The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-12-25

make Il evident that a quantity OF cur
rency skies are being presented for
protection sufficient 10 insure relief 10
the money market from the effects o.
the Union Pacific payments into the
treasury. Last weeks payment (about
S,5O00OQ) was turned into the treasury
In cash, A similar amount is due TO
the treasury next Monday, but the sec
rtinry Of the treasury announces that
he viii leave 100000 OF this amount
on deposit In New York banks IL the
government bonds as security are forth
coming. The treasury department es-
Inmates that disbursements for redemp-
ton Of the Pacific bonds up to Decem-
Der q Will amount 10 Sl5,00O,000. The
payments heretofore made by the I'm
lon Pacific syndicate to the government
are SIN on deposit In New
York banks, II will thus be seen that
the money market Is secured against
disturbances from the Union Pacific ops
erations before January !, after which
the supply of money will be replsnished
by dividend and Interest disbursements.
The accumulat!ons necessary for these
disbursements are still TO he reckoned
within the period before New Years
After that date the final payment OF
SS,5O000O by the Union Pacific commlt-
tee Is to be made on January 6. on the
other hand the government will dis
buTsa It's Interest obligations ami re-
deem the remainder OF the Pacific
bonds. II Is estimated that the govern
ment will have a credit balance after
the clearlngs incident to the Union Pa
clhc payment, the redemption OF the
Pacific bonds and the payments OF jan
uary interests OF nearly 10000 900, which
will be for the time being on deposit in
New York banks. This balance win be
subject to withdrawal from the money
market or to the contingencies OF pos
slble continuing deficit on the govern
ment revenues. The care with which
these large transactions have been ar
ranged to offset one another IL believed
to have assured the countries money
supply against any violent and sudden
fluctuations, but the loan rate Is expect
ed to hold firm or above the present
rate for several weeks. The marked
weakness of foreign exchange, which
Is now at as low point as was reach
ed during the gold movement OF last
September has proved sufficient 20
bring gold as shown by to-day's an
nouncement OF 100000 coming from
London. In view OF the high money
rate in the Berlin and London markets
this comes as something OF surprise,
though a heavy Import movement of
gold later along was considered. In
this connection II is TO be considered
that gold received at San Francisco
since August and now In transit from
Australia amounts to Sl1,S75,0OO. This
is In effect liquidation OF Australian
Indebtedness to England
The bond market has been much more
quiet this week than for some time and
prices are little changed,
oyernment bonds have been weak.
The new as coupon nre off IL per cent;
do registered per cent old As regis
tered x, and the SIS q per cent.
Evening Posts London financial ca
blegram:
The stock markets here were quiet,
but good to-day, Americans we're
strong, being bought by New York and
the continent. Northern Pacific, st.
Paul and Louisville & Nashville were
chiefly favored, The close was firm.
Money is expected to he dear for the
general settlement, which will begin on
Tuesday next To-day the market was
lgm.
The Paris and Berlin markets were
steady.
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