The herald., 1897-09-23
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Sept. 22.-Today's transac-
tions on the stock exchange re-
suited in the recovery of the greater part
of the losses sustained in yesterdays
sharp reaction, many stocks closing to-
night higher than Monday. During the
earlier part Of the day the market was
extremely irregular and uncertain in tone.
number of specialties continuing to show
marked weakness. even after the railroad
list had recovered from It's reactionary
tendency, but by the second hour of trad
ing the bears had practically abandoned
their efforts to work a reaction, and the
whole market was tending slightly up
ward.
The manifest disposition of London oper-
ators and of commission house customers
to buy stocks at a decline here afforded
support to the market that discouraged
the bears. The nervousness over the har-
dening of the rate for money also largely
subsided, as the shifting of loans devel
oped more accurately the true level of the
money market. The rates for call money
continued to run as high as per cent,
but as fast as rates were marked up to
per cent there was abundant supply offered
at as low as 2 per cent. This was not re-
garded as indicating stringent condition
of the market. The high rate was not be-
lieved to be justified by the condition of
the market and the failure of the exchange
ness TO the per cent rate went to confirm
this view. There was marked reaction
at one time during the day, due to the
sharp profit taking in Rock Island on the
announcement of the declaration of 1
per cent quarterly. dividend. The recent
rise In Rock Island was accompanied by
some irresponsible rumors that the divi-
dend rate would be increasd to per cent.
Some of the sellers of the stock confessed
disappointment that the rate was made
only per cent, and the bears used this
as material for another drive against the
market. But the strong recovery in Con-
soidated Gas and Brooklyn Union, the
former raising IL points and the latter 6A,
tended to steady the market. The reports
of an engagement of gold for import were
vague and not definitely confirmed until
the close of the market, but the rumors
current served to rally the whole market
strongly and bring prices to the best of
the day at the close. There were gains
In all of the active stocks, ranging from
to points. Bankers agree that there is
no profit in the importation of gold at the
ruling rates Of exchange here and Of gold
abroad, and the banking house which has
engaged the gold for import intimates that
1t must have been able to do SO owing
to some special advantage secured, al
though 1t was affirmed that 1t was made
In, the regular course of exchange busi-
ness. The engagement is not considered
as indicating that a further movement OF
gold will Immediately follow, without a
further decline In the exchange market.
The most marked gains during the day
were Consolidated Gas 11h Union Gas ~,
Sugar AZ. Sugar preferred "a, Brooklyn
Transit 2ss, New Jersey Central 3A, and
Northwest, Omaha and Susquehanna and
Western preferred "a each.
The bond market showed some falling off
In activity, but prices were strong, except
in the Standard Rope issues. OF these the
Is lost points and the incomes ~. Total
sales were S28OOOOO