The herald., 1898-01-01
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Dec. 31.-Todays market
for stocks was very dull and net changes
for the most part were trivial, and are
divided among gains and losses without
much semblance Of consistency or order.
The local traction securities were the IA
vorite, as has been the case for many
days past, and they rose at one time sharp
ly above last nights level, under the be-
lief that they would benefit even If the
proposed rapid transit project was con-
summated. Sugar was also strong fea-
ture, and rose at one time ~, but held
only a fraction Of that amount.
News this morning from foreign ex-
changes dissipated all apprehension caused
by yesterdays reports that the British
naval reserves had been ordered out. Brit
ish consols advanced fraction in Lon
don, an unfairing barometer of a peace
full outlook. The frmnsss of the wheat
market also relieved the uneasiness in
speculative circles over the outcome of the
great December deal. The bank state
ment was disregarded, as it is so involved
with the Union Pacific operation as to
offer no indication of the drift of gen.
eral conditions. The somewhat contra
dictory firmness of money and hardness
of foreign exchange continued today,
though both markets were very dull The
sub-treasury had 742 to pay at the
clearing house today, again rejecting the
continuing replenishment of the money
market from that source. There was dis
position to make much of the November
statement of the Pennsylvania system.
The increase in gross earnings for the
whole system over November of last year
was 81, 1872 400 and the increase in net was
s159 800. The week has been one of dull
ness on the stock market, and outside
of few specialties of a highly specula
tive character almost apathetic. Trading
has been in the hands of professional
room traders, and outside 1t has been sig
niicant. Various causes have contributed
to the dullness. The holiday season has
kept many dealers out of the market Deal
ers in the market have the habit common
to all business men of closing up all ac-
counts with the end of the year as far as
possible and Of taking account of business
before entering upon new ventures. There
has been liquidation of speculative ac-
counts during the week in accordance with
this custom, the effect of which has been
chiefly felt in the specialties, recently the
favorites in speculation.
Profit taking in stocks of local CORPORA
tions caused some sharp recessions in
values, but later developments have re-
suited in recoveries. The decisive factor
in restricting speculation, however, has
been the stiffness of the rates for money
anu tie apprehension lnat mas grown less
and less at the week progressed
Mondays payments to the government
by the Union Pacific syndicate of almost
SS.5Oo0Qo necessitated an extensive shifting
OF loans, and consequent disturbance of the
money market, which even the elaborate
precautions of the banks and the govern
ment were not wholly averting. OF the
Union Pacific payments 100000 was left
on deposit in New York banks and the
$45oo'OO0 paid into the treasury was more
than offset by amounts paid out on account
of Pacific bond redemptions on Monday
and Tuesday The money has been re-
plenished by additional amounts on this
account each day Of the week, and al
though rates for money have been pretty
stiff, there has been no stringency. Ex-
pert estimates of the amounts to be dis
tributed on January dividends and inter-
est make them For New York, 800 OOO, 900;
for Boston, $l5.00000o. and for Philadelphia,