The Anaconda standard., 1897-12-15
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News Mining Stocks,
Metal Quotations-WoolP Prices and
Movements-Grain and Pro-
duce-Review of Trade.

New York, Dec. 14.-There was a dispo-
stion to-day on the part of holders of
stocks to realize profit on Central Pacific,
and the bears helped along the reaction
by free short selling. There were one or
two exceptional instances of strength in
the market and some covering by shorts
before the close by the timid bears, so
that net declines do not indicate the eS-
treme fall in prices But the general tone
of speculation was heavy and no aggres-
sive disposition to buy was manifest.
The firmer tone of the call money mar
ket was undoubtedly the cause OF the
halt in the bull movement. The decrease
in cash holdings by the banks shown
by Saturdays statement and the shrink
age in surplus reserves 10 below SH.eea,-
U0u were fewer and the money situation
will be accentuated during the week. The
announcement from Washington that the
bonds maturing on Jan. !. known as cur
rency IS will be paid off on Dec. a. bears
OH the situation. The aggregate of these
bonds, S29. 904 81. and their redemptions
will about offset the payments already
made TO the government on account of
the Union Pacific sale. which amount to
500 5U9 775. The government will disburse
over 81 600. 900 in interest on Jan. ]. The
balance which the Union Pacific reorgan-
zatiqn committee is still TO pay the gov
ernment amounts to $25, COZ, and of this
amount S. 5o0,0 900 will be paid this week,
and the remainder by the first week in
January. II will be seen that the bal
ance in favor of the treasury will amount
to nearly $50. 900 900. 1t is not expected
that this amount will be suddenly with
drawn from circulation, but will be al
lowed to remain ON deposit for the pres
ent in national banks in this city.
But the continuing deficit in the reye-
nues, which has fed a constant stream
into the money market. has been recog
nized as a factor in the ease Of money
rates and the completion of these opera
tons will put a new phase on that con-
dition. Rates for call loans were not
above 2l2. but were not below per cent.
The market was almost wholly technical
and the strength OF the coalefs with no
news to account for it. serving to sus
tain values somewhat. Northern Pacific
preferred was in good demand all day
and closed at 60.
The specially weak features were Con-
solidated Gas. which was at times down
3l2 Manhattan, which receded two points.
and Sugar, which fell below yesterdays
price after an opening gain under pressure
of heavy liquidations and remained there
all day Metropolitan Street Railway de-
clined 1A and scored almost a full recos
cry. Otherwise the heaviness of stocks
and the days decline was quite uniform
throughout the list, fractional losses be-
ing the rule. The dealings in active Sc
curites in small lots continued to be
feature. The high grade investments
We're the favorites The bond market
showed a decided decrease in activity to-
day, the high grade issues continuing TO
improve but some of the speculative
bonds showing losses. Total sales. s.. 80 :
COO
L. S. IS were 1sc bid higher.