The herald., 1897-01-31
Local, Eastern and Foreign
Commercial Dealings
WALL STREET SPECULATION
Marked Increase of Business With Sharp
Rise In Prices
lean Railway Securities-Large Buy
ing for Investment

NEW YORK, Jan. 30-The stock mar
ket displayed exceptional strength and ac-
tivity, gauged by the recent average daily
aggregate and toward the close became
fairly buoyant. The more important con-
tributory factors were the evidence of
growing interest in our securities in Eu-
rope and the aggressive strength In rail-
road distribution of business in railway
bonds. The suggestions of an impending
friendly arrangement between the North
ern Pacific and Great Northern compan-
les authorized decided improvement In the
stocks and bonds of the first mentioned
property. The common advanced IN; pre-
ferred, IL and general 8 per cent boiids
per cent. Most of the other railway shares
were favorably affected in sympathy. The
movement In the industrals was less ex-
tensive. The market closed at the best
figures Of the day, showing general net
gains of and per cent The market of the
week was characterized by extreme irreg-
ularity and the dealings were only moder-
ate in the aggregate. In many instances
wide fluctuations occurred, particularly
In the speclalties. The news bearing upon
prices was varied and interesting. but To-
cally professionals were In control of the
market. Most of the railway shares moved
within a very narrow range. The fiuctua-
ations in the industrials were not perticu-
larry noteworthy. Foreigners exhibited
decided interest in our securities, particu
larly the Atchisons and new Northern
Paclfics and bought heavily of our bonds.
including not only gilt edged railways, but
also issues of the second grade. The arbi-
TRACE houses exhibited extensive orders for
both accounts. This favorable sentiment
on the part of Europe was Influenced by
easier monetary conditions, more cheer
1ul political outlook. and in case Of North
ern Pacific expectations of an entente with
tne Great Northern and the prospect of
improvements in earnings. Large invest
ment buying was feature for both local
and foreign account. and the distribution
OF the transactions was very wide. includ-
ing also government bonds The general
market was helped by a declining tendency
IN exchange rates. due to easier money
abroad and the liquidations of loans in ex-
cnange, sale to realize, and the constant
accumulation of credits abroad on ac-
count or the heavy exports of bread stuns
ana manufactured articles The railway
STOCKS generally maintained firm tone on
expectation OF increasing earnings. Large
accumulations of money at this center as
well as the ready absorption of the limited
oHerlngs or commercial paper. forces the
employment of surplus funds in purchases
OF gilt edged securities and banks, insur-
ance companies and other large lenders
OF money are conspicuous in the various
negotiations In passage for financing cities
ana municipalities. The bond market dur
throughout on purchases for Investment
account. which included n number of usual
inactive bonds. The aggregate sales we're
@.SoU,0OO The government bond market
was active and bucyant. the banks and
trust n companies figuring largely as buyers.
nant nre new tours registered gained rs per
cent 90. coupon. IL, md other issues ad-
s1aI ranced Gee sharp fractions. The sales were
Sizb.00J Silver certificates were duh b,t
iaHiy STEADY on transactions of $4,000.