The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-12-25
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks,
Metal Quotations Wool Prices and
Movements Grain and Pro-
duce-Review of Trade

market all week, opened with a further
bound upwards this morning and though
there were sharp reactions during the day
on profit-taking. the stock closed at the
highest. Third Avenue added seven points
TO its price. making 4 gain OF - points
for the week. The weeks gains were also
extended to Metropolitan, aie. and Man
haitian, IL points. The great buoyancy
in this speciality spread through the list.
reaching first the securities of other local
corporations, then the industrial special
ties, and generally the railway list. The
prices in the industrials and the grangets
were at one time from to two points
above last nights close. The high point
was not fully maintained At the close III
general but substantial net gains ale the
rule
During the afternoon the market took
on distinctively holiday character and
fell at times into stagnancy. prices yield
ing sharply, but being restored by the
final stinening in Metropolitan Street
Railway and Third Avenue.
There was no particular news to ac-
count for the movement III prices, though
the bank statement with lis further de-
crease of more than 100000 in the sur
plus 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 TIE
announcement was made of the engage
ment for shipment from England by the
United states steamer of $4,000 in gold.
The bank statement was about what
was expected and reflected a portion of
last weeks Union Pacific operations not
included in last week $ statement The
heavy balances OF over S.0B0.t0O I'm to-
day clearing statement undoubtedly re-
fleet operations i'll connection with Men
days payment of sS 800. 900 on account OF
the Union Pacific sale The days ship
ment of gold. while il indicates certain
relief available in case of undue strn-
gency in the local money market also
indicates the belief that the present hard
ness OF money rates Is likely to endure
for a considerable time without relief.
II has come to be generally recogniz d
that large imports of gold will be nee
essary to settle our exchange trade bal
ance with Europe. as the expected export
movement OF merchandise does not de-
Nelop. But the present hardness of money
here 1t was supposed would be Of short
duration. and would thus defer the gold
movement as long as high rates continue
to prevail in London and Berlin. This was
the expectation after to-days engage
ment was announced there would be no
further gold Importation next week.
The stock market has been Characters
tic of the period Immediately pre- cedng
the holidays. Dealings have averaged less
than 200 900 shares a day and the move
ment of prices has been sluggish and
narrow except in special cases. This con-
dition was due IN part to the natural dis
position TO close up accounts at the end
of the year and partly Ia the neglect OF
business in favor OF preparations for the
holidays. There is Il natural tendency for
prices to sag in such Il market, but prices
have yielded only slightly during the
week. They We're partly sustained by the
strength Of individual stocks due To sBe-
cial causes and partly by decline of the
fears Of any violent strngency in tile
mon.y market before the first Of the
year.
Statements from the treasury depart
ment at Washington make il evident that
u quantity Of currency SIS are being pre-
scented for redemption, sufficient To insure
relief To the money market from the ef-
fleets of The Union Pacific payments into
the treasury tabout $3.50 900 was turned
into the treasury III cash. similar
amount IS due the treasury next Monday.
but the secretary 81 the treasury am
nounces that he will leave $1,000. 001 of this
amount on deposit IL New York banks II
the government bonds as security are
forthcoming. The treasury department
Inmates that disbursements for the r.
demption of the Pacific bonds up to Dec
y will amount 10 So 600. 900. The payments
heretofore made by the Union Pacific syn
dictate TO the government are still on de-
post in New York banks. IL will thus he
seen that the money market il secured
against disturbance from the Union IA
citic operations before Jan. l. after which
the supply of money Will be replenishtd
by dividend and interest disbursements
The Accommodations necessary for these
disbursements is sill to be reekoned with
in the period before New Years. After
that date the final payment of IS go Glo
BY the Union Pacific committee is 10 be
made on Jan. 3. On the other hand the
government will disburse its interest OBJ
legations and redeem the remainder of
ha fl. ~ 3u 81
the government will have a credit bal
ance after the elearings incident To the
Union Pacific payment, the redeeming OF
the Pacific bonds and the payments Of
January interest Of nearly s-000J.0t0,
which will he for the time being on de-
post III New York banks
This balance VIII be subject to with
drawal from the money market or 10 the
contingency of a possible continuing de
ficit in the revenue. The ease with which
these large transactions have been
ranged To offset one another is believed 10
have assured the countrS's money sup
ply against any violent and sudden tiuc-
tuations but the loan rate Il expected
Ii hold trm at above the present rate
for several weeks.
The marked weakness Of foreign ex-
change which Is now Al as a low ii point
as was reached during the gold move
ment III Last September. has proved SUIT
Client 10 bring gold, as shown By to-day
announcement OF s5oo,U99 coming from
London. IN view of the high money rate
in the Berlin and London markets this
comes as something of a surprise. though
a heavy import movement OF gold later
along was considered certain In this
connection IL Is to be considered that
gold received al San Francisco since Aa-
gust / and now in transit from Australia
amounts 70 81. 1000. This is in effect u
liquidation of Australian Indebtedness To
England b. the payment of England