The herald., 1898-12-18
ON CHANGE
as Shown by Transactions
on Wall Street

NEW YORK, Dec. 1.-THE mar1et today
opened firm with rse Of point in Union
Pacific Later the irregularity in Lonuon
which had BEEN ignored in the initial trad
ing was an influence locally. There was a
sharp break In the Vahderbilts, Lake Shore
s, New York Central and Canada Southern
over a point Local traction shares were
off sharply, especially Metropolitan and
Manhattan. Missouri Pacific also W eakened
decidedly. There was considerable strength
in other spots Southern Pacific. Central
Pacific Denver preferred and Pittsburg
C.. c. and St. Louis shares showing firm
ness. In the second hour the downward
movement was rather uniform. In the
final realings, however, an improved tone
set in. in which Baltimore and Ohio and
Lake Erie and Western recorded substan-
tBal advances The average declines were
less than one per cent. The bank state
ment, which was more favorable than ex-
pscted, was later than usual in making its
appearance but it's influence helped the
closing rally.
This was the largest week on record for
transactions in stocks and bonds. The
sales were above four and a quarter million
shares and those of bonds nearly forty mil
lion dollars. The variety of stocks and
bonds dealt in were also greater than ever
before. The market bulged early in the
week, making high record prices. Latter
the movement was more hesitating and ir-
regular some stocks advancing while 9TH
ers declined. Aside from the temporary re-
quire ments for January dividends, money
promises to continue at reasonable rates
because of the large trade balance in favor
of the United States due to an excess Of
exports in five months of $243, 1000. The
financial horizon seemed clear, but the
money and loan market continued to be
watched narrowly Us long as there was NO
cause for alarm, securities were bought
considerably. Gross traffic statements
we're very gratifying, the feature being
the marked increase in west-bound tom
mage. which included greater percentage
of manufactured articles. Favorable rail-
way returns from some sections which have
reported falling off for a long time
aroused considerable cheerfulness and
round amounts of stocks were taken in an
ticipation of favorable net results. London
operations we're watched with considerable
In tereIst during the week, owing to the
varied tendency Of the money market which
showed an eppreciable hardening towards
the close. The disposition abroad, except
in Berlin, however, was more favorable to
American railroads., and the met result Of
the arb!trage purchases was in favor of the
bulls. The local commission business was
heavy. Interest largely centered In rail-
ways The bulls from time to time took up
one stock after another and raised each In
turn, in most cases to record figures.
The story about the acquisition Of the
Chicago and Alton by various railroads in
each Instance gave strength to the property
supposed to have acquired the Alton. AL
though 1t was understood that the property
was for sale, on favorable terms, no deal
took place as far as known, but 1t always
was the last story that found believers.
Among the shares which have an interna-
tional market but do mot usually figure 10
any extent in the local dealings were Dem
weir preferred, Norfolk and Western pre-
ferred and Central Pacific These stocks
we're lifted out Of the rut and brought prom
!nently forward, competing at times with
ether recognized shares In point of activity
Sugar dropped s points, owing to various
interpretations OF the trades situation,
Features of pronounced Interest deyel-
c2ed In the bond market daily and pur-
chases of semiIspecula tive issues were In
an enormous volume. Foreigners pur-
chased freely.