The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-25
REVIEW OF THE MARKETS
Continued from Seventh Page)

sag IN such market but they have yield
ed only slightly during the week, and
nave fully recovered. They were partly
sustained by the strength of individual
stocks, due 10 the special causes and part
ly by the decline in the fears of a violent
strlhgency IN the money market before the
first of the year
The statements from the treasury de-
partment make 1t evident that a quantity
or currency skies are being presented for
redemption sufficient to secure relief to the
money market from the effects of the I'm
ion Pacific payments into the treasury.
Last weeks payments (about SS5OO.OOM
was turned into the treasury in cash. 4
similar amount is expected by next Mon
day, and the Secretary of the Treasury
says he Will leave about 100000 of this
amount on deposit in New York banks, If
government bonds as security are forth
coming.
The treasury department estimates that
the disbursements for the redemption of
the Pacific bonds up to Dec q will
amount to $15,000.OO0. The payments here
tofore made by the Union Pacific syndi-
cate to the government is still on de-
post in New York banks. It will thus be
seen that the money market is guarded
against the disturbance of the Union Pa
cific until Jan. l, after which the supply
of money will be replenished by dividend
and interest disbursement.
Money will be replenished by dividend
and interest disbursements The accu-
mutations necessary for these disburse-
ments is still to be reckoned with in the
period before new years. After that date
the tnal payment of IS, $780, 900 by the Union
Pacific Company to be made on Jan. s. On
the other hand the government will dis
burse its interest obligation and redeem
the remainder of the Pacific bonds II Is
ESTIMATED that the government will have
credit balance after the clearings Incl
dent to the Union Pacific payment. the re-
demption of the Pacific bonds and the paw
ments Of January into nearly $4,000 900,
which will be, for the time being, on de-
post in New York banks This balance
Will be subject to withdrawal from the
money market or to the contingencies of a
possible continuing deficit in the govern
ment revenues.
The care with which these large trans
actions have been arranged so as to offset
one another is believed to have assured
the company money supply against any
Violent fluctuations, but the loan rate is
expected to hold firm or above the pres
ent rate for several weeks
Marked weakness of foreign exchange
which is now at as low point as reach
ed during the gold movement Of last Sep
tember, has proved sufficient to bring
gold, as shown by to-day's announcement
OF $4,000 coming from London In view
VI tHe nlBu money rate noted in the Ber-
I'm and London markets, this is something
OF surprise, though very heavy import
movements of gold later on is considered
certain. In this connection it is to be
considered that the gold reaching San
francisco since Aug. 1 and now in tran
SIT from Australia, amounts to 81. S75 600.
rms Is in effect a liquidation of the Aus
trahan Indebtedness to England by the
payments of England's debt to us.
Inc bond market has been much moro
quiet this week than for some time and
prices are little changed Government
bonds have been weak. The new As coup
are off rs; do registered l.; old As reg.
", and the 5s, Is.
Total sales of stocks to-day 283 400. in
Guiding 2O7SO Chicago, Burlington and
Quincy 4,O65 Manhattan, u, 1870 Metropol-
itan ftreet Railway, 1856 Missouri Pacific.
4,slO New Jersey Central, 1870 Northern
Pacific, 1850 Northern Pacific preferred
$500 Reading, 9,525 Rock Island. Il. 5S5 ST
PAU, 1887 American Tobacco, CTS Chica
go Great Western, 1850 Peoples Gas.
1910 Colorado Fuel and Iron, 1850 Lead,
$500 Sugar, 7,181 Western Union
New York CLOSING Cf0o1ro