The age-herald., 1898-01-09
RIoRDAN & co.
In w all Strae;.

New York, Jan. S.-There was profit talk ing on quite large scale in the stock mar ket today after an additional advance in prices in the early trading. That there should be taking of quick profits after such sharp rise as that of the last two days was to be expected and the professional dealers who bought stocks late on Wednes- day and Thursday sold their holdings of the most active and strongest issues. The realizing was quite pronounced in its effect on New York Central and Sugar, which re- acted more than point from the high level of the morning. There was evidence Of continued realizing also in the local traction companies. These properties have advanced steadily all through the dullness and depression of the last few weeks, ap- parently on pool operations and the present general strength of the market is being availed of to take profits in these Some of the anthracite group also continued under depression today. Notwithstanding these reactionary tendencies, the general tone. of the speculation continued strong and confident Business was on a large scale and embraced a large number of diff ferent issues, some of the usually inactive stocks being brought into prominence by sharp advances. The pressure of large sums of newly disbursed money seeking reinvestment was reflected in the demand for high grade investment stocks, the Van derbilts advancing on an average a point or more. Lake Shore was helped by the announcement that $2,445,00O of that old company's high interest bearing bonds had already been exchanged for the new re- funding 31a's, with a consequent saving in annual interest chai ges of $5S8, ,875. The de- mand for bonds also continued very heavy. There was one transaction of $100,0Oo If New York, Chicago and St. Louis As at 1O7
 Prices of high-grade bonds generally are now at the highest and the pressure of in- vestment funds forces money into the mid d.e and lower grade issues Realizing at the close reduced prices considerably from the best, and in some cases wiped out earlier gains. This caused an easy closing with net changes mixed between gains and losses.
 The expected has happened in the stock market this week in an outbreak of some thing very like furore of speculation, and an upward rush of prices of pretty much all grades of securities. There was a halt fin the anticipated awakening on Monday and Tuesday, and some declines due to several causes, put primarily to disappoint-
 
 money market pending the final payment of the Union Pacific settlement. This in- volved the withdrawal from the market of $S,53S 401, and its payment into the treas ury, and it's operation, together with the accumulation of funds incident to regular January disbursements, resulted in raising the rate of money to per cent. on Mon day. By Wednesday afternoon the funds bpc 6iSbI1rSad began tO hack into the market for investment and the gov crnments outgo If interest and redemp- tion had offset the Union Pacific payments. Today's bank statement shows the com plete rehabilitation of the New York money market, which has been accomplished not only by the release of funds at this center, but by large inflow of money from in- terior points, invited by the recent high rates for money. Conditions promise such a plentitude of money that many lenders sec their prospects narred, and there is .alls of releasing to the government its de- posits, which were left in New York banks at the time of part of the Union Pacific payments. These deposits amount to some- thing over s33, 900. Part of them are se- cared by government bonds whose redemp- ion is already provided for, SO that their surrender would Involve simply a book keeping exchange.
 Business in bonds has been of large pro- portions since Wednesday, and some large advances arc recorded. Prices throughout sie higher. Sales for the week, $17, 200, ,001.
 Government bonds are all higher on the week. prices having been bid up ss for old Ts coupon, F for ditto registered. % for the 5's, and per cent. for the new 4's
 Money on call steady at per cent; closed offered, 3.
 Prime mercantile paper. aAsfl.a per cent.