The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-12-19
In w all Street.

New York Dec 18-The rise of prices
was practically uninterrupted during the
short session of the stock exchange today
Some very sharp net gains are the result,
exceeding per cent in some of the spe-
cialties, over a point in a large number OF
leading active stocks and sharp fraction
through the list. The rise was almost
wholly the result of professional buying,
outside interest in the market being at a
standstill. Bull operators extended their
, lines aggressively and the bears covered
heavily. Prices for Americans were high
er in London this morning, that center
having become quite persistently bullish
the outlook for values in this country
on long turn. This melted an advance
In the international stocks from the open
ing. The specialties were next in strength,
Manhattan becoming buoyant on the inn
preston that the conditions imposed upon
the underground rapid transit project by
the appellate court would be in effect pro-
hibitory New Jersey Central led fur
Their advance in the coalers on the prava-
lent belief that an effective agreement had
been arrived at for the restriction of pro-
duction and maintenance of prices of pro-
duct Sugar was also quite buoyant on
covering of shorts. This combination of
strength in individual stocks, due to spe-
cial causes, would have been a powerful
sustaining factor in itself. But the Incl
dent that determined the tone of the gen.
eral speculation and awakened general
buying movement all through the list were
the reports from London, afterward shown
to be erroneous, that over a half million
dollars in gold had been Withdrawn from
the Bank of England for shipment to the
United States. Taken in connection with
the easing of call money rates yesterday
afternoon to 2l2 per cent, and the quantity
of funds offered at that rate, the report
had the effect of7disappointing some of the
fears of the traders as to the future, and
marked aggressive buying movement en-
sued The weekly bank statement, with
the increase in surplus reserve, gave only
q momentary pause to the upward move
ment, which was then renewed and con-
tinued with buoyant tone to the close of
the market. 257
Up to Friday 1t looked very much as If
the expected reaction in the stock market
had set in, which is as much expected in
the natural course of things as the SUMS
rise. Owing to the condition of the money
market it was not expected there would be
much ease in rates again before the first
of the year. Besides the usual accumu-
lation of surplus preparatory to the dis
bursement of the January interest there
has been withdrawn from the market this
week over 100000 on account of the
Union Pacific sale. Another similar pay
ment Is to be made on Dec. 27 and the last
on Jan. 5. Much stress has been laid upon
the governments announcement that 1t
would begin the disbursement of currency
6's which mature on Jan. / on Dec. "a, as
promising to effect the Withdrawals from
the money market on account OF Union
Pacific payments
Foreign exchange bankers express some
scepticism regarding the gold engagements
in view of prices of exchange still ruling
The governments trade statement for No
venber, issued this week, shows this bal
ance is still in our favor by over $64 0o0
which makes the balance in our favor from
the beginning of the fiscal year to Dec. 1,
$239. 456 ,OOO The ruling price of exchange is
known to be highly artificial, due to the
leaving in England and Germany at inter-
est of millions of dollars due on balance to
this country. Sterling exchange rates have
declined during the week, and there has
been a cessation of the investment demand
for long sterling.
Bonds, like stocks, went up and then
went down. but still show net gains Total
sales, SIS, 100000
United States IS have declined X bid; the
new As coupon u and do. registered q dur
ing the week, while the old As coupons have
advanced a, and registered * during the
week.
Sales of stocks today, 173 200 shares. in
GLIDING: Chicago, Burlington and Quincy,
1929; Louisville and Nashville. 5000; Man
haitian, 1880; Missouri Pacific. 7125; New
Jersey Central. 6375; Northern Pacific, B.
300; do. preferred 6.295; Rock Island, 5,4S5;
st. Paul, 11,421; Chicago Great Western,
1850: Peoples Gas, S,175; Sugar. p e52.
Money on call, nominally 2d3 per cent
Prime mercantile paper, s1sGl41s per cent.
Sterling exchange steadier. with actual