The herald., 1898-01-09
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Jan. S.-There was profit
| taking on quite large scale in the stock
market today, after an additional advance
! in prices In the early trading. That there
should be taking of profits after the rise
of the two days was to be expected, and
| the professional dealers who bought stocks
| late Wednesday 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 reacted more than point
from the high level of the morning There
was evidence Of continued realizing also
In the local traction companies These
stocks have advanced steadily all through
the dullness of the last few weeks, ap-
parently on pool operations. Some of the
anthracite group also continued under
depression. Notwithstanding these re-
dictionary tendencies, the general tone of
the speculation continued strong and con-
hdent. Business was on large scale and
embraced, large number Of different is
sues, some of the usually active stocks
being brought into prominence by sharp
advances. Realizing at the close reduced
prices from the best, and in some cases
wiped out earlier gains. This caused an
easy closing, with the 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 In the anticipated awakening on
Monday and Tuesday, and some declines,
due to several causes, but primarily to
disappointment at the continued stiffness
of the money market, pending the final
payment of the Union Pacific settlement,
This involved the withdrawal from the
market of sS.53S, 400, and its payment into
the treasury and together with the ac-
cumulation OF funds incident to regular
January disbursements resulted in rais-
ing the rate of money to per cent on Moh-
day. BY Wednesday afternoon the funds
thus disbursed began to come back into
the market for investment and the gov
ernment outgo OF interest and redemption
had offset the Union Pacific payments
The declines in prices Of stocks earlier in
the week were quickly retrieved. and pro-
fessional operators and commission house
brokers, acting for outside spectators and
investors began to vie with each other
In marking up prices Today's bank state
ment shows the complete rehabilitation
Of the New York money market, which
has been accomplished. not only BY the re-
lease of funds at this center but by
large inflow Of money from interior points,
invited by the recent high rates for money.
Notwithstanding that additional deposits
Of $10.52s.3 800 have lifted the level Of the
legal reserve by S2.632,O75. the heavy cash
increase of 80. .107, 800 leaves the surplus re-
serve s6.475s25 higher than last week.
Conditions. indeed, promise such pleni-
tude Of money, that money lenders see
their prospects marred. and there is talk
OF releasing to the government its de-
posits which were left In New York banks
at the tine part Of the Union Pacific pay
ments were made. These deposits amount
to something oyer $S3 000,0O0.i Part OF them
are sspurad by government bonds, whose
redemption Is already provided for SO that
their surrender would Involve simply q