The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-12-25
Sound Upward and Closed al the Highest
.$, Point Of the Week.
BuoYAAcY SPREAD THROUGH THE LIST
me a H's y Of Prices in ,ho,Inaus,rIa,
ana in p Grapsers was a. ono
Time In, l I" 9 roin'. Anove rnnrs>
day NEE; saaas-Mernes 1>, ,.,..
TO- stag.
noal,

r wv YORK, Dec 24.-The local street
cen such. a notable feature in the stock
market all, the week, opened with a fur
:her bound upwards this morning, and
the day on profit taking these stocks
closed at the highest. Third avenue made
q gain Of 22 points for the week. The
T0politan to 94 n in Manhattan TO 5k.
Ihe great buoyancy in these specialties
spread through the list.
Iho level of prices in the Industrials
ana IN the Changers was at one time from
1 to 2 points above last nights close.
a dtst!nctively holiday character and fell
at times into stagnation. There was
no ,particulaa' news to account for the
statement with its further decrease of
over -, Go; ooo in the surplus reserves,
the market for the time being. In fact
the mar Sket did not take on the same
animation n again during the remainder Of
was mado Of the engagement for ship
ment from England by to-morrow's
steamer of $500 coo In gold.
y bank statement was about what
last weeks Union Pacific operations, not
included in last weeks statements. The
heavy alamo of over s9,00O,0oo in to-
days Clearing House statement 5undoubt-
edly reflect operations in connection with
count of the Union Pacific sale. To-day's
SHIPMENT OF gold. while it indicates Ger
am relief available in case of undue
irlngencySi In the local money market
also indicates the belief that the present
hardness OF money rates is likely to en-
~ LOT a considerable time without re-
iieI. II has come to be generally recog-
nized that large imports OF gold will be
necsssary to settle our existing trade ball
movement OF merchandise does not de-
ueiop. But the present hardness Of mon
sSSo rtf aur II t, WAS SUPPRESSED would be of
Soiu movement as long as high rates con-
tinue to prevail in Iondon and Berlin.
lnere was expectationl after to-day's en-
there would be further gold impor, t nat
nSa /, W week Elk The stock market has been
preceding the holidays. Dealings I haySs
averaged less thar 100000 shares a dny
an1 tne moyement OF prices has beer
cases! This condition was due in BART to
tho natural disposition TO close IN nc.
to the neglect ne ies e of 6 on i n year and partly
Preparations for the holidays. y
There is a natural tendency for prices
yielded only slightly during the week n anG
nave fully recovered. They were partly
sustained by the strength of Individual
bE a decline Of the fears OF any Violent
AZ 9hbFi1Gency IN the money market before
the rrea s ol th EoD year ca statements from
mako It evident that a quantity OF cur
deney skies are being presented for re-
" insure reliGf to the
money market from the effects OF The
Smion Faeihc into the Trca-
$S,5O0.e was turned Into the Treassrv
IN cash. a similar amount Is due 10 Tho
treasury next Monday, but the Secre-
tary of the Treasury announces that ln
Will leave $4,000. 900 of this amount on do
post In New York banks If the govern
rnent ponds as security are Forthcoming
Inc Treasury Department estimates that
endorsement for redemption Of the Pm.
ellie bonds up to December 27 will amount
10 5l5,Wo,cW h payments heretofore
MADE by the Union Pacific syndicate 10
the government are still on deposit in
New York banks. 1t will tn S be seen
mat the money market Is secured against
disturbance from the Union Pacific oner-
atoms before January LIST, after which
Dy dividend and interest disbursements
h denominations necessary for these
disbursements Is still to be reckoncd with
In the period before. Jew Years. After
that due the final payment OF $500 $50
by the Union Pacific committee is 10 he
made on January 5. On the other hand
the government will disburse Its Interest
oblisattons and redeem the remainder OF
the Pacific bonds. 1t is estimated ibnt
the government will have a credit bnI-
itnce. after the clearings incident TO the
Union PACIFIC payment. the REDEMPTION OF
me Pacific bonds and the IN of
january interest of nearly $50, 900, 900 which
VII be. for the time being. on dcnosit in
New York banks. This balance will he
subject 10 Withdrawal from the money
market or to the contingencies of n pos
ssble continuing deficit in the government