The herald., 1897-12-25
ON CHANGE
What Was Done Yesterday on Wall
Street


NEW YORK. Dec. 24.-The local street
railway companies shares, which have
been such 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. Th!rd-avenue added seven points
to it's price, making a gain of twenty-five
points for the week. The weeks gain was
also extended to Metropolitan to 9h and In
Manhattan to 5H. The great buoyancy IN
this specially 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 in the grangers
were at one time from one to two 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 stagnn-
ton, prices yielding sharply, but being re-
stored. There was no particular news to
account for the movement in prices. The
market did not take on the same anima-
tion again during the remainder of the day
even when the announcement was made
of the engagement for shipment from Eng
land by tomorrow's steamer of s5O0,000 In
gold.
The bank statement was about what was
expected. The heavy balances of over
$9.0OoOOO In todays clearing house state
ment undoubtedly reflects operations in
connection with Mondays payment Of
$s,JOO,0N on account of the Union Pacific
sale. The days shipment of gold, while
1t indicates 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
m dtrrn fnr ct = "a.
relief. There was expectation after today's
engagement was announced that there
would be further gold importation next
week.
The stock market has been characteris-
tic of the period Immediately preceding the
holidays. Dealings have averaged less
than 100000 shares day, and the move
ment OF prices has been sluggish and mar
row, except in special cases. 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. Statements from the treasury de-
partment at Washington make 1t evident
that quantity of currency 6's are being
presented for redemption sufficient to in
sure relief to the money market from the
effects of the Union Pacific payments into
the treasury. Last weeks payment (about
$S,oOO,OO0) was turned into the treasury in
cash. A similar amount Is due at the
treasury next Monday, but the secretary
OF the treasury announces that he will
loave W,OOO,O0O of this amount on deposit
In New York banks, II the government
bonds as security are forthcoming. The
treasury department estimates that dis
pursements for redemption of the Pacific
bonds up to Dec. 9th will amount to s15.-
100000. The payments heretofore made by
the Union Pacific syndicate to the govern
q
banks. 1t will thus be seen that the money
market Is secured against disturbance
from the Union Pacific operations before
Jan. 1st, after which the supply of money
will be replenished by dividend and in
terest disbursements. The accumulations
necessary for these disbursements are
still to be reckoned within the period be-
lore New years. After that date the final
payment of $S,5o0,00 by the Union Pacific
company is to be made on Jan. 5th. On the
other hand the government will disburse
Its interest obligations and redeem the re-
mainder OF the Pacific bonds. It is esti-
mated that the government will have a
credit balance, after the clearings moi
dent to the Union Pacific payment, the
redemption of the Pacific bonds and the
payments OF January interest of nearly
$20,0000O0, which will be for the time being
on deposit In New York banks. This bal
ance will be subject to withdrawal from
the money market or to the contingency of
a possible continuing deficit in revenues
The care with which these large transac-
tions have been arranged to offset one
another is believed to have assured the
country's money supply against any vio-
lent and sudden fluctuations, but the loan
rate Is expected to hold firm at or above
the present rate for several weeks.
The marked weakness of foreign ex-
change which Is now at as low a point as
was reached during the gold movement Of
last September, has proved SUFFICIENT to
bring gold, as shown by today's announce
ment of $500, 900 coming from London. In
view of the high money rate in the Berlin
and London markets, this comes as some
thing Of surprise, though a heavy i'm
port movement Of gold later along was
considered certain. In this connection 1t
is to be considered that gold received at
San Francisco since Aug. 1st and now In
transit from Australia, amounts to 81 175, :
900. This is in effect liquidation OF Aus
tralian indebtedness to England by the
payments Of England's debt to US.
The bond market has been much more
quiet this week than for some time and
prices are little changed.
I Government bonds have been weak. The
new Is coupon are OF ~: do registered, i;
old Is registered. h and the SIS. X.
Closing Stocks
NEW YORK. Dec. N.-The following
were the closing quotations today;
Atchison ..'''. - is,> - do pfd.; .1.sM
es1si%0rs esnaa. ssesc q; a q, Dc ptd 1ss,.
Canada South e1s Southern Pac. :. 2OX
central Paciac. l7n Southern Ry..,. o.
Chen a OhiOb "a do MA a0Sl