The herald., 1897-11-21
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Nov. 20.-The stock market
was almost inert today and drifted under
no very well-deflned motive toward low
er level.
London's great fire seemed to exercise
rather depressing influence on that finan-
cial center and for lack of another ini-
tiative the local stock market followed
that lead. Dealings were on a very small
scale and the movement of prices outside
few special cases very narrow. Even
Consolidated Gas took on a rather subdued
aspect and brought its variations within
a range Of points. extraordinary modera-
tlon for that eccentric stock.
Metropolitan Street Railway was notably
strong and continued its advance of yes
terday to the extent Of two points addi-
tional.
The local political situation is cited as
being likely o-inure to the benefit of this
property. There was no other notable fea-
ture In the market. The declining ten
dency seemer to be somewhat checked at
the last and the closing showed some slight
recoverieS on the short covering. The bank
statement was without any influence on the
trading as 1t showed about what was ex-
lpected. The increase In loans is undoubt-
tdly due to the operations connected with
the sale OF the Union Pacific. the first pay
ment for which nearly $15.O0o0O0 is to be
made on Monday. The excess Of the in
the effect of the return from interior banks
which are depositing idle funds in both
the New York and Chicago banks in large
volume. outside of the Union Pacific ope-
rations there Is no doubt that the loans OF
the banks would show a substantial In
crease. as there has been large liquidation
Of merchandise accounts during the week
and the money market has been very dull
in all departments. Bidding for choice
grades of commercial paper has been very
active, but the market has been almost
bare of offerings. The money market has
not shown the slightest futter over the
approaching $13, 900, 900 payment to the gov
ernment on account of the Union Pacific
sale. This payment will. in fact, amount
to little more than a series of book-keep-
ing entries. the transfer Of credits in large
part being confined to the books handling
both accounts. These banks have deposited
in the treasury at Washington government
banks to the full amount of the payment as
security. and the government has arranged
to leave its funds on deposit In the vaults
of these banks.
The stock market has been a rather triv-
ial affair all week. trading being Of small
volume and the movement Of prices slight.
The average price Of stock Is slightly
lower than last Saturday and the weakness
Of the coalers is mostly responsible for
bringing down the average. Elsewhere
In the list there are few prominent stocks
that show a net change excepting a frac-
ton either way.
Sugar and Consolidated Gas have alb
sorbed the greatest share of activity and
the interest and the net result Is shown
In gains Of less than per cent. Consoli-
dated Gas has sold as high as 1882 and as
low as III closing at about points below
the best. The variations in this stock have
followed the Mutual utterances put forth
by an interest whose assent is being sought
to the plan for merging the local gas
companies and 1t has kept the stock quite
active TO keep up with these changes. I'm
ion Pacific has been markedly heavy. Out
side of these and few specialties. spec
ulation is apparently dead for the time be-
ing. On Thursday the total sales OF all
stocks fell to less than 10000 shares. This
apathy Of speculation is the more notable
in view Of the amplitude and the cheapness
of the supplies Of money and the large re-
serve Of money supply made available by
the heavy trade balance In favor of this
country.
The halt in speculation cannot be attrib-
uted to existing conditions, which contin-
ued to be very favorable, but rather to
doubts regarding the future 1t is usual for
Wall street to come to pause In its ope-
rations In November pending the assem-
bling OF congress. the publication Of the
presidents message and the perception of
the temper and intention of the legislative
branch. The tendency of railroad earnings
is also being scrutiniged.
The weeks returns for the second week
in November show earnings well up to the
best records In former years and III the
case OF some southern and southwestern
roads where the arrears of traffic released
from quarantine restrictions are coming
forward the showing is the best on record.
But the expectation is that the third weeks
earnings will not be fully maintained at
the recent high level The net returns from
railroads for October. which are expected
shortly, are said to show a very large pro-
portion of recent heavy increases In gross
earnings absorbed by operating expenses.
In view Of the drastic system of retrench
nent which was inforced on many railroad
systems during the previous year. 1t was
expected that there would be arrearages
to be made good during the present pros.
porous times. The widespread conflict of
railroad rates all through the country also
tends to arouse doubts regarding future
earnings. The speculative mind has pon
dered these things. and has decided to re.
frain for the present. and neither the con-