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

Wv S4AxAN0G
What Was Done Yesterday on Wall
Street
NEW YORK. Dec. 11.-To-day's stock
market reflected the tendency Of profess
sional traders to close up contracts at the
end of a week rather than keep them open
over Sunday, and also natural reaction
towards a higher level after yesterday S
relapses In prices. There was some bear
pressure against prices at the opening,
Manhattan being driven ~ and Sugar
yieMing point over small gain. But this
failed to induce any large following, and
lit became apparent that yesterdays IL
quidation had run Its course for the pres
ent. The bun contingent was prepared to
offer vigorous support on weak spots and
large buying orders for the account. Sugar
was the center of the markets strength.
and the firm resistance of prices drove the
bears to cover. There was a noticeable
sluggishness of price movement in some
of the most prominent shares in the mar
ket. Sugar was quite buoyant and rose to
within about points CT the highest Of
the week, closing with a net gain Of ~.
Its range for the day was points.
Besides the technical causes for the rise,
the market was aided BY the recurring pos
sibility that decision may be handed
down by the supreme court on Monday in
the Nebraska maximum freight rate case.
Wall Street traders In railroad securities
maintain an abiding faith that when this
decision does come 1t will be In favor of
the railroads. Assertions were also given
consideration that there Is a growing pos
sibility of favorable action by congress
on bills to authorize pooling and against
ticket scaping. and this added to the
strength of the railroads. Northern Pa
|ciflc preferred enjoyed the benefit Of the
first dividend declared yesterday by the
directors, since the reorganization of the
company and of the favorable statement
of earnings given out at the same time.
Tho slight recessions from the best at the
close were probably induced by the bank
statement The large shrinkage in the
surplus is due not alone to the raising of
the legal reserve limit by the heavy in
crease in deposits but by an actual de-
crease in cash of 100. The items of
loans and deposits, with the large increase
shown, are affected by the further pay
ments on account of the Union Pacific sale.
There has been movement Of currency to
St. Louis and New Orleans during the
week. which probably occouns for the de-
crease in ca si,. '--'---"--~--g--4ss ~
The price oelea ulflt e3statss4s was bid
W up y per cent and Pf thePld 4siregistered'
~ The he weeks week net gains faveaeen reduced
dS WdS tle CdSc lust WIEN, ny tlrt plOIt-
taking of professional operators on Friday.
The manipulation of the market by the
large interest which has embarked upon
a bun campaign was very obvious during
the week, and strenuous efforts were made
to keep the course Of prices upward by
vigorous support at weak points and by
melting sharp rises In individual stocks to
sustain the general list. Thus Sugar was
pushed up to 145h on reports that an extra
|6tvifnn1 the stock CprtaipU fort h.
coming. and the declaration of only the
regular dividend drove the price down
below 140.
Union Pacific was persistently weak on
account Of the presidents order that the
government should qualify as bidder at
the Kansas Pacific sale and the subsequent
request for a postponement of the SALE
The weeks returns of railroad earnings
have made a remarkably favorable show
ing. Roads In the south and southwest
have shown especially heavy increases.
and their stocks have shown the largest
gains in price,
Money has continued cheap and easily
obtainable. and there have been offerings
of Chicago money on time loans In this
market. Notwithstanding the ease of the
local money rates and in spite of sharp
stiffening on discount rates in London and
Berlin. the foreign exchange market has
shown increasing weakness. Actual rates
for sterling exchange have fallsn-11k nc. dur
ing the week. due to the offerings of bills
against grain and cotton and to an abate-
ment of the investment demand for long
sterling. Chicago credits are reported to
be loaned in Berlin at AS per cent to the
extent of several million dollars. The
abundance of grain bills, which has served
to weaken exchange, is said to be due to
the operations of the bull clique In push
ing exports of wheat. The strength and
activity of the bond market during the
week has been even more remarkable than
in the stock market High grade bonds
have been thoroughly gone over and lifted
almost to prohibtive prices, the govern
ment bonds rising with the others. The
demand has shifted to middle grade bonds
which have shown material advances
Speculative issues have moved in sympa-
thy with stocks but are higher on the
weak. United States new As have been bid
up during the week H; the old As, regis
tered. Vi; the IS. Is, and the old As, cou-
pom, n.