The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-25


New York, Dec. 24.-The local street
railway companies shares, which have
been such 4 notable feature of the
stock market all the week, opened with
further bound upwards this morning,
and though there were sharp reactions
during the day on profit taking, these
stocks closed at the highest. Third
Avenue added seven points to its price,
making a gain of - points for the
week The weeks gains were also eX-
tended to Metropolitan, 912, and Man
haitian, ~ The great buoyancy in
this specially spread through the list,
reaching first the securities of other
local corporations, then the industrial
specialties, and generally the railway
list. The prices in the industrials and
in the grangerS was at one time from
one to two points above last night s
close. The high point was not fully
maintained at the close in the general
list, but substantial net gains are the
rule.
HOLIDAY APPEARANCE.
During the afternoon the market
took on a distinctively holiday charac-
ter and fell at times into stagnancy
prices, yielding sharply, but being re-
stored by the final stiffening in Metro
polital Street Railway and Third Ave
nue.. There was no particular news to
account for the movement in prices,
though the bank statement, with its
further decrease of over $4,000, 900 in
the surplus reserve, had the effect of
checking the activity in the market for
the time being. In fact, the market
did not take on the same animation
again during the remainder Of the day,
even when the announcement was made
of the enga cement for shipment from
England by the United States steamer
of S5G0 0G0 in sold.
AS EXPECTED.
The bank statement was about what
was expected and reflected a portion
OF last weeks Union Pacific operations
not included in last weeks statement.
The heavy balances OF over IS, 000, 900 in
today's clearings statement undoubted-
ly reflect operations in connection with
Mondays payment of SS,500,o00 on ac
count of the Union Pacific sale. The
days shipment of gold, while it indi
Gates certain relief available in 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 a considerable time
without relief. 1t has come to be gen
orally recogn .Zed that large imports OF
gold viii be necessary to settle Our
existing trade balance with Europe, as
the expected import movement of mer-
chandiSe does not develop. But the
present hardness of money here, it was
supposed, would be of short duration,
and would thus defer the gold move
ment as long as high rates continue to
prevail in London and Berlin. There
was expectation after today's engage
ment was announced that there would
be further gold Importation next week.
MARKET SLUGGISH.
The stock market has been charac-
teristic of the period Immediately pre-
ceding the holidays. Dealings have
averaged less than 100000 shares a day,
and the movement Of prices has been
sluggish and narrow, except 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
favor of preparations for the holidays.
There is a natural tendency for prices
to sag in such market, but prices
have yielded only slightly during the
week They were partly sustained by
the strength of individual stocks, due
to special causes, and partly by de-
cline of the fears of any violent strin-
gency in the money market before the
first Of the year.
RELIEF OF MONEY MARKET.
Statements from the treasury de-
partment make it evident that a guam
tity of currency skies are being pre-
scented for redemption sufficient TO en-
sure relief to the money market from
the effects Of the Union Pacific pay
mentS. into the treasury. Last weeks
payment (about S., 500, 000) was turned
into the treasury in cash 4 similar
i
day, but the secretary of the treasury
announces that he will leave $4,000, 900
of this amount on deposit in New York
banks if the government bonds as Sc
curity are forthcoming. The treasury
department estimates that disburse-
ments. for redemption az the Pacific
bonds up to Dec. - viii amount 10 S15-
100000. The payments heretofore made
by the Union Pacific syndicate to the
government are StilI oH deposit in New
York banks. Ii viii thus be seen that
the money market IS secured against
disturbance from the Union Pacsnc op-
erations before Jan. 1, after which the
supply Of mcaey win be replenished by
dividend 2ad interest disbursements is
still TO be reCls0ued with in the period
before new years. After that date the
final payment of $S,500,000 by the Union
Pacific committee is to be made on
Jan. ). on the other hand the govern
nl9NL Will ulSburSe It's interest ODlSa-
tons and redeem the remainder on the
Pacific bonds.
CREDIT BALANCE.
Ii is estimated that the government
Will nave y credit balance after the
clearings incident to the Union Pa
cific payment, the redeeming of the
Pacific bonds and the payments of
January interest of nearly $4,000, coo,
which VIII be for the time being Oh
deposit in New York banks. This bal
ance viii be subject TO withdrawal from
the money market or to the contin-
gency Of a possible continuing deficit
In the revenues. The care with which
these large transactions have been ar
ranged to offset one another is be-
lieved to have assured the countrys
money supply against any violent and
sudden fluctuations, but the loan rate
is expected to hold firm at or above the
present rate for several weeks.
FOREIGN EXCHANGE.
The marked weakness of foreign ex-
change which is now at as low a point
as was reached during the gold move
,,,a,,f of last Santpra her has nrOved cl1f-