The herald., 1897-11-30
ON CHANCE
What Was Done Yesterday on Wall
Street


NEW YORK, Nov. 29.-There was IN ac-
cumuation of commission house orders In
the market at the opening this morning.
which had come in over Sunday as result
of the strength displayed by the stock
market on Saturday. The quotations FOR
Americans were also run up on the London
exchange before the opening here. AS
consequence the market opened with quite
an animated buying movement, an advance
of marked fraction anlong the line. But
tho buyers Of Friday and Saturday set
about realizing their profits. and the ad-
vance came to an untimey end: The mo-
tive offered in the selling was Withholding
of the decision of the Nebraska maximum
freight rate cases by the supreme court.
There were occasional rallies during the
day, Sugar mounting strongly upward, al
ter preliminary decline of almost three
points There was very heavy supecula-
tion in this stock during the day. sales
amounting to one-third of all the sales. or
over 100 900 shares, and its price closed un-
changed from Saturday. There was some
buying for the London account on the de-
cline to cover contracts made IN i'onnon
at the early higher level. and this also
helped to steady the market. Tne early
weakness soon overlook 1t. and was the
prevailing tone for the balance OF the day.
The net decline reached to near point IN
many of the leading stocks and exceeded
that in special cases.
AS a. result of the lively realizing move
ment and the active speculation In Sugar,
sales of stocks ran up to nearly 10000 shares
before noon. figure In excess OF any total
trading for several weeks. The continued
strength of the sterling exchange market
attracted much attention in view OF the
status of the international shares Posted
rates were advanced kc. for both long and
short sterling. There Is feeling that the
investment buying of long exchange, the
leaving of funds due on balance In interest
abroad, and the arrivals OF gold at San
Francisco from Australia are sufficient.
combined, to account for the strength of
exchange, and there is much heavier sell
ing of high class American securities by
European holders for transfer to this side
of the water than appears on the SURFACE.
The high level of prices for this grade OF
securities goes to confirm this view. The
very heavy Increase in the loans Of clear
ing house banks, amounting to over $4.-
600 0Oo as shown in Saturdays bank state
ment, is also being closely scrutinized.
The explatation that the increase was con-
nected with the Union Pacific company's
payments to the government does not en-
tirely cover the ground. as the expansion
of loans previous to November 20 was al
ready sufficient to account for that opera
tion, and was attributed to 1t. Saturdays
statement seems to indicate that the pay
ment to the government which was left
on deposit in the banks had already been
Immediately replaced in loans. AS the
Union Pacific reorganization committee
was supposed to have already secured all
the needed funds before last Mondays pay
ment to the government. 1t is very diff
cult to account for this very large ahsorp-
ton Of money in view of the known condi-
tion Of the money market. the demand for
money being dull in all departments
The bond market was quite active and
broad, and prices were higher in most
cases. Total sales. 81, ,so0.0 .000 United States
old fours. registered. are n higher bid. the
fives u higher bid, and the new fours a
higher bid. There were sales Of the new
fours, coupon, at 1854. the highest on rec
or6 -