The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-12-25
NEW YORK MARKETS.



rail companies shares. which have been
such a notable feature of the stock market
all the week, opened with further bound
We're sharp reactions during the day on
profit taking. these stocks closed at the
highest. Third Avenue added points TO
It's prica a gain OF 2 points for the week.
The weeks gains were also extended 10
Metropolitan Ga and Manhattan III. The
great buoyancy Of this specially spread
through the list. reaching first the securi-
ties or other local corporations, then the
industrial specialties and generally the
railway list. The prices IN the Industrials
and In the Changers were at one time from
to points above last nights close. The
high point was not fully maintained at the
close in the general list, but substantial
net gains are the rule
During the afternoon the market took
on a distinctively holiday character and
fell at times into stagnsncy. prices yield
ing sharply. but being restored by the final
stiffening in Metropolitan Street Railway
and Third Avenue
There was no particular news to account
for the movement in prices, though the
bank statement. with its further decrease
Of over 81. 900 in the surplus revenue.
had the effect OK checking the activity in
the market for the time being. In fact.
the market did not take on the same ami
nation during the remainder OF the day.
even when the announcement was made OF
the engagement for shipment from Eng
land by the United States steamer OF $780,
900 in gold.
Inc Dank statement was ABOUT what was
expected and reflected a portion of last
weeks Union Pacific operations. not In
Guided In last weeks statement. The heavy
balances OF over s., 00o. 900 In today's clear
ing statement undoubtedly reflect opera
tons in connection with Mondays pay
ment of S, 800 600 on account OF the Union
Pacific sale. The days shipment Of gold.
while 1t indicates certain relief available
I'm case Of undue stringency in the local
money market, also indicates the belief
that the present hardness OF money rates
is likely TO endure for considerable time
without relief 1t has come TO be general
~ recognized that large imports OF gold
will be necessary to settle our exporting
trade with Europe. as the expected export
movement OF merchandise does not de-
velop. But the present hardness Of money
here, 1t was supposed would be or short
duration. and would thus defer the gold
movement as long as high rates continue
was expectation, after today's engagement
was announced, that there would be fur
Their gold Importation next week.
The stock market has been character
istic OF the period Immediately preceding
the holidays. Dealings have averaged less
than 2i0. coo shares day and movement Of
prices has been sluggish and narrow. ex-
cept in special cases. This condition was
due in part to the natural disposition TO
close up accounts at the end OF the year.
and partly TO the neglect OF business in
There is a natural tendency for prices to
sag in such a market. but prices have
yielded only slightly during the week.
atregS YER individual Paf s,oes due 70 s
cisl causes, and partly by decline OK the
fears of any violent stringency IN the
money market before the first OF the year.
Statements from the treasury depart
ment az Washington make II evident that
a quantity OF currency IS ls being pre-
sented for. redemption, sufficient TO insure
relief TO the money market from the effects
OF the Union Pacific payments into the
treasury Last weeks payment tabous
s. so 0ssD was turned into the treasury IN
cash. A similar amount is due the treas
ury next Monday. but the secretary OF the
treasury announces that ne viii leave
81 GO 900 OF this amour: on deposit In New
York banks If the government ponds as
security are forthcoming. The treasury
department estimates that disbursements
for redemption Of the Pacific bonds Up 10
December g will amount TO sl5"a.vlo
The payments heretofore made by the
Union Pacific syndicate 10 the government
are still on deposit In New York banks. II
will thus be seen that the money market
is secured against disturbance from the
Union Pacific operations before January J..
after which the supply OF money will he
replenished by dividend and interest dis
tyr~ensnts The accumulation necessary
for these disbursements is sun to De TICK
After that date, the rnai payment or
$. GO by the Union Pacific committee
Is 10 be made on January D. On the other
hand the government Will 6isbu-ss is In
saraS+ ohlgra .tyrs and redeem the remain
der OF the Pacific bonds.
II Is estimated that the government VIII
have q credit bslance after the eisariilgs
incident TO tire Union Pacific payment the
reieernfrg Of the Pacific bonds and the
payments CT January interest OF nearly
saos.e 90 which will be, for the tine be-
lrg on deposit IL New York banks This
balance will be subject 20 withdrawal from
the money market or 20 the contingency
os a possible continuing deficit N the rev.
eruss The care with which these large
transactions have been arranged 10 offses
one another IS believed 20 have assured
the Nog1ntry's money supply against any
violent and SsSEs6sa fluctuations, but the
loan rate Is expected 10 hold fTTa ~ or
: hora the present rate for several weeks.
TIRE marked wea knees % foreign ex-
change. which g row at as low point az
vs-ss reached during the gold movement OF
fast September. has proved sufficient 90
rrinx rngd as shown by today announce
raent q ssaa.esa coming from London In
yiew ~ the high money rate II the Bs-3ia
arS 1o.-,Eor markets. this comes as SOME
.ryr = Of a surprise though heavy import
movement o. gold later along was cons4d-
cred certain IN this connection Il - 20
ha considered that gold received at san
Francisco since August ana I.o@ "a =, 1Ea AZ.
81. from Australia. amounts 20 - fts.sssi
rT~rfs ia in effect g l2quS3ataou ~ AUSTRALIAN
Indebtedness 20 England ~ the payment
az Engiard's deos 10 Es4
Ths bond market has been much more
cr1e. this week than Tor some 14iEis' Afs
Governments bonds have eeer weak The
rex a. coupon are os@ Ia rew Is regis
tered J. cd Is registered "a aa2 me - -
Money and Exchange.
Money on call, firm 81 80 Per cant; last
frsar : yses cent, e4n@1c. --z@S per cent
Prize mercantile paper, 1axx4 Per cent
Sterling exchange chc-ed scuse. "Nn a.