The age-herald., 1897-12-25
In " all Street.

New York, Dec A.-The local street rail- was companys shares which have been such notable feature in the stock mar ket this week, opened higher this morning and continued to advance during the day, closing at the highest. The great buoy ancy in these specialties spread through the list, reaching first the securities Of other local corporations, then the indus trial specialties generally and finally the railroad list. The level of prices in the industrials and In the grangers was at one time from 1 to points above last nights close The high point was not fully main tained at the close in the general list, but substantial net gains are the rule. During the afternoon the market took on a dis tinctively holiday character and fell at times into stagnation, prices yielding sharply but being restored by the final stiffening in Metropolitan Street railway and Third avenue. There was no particu- lar news to account for the movement of prices, though the bank statement with it's further decrease of over $1O0 900 in the sur plus reserve had the effect of checking the activity in the market for the time be- ing In fact the market did not take on the same animation again during the re-
 
 nouncement was made of the engagement for shipment from England by tomorrow's steamer of s5OOOOO in gold.
 The bank statement was about what was expected and reflected portion of last weeks Union Pacific operations not in cluded in last weeks statement.
 Todays shipment of gold, while it indi- cates certain relief available in case of un- dua ctr{r t,,t t1,a also indicates the belief that the present hardness of money rates is likely to endure for considerable time without relief It has come to be generally recognized that large imports of gold will be necessary to settle our existing trade balance with Europe. But the present hardness of money here, 1t was supposed, would be of short duration and would thus defer the gold movement as long as high rates con- tinue to prevail in London and eBrlin There was expectation after todays en- gagement was announced that there would be further gold importation next week.
 The stock market has been characteristic of the period immediately preceding the holidays. The dealings have averaged less than 200 900 shares day, and the move ment of prices has been sluggish and mar
 
 tion was due in part to the natural disposi- tion to close up accounts at the end of the year and partly to the neglect of business in favor of preparations for the holidays. There is a natural tendency for prices to sag in such market, but they have yield ed only slightly during the week. and have fully recovered. They were partly sustain ed by the strength of individual stocks due to special causes and partly by de- cline of the fears of any violent stringency fin the money market before the first of the year. Statements from the treasury de- pertinent at Washington make it evident that quantity of currency 6s are being presented for redemption sufficient to se- cure relief to the money market from the eects of the Union Pacific payments into the treasury. Last weeks payment (about sS,500,eo0> was turned into the treasury in cash.
 A ,iin.lar amount Is due to the treasury next Monday, but the secretary of the treasury announces he will have $4,00O. 900 of tliis amount on deposit in New York banks. if the government bonds as secur- jty are forthcoming The treasury depart