has even been
more remarkable than operations in the
stock markt. Prices have been lifted to
almost prohibitive limits, the govern
ment bonds rising with the others.
MONEY on call nominal 11a@2 per cent
prime mercantile paper, 3@3h per cent.
Sterling exchange steady with actual
business in bankers bills at $4S5as@
4.S51A for demand, and at S4.S21A@4.S2A
for sixty days.
Posted RATES, $4.s31A@4.s4 and at $4.S61a-
@4.S7.
Commercial bills, $4S1%.
Silver certificates for 10000 ounces,
$3.50.
Bal silver, 5SA.
Mexican dollars, 46A.
State bonds dull.
Railroad bonds strong.
Government bonds strong.