The herald., 1897-12-28
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK. Dec 27-The only active
interest in today's market was manifested
by professional traders. and they devoted
themselves almost altogether to the re-
cent speculative favorites of the market,
which are comprised in one group, known
as the specialties, and also the stocks Of
local corporations and traction companies
The tone Of the trading was unsettled-at
times feversh.
The strength of specialties caused a
strong opening and upheld prices in the
general market SO for as there was any
movement. A general movement to real
ize. due to the continued stiffness Of money
and to some extent to the expressed appre-
hensIon over the threatening developments
in the far east, carried prices to last weeks
level, where they remained, in the case of
many stocks, until the close. Today was
holiday in London, and there were no
quotations for British consols. The stu
alton In the money market hinged on the
Union Pacific payment and the Pacific
bond redemption. The sub-treasury's debit
balance at the clearing house today was
N.S579SS, and this about represented the
government checks for redeeming the Pa
cific bonds which have come through the
banks. More was coming and the govern
ment Is still sending out checks from
Washington for the further payment. But
money from this source had not come back
into the market with sufficient freedom to
prevent it's feeling the payment today of
the Union Pacific payment to the govern
ment, of about 81, 100000. although s., 500, 900
Is left by the government on deposit in
New York. There was considerable call
Ing or loans today, and the rate paid to
replace these ranged from 3h to Az per
cent, with the majority at per cent.
There was rise also In the rates of ster-
Ing exchange today. which precluded the
Idea OF another immediate gold import
In the final dealings there was some sharp
reductions in the specialties and the coal
ers which wiped out all the previous gains
and IN some instances left prices materi-
ally lower. Manhattan was q notable ex-
ception, closing nearly at the top, with a
net gain of 24s. Most gains and losses in
the general list were narrow and mixed.
The tone of the bond market was firm,
ana IN some cases sharp gains were shown.
registered fours were u lower bid,
With the announcement of the dividends
to be paid next month by the savings banks
of this city there IS general tendency to
pay lower rate of interest than hereto
fore. A few years ago practically all the
older banks were paying interest at per
cent per annum. but gradually this has |
been changed, SO that next year the rate
Of interest in many instances will be sh
per cent.
President j. H. Roads Of the Greenwich |
Savings bank said there was a general |
feeling, especially up the state. that un-
Ter the present condition of investment |
and returns per cent was too high, and |
undoubtedly the bankers would welcome
my general movement to reduce the rate. |
indeed. Manager Roades had been asked |
% lend his influence in this direction. The
'act that railroads could refund their bonds
~ 41L nc 0aNf Qh a NJ tvvy Al
/ higher rate Of interest than conditions
Mr.. Roades though that ulti-
nately all the savings banks would reduce
heir rates to 3ls per cent and possibly to
per cent.