The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-01-02
N(Hke| Reports.
FINANCIAL.
STOCKS AND BONDS.

New York, Dec. 31.-The stock market
today was essentially a professional one,
as was to be expected in view of the
closing of the year and the evening up of
contracts incidental thereto. The prin-
cipal influence was the impending govern
ment bond issue concerning which fore
casts were made somewhat more definite
i'll character than heretofore. They con-
tanned but little in the way of novelty.
AS has been outlined in these dispatches,
the issue will be made upon practically
similar lines to the loan of February, 1895.
The chief manager is the same and the
price OF bonds is expected to net the treas
ury about 81 per cent. The agreement
covers the delivery to the treasury Of
gold from outside sources equivalent to
SlOO,OUO,OOO, with an option on an equal
amount 10 be exact, it calls for a first
installment of 5,O75,UUO ounces of gold
and for a similar sum in case of necessity.
Messrs. j. L. Morgan d Co. are the man
ayers of the syndicate and will apportion
the allotments to the other members, re-
ceiving commission of l per cent for
their services. The all-important point
about the new deal is that the sy ndlca le
does not agree to guard the treasury gold
reserve. This was the cardinal feature
OF the previous loan agreement and the
faithful performance OF the contract by
the syndicate afforded q most impressive
optical illusion of its power. Not single
dollar in gold was allowed to 80 out until
some time after the legal obligation of the
syndicate had expired. 1t will be re-
called that the syndicate then secured the
bonds at about 1O4 IL and that within
comparatively short time q jump of ~
points occurred in their price. SO far
as can be learned only comparatively
slight proportion of the bonds allotted to
European investors and capitalists were
reshlpped to this country. The profits
then made explain clearly the present pre-
MUM on gold caused by the efforts to ac-
emulate the metal as a commodity to be
exchanged at the present time for so val
liable an investment as the new issue
should prove to be. The confident, SEN
timent that the treasury relief measures
would be effective caused the traders to
disregard lower quotations for Americans
IN the London market. The dealings for
that account by the arbitrage houses
were slgnlhcant, prices in the local market
improved sharply, chiefly on the covering
OF short contracts and some stocks, how
ever, on special influences attracted buy
ing for long account. Sugar, for in
stance, gained l 5-S per cent on reports of
advances in the prices of foreign and do
nestle sugars. In the railway lists the
"SiS SlCdt W lUe RfunSprS,
Louisville and Nashville and the South,
western stocks, the appropriations ranging
from l0g2 IL per cent, the last in Louis
Ville ana Nashville. Sterling exchange
rates We're easier and it was reported that
the last consignment of gold to Europe
now on the way, would, upon arrival in
Europe, be Immediately reshipped TO this
country to be employed presumab bly, pur-
ccnas,nS government bonds. Only $780,
oO0 IN gold was withdrawn for shipment
to South America.
Money on call was active, ranging be-
tween q and 20 per cent until the close,
when rates fell to per cent. No app,,
cations for clearing house loan certificates
were made by the banks. The market
closed strong and at the best prices for
the day, a dropping tendency charac-
terized the early dealings in bonds with
the Union Pacific issues conspicuouslv
weak. In the final dealings, prices Of
some of the speculative issues stiffenod and
IN IN some instances the gains were material
The highest, lowest and closing prices Of
some son, of the leading stocks for the year