The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-12-25
the present hardness of money rates is

the present hardness of money rates is
likely to endure for a considerable time
without relief. 1t has come to be gen.
orally recognized that large imports OF
gold will be necessary to settle our ex-
listing trade balance with Europe, as
the expected import movement OF mer-
chandise does not develop.
But the present hardness OF money
has, it was supposed, wouId be of short
duration and would thus defer the gold
movement as long as high rates con-
tinue to prevail in London and Berlin.
There was expectation after the days
engagement was announced that there
would be further gold importation next
week.
The stock market has been charac
teristic of the period Immediately pre-
ceding the holiday dealings have aver
aged less than 100000 shares n day and
the movement of prices has been slug
gish and narrow, except in special cases.
This condltion was due in part to the
natural position to close up accounts
Mt the end of the year and partly to the
neglect Of business in favor of prepara-
tons for the holidays.
There is a natural tendency for prices
to sag in such market but prices have
yielded only slightly during the week
and have fully recovered. They were
partly sustained by the strength of In
dividaul stocks, due to SPECIAL causes
and partly by a decline OF the fears
Of any violent striDgency in the money
market before the first OF the year.
Statements from the Treasury Depart
ment that Washington make it evident
that a quantity of currency skies are
cling presented for redemption sufficient
30 insure relief to the money market
from the effects Of the Union Pacific
payments into the Treasury. Lasl
weeks payment (about $8,500,000) was
turned into the Treasury ia cash. A
similar amount is due TO the Treasury
| next Monday, but the Secretary of the
Treasury announces that he will leave
| "a 100000 of this amount on deposit in
New YORK. tanks if the government
| bonds as security are forthcoming The
Treasury Department estima es that dis
| 5ursements for redemption OF the Pacific
>onds up to December 9th will amount
| 70 $15,000,000. The payments hereto
| fore made by the Union Pacific synd;
! oate to the government are still on de.
| -osit in New York banks. 1t will thur
| he seen that the money market is Sc
|
| Union Pacific operations before January
list, after which the supply Of money
will be repleniShed by dividend and in
| terest disbursements. The accumula
| tons necessary for these disburcse
ments is still to he reckoned within the
| period before the new year. After that
date the final payment of $S,500,00 by
| the Union Pacific committee is 10 be
l 1a To- IN hn ut
| hand, the government will disuburse It's
interest obligations and redeem the re-
| alainder of the Pac.fe bonds II !;
,iimatcd that the government WI have
| cred:t hnlnnrn after tie clearings IN
cident to the Union Pacific payment, the
| redemption OF the Pacific bonds and the
,, naynlerts of January interest OF nearly
S20,000,000 which will be, for the time
Icing. on deposit In New York banks.
This balance Will be subject to with
drawal from the money market or to
the contingencies OF a possible con-
tinuing deficit in the government reve-
nues. The care with which these large
transactions have been arranged TO off
set one another is believed to have as
sured the country money supply
against any violation and sudden fluctu-
atlOnS, Dut the loan Tttp is expected 10
hold firm at or above the present rate,
for several weeks The marked weak
ness of foreign exchange, which is now
at as low a point as was reached during
the gold movement last September,
has proved sufficient TO bring gold as
shown by today's announcement of
$500.000 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 neayy
import movement Of gold later along
was considered certain. In this con-
nection it is to be considered that gold
received at San Francisco since Au-
gust list and now in transit from
Australia amounts to $11,S75,000. This
is in effect a liquidation Of Austrian in
debtedness to England by the payments
of England's t~Jt to US.
The bond market has been much
more quiet than for some time and
prices are little changed.
Government bonuS have been weak.
The new tours coupon are off 11k, do.
regular 1, old As regular - and the
SIS ss.
The total sales of stocks today were
2S3, 400 shares.
NEW YORK CLOSING STOCs s--w EST