The San Francisco call., 1898-01-01
EASTERN MARKETS.
NEW YORK STOCK MARKET.

Z NEW. YORK, Dec Sl.-To-day's market for stocks was very dull. and net changes for the most part were trivial and are divided among gains and losses, without much sem blance of consistency or order. The local traction. securities were the. faxorites, as has been the case for many days past, and they rose at one. time sharply above last night $ level. under the belief that they would bene- it even il the proposed rapid transit project was ;consummated.. Sugar was also a strong feature and rose at one time 12, but held eniy ' traction of that amount. E. News this morning from foreign exchanges diSsipated all apprehension caused by yester3 day $ reports that the British Naval Reserves had been ordered out. British consols ad- barometer of~ peaceful outlook. The nrm- ! ness or the: wheat market also relieved the uneasiness in speculative: circles over the out . come of the great December deal. The bank statement was .disregaEied, as 1t is so in :VolXed with the Union Pacific operation as to offer no indication of the drift of general con ditions.5 The somewhat contradictory firm ness of money. and, hardness OF foreign ex- change continued to-day though both mar S1s446,742 to pay at the; Clearing house to-day, again rehecting the continuing replenishmeni | of the money market from that source. There was a disposition to make much of the ex- eeedingly favorable November statement of gross earnings for the Whole system over No VeHlber5 Of last year. was $l is2, 4e0; and the increase in net was S759s 300. l.: - The week has been one of dufiness, on the stock market, and. outside of a. few special ties of.a highly speculative; character, almost F apathetie: Trading has: been in the hands of professional room. traders, and outside in terest has been insignificant. Various causes have contributed to the :dullness.9 The holiday season has kept many dealers out of the markets. Dealers in. the markets have the habit common to all business men Of closing up all accounts: with the end of the year as far as possible and of taking account of. busi+ ness before entering -on new ventures. There has been liquidation of speculative accounts during the week in. accordance with. :t this custom, the effect. of: which has been chiefly felt in the specialties recently the favorites in
 Proft-taking in stocks of: local ;corporations caused some sharp recessions. in values, but later developments have resulted in recover ies. The decisive factor in restricting specu- lation, however, has been the stiffness of the rates for money and the apprehension that has Mondays payments to the Government by the Union Pacific syndicate of almost; $Ss5oO. 900 consequent disturbance of the money market
 which even the elaborate precautions of the averting. Of the Union Pacific payments A. 900, 900 was left on deposit in New York banks and the st,SoO oog paid into the Treasury, was more than offset by amounts paid out on account of Pacific bond redemptions on Mon day and Tuesday. The money market ha s been replenished by additional amounts on this account each day of the week, and. although rates for money have been. pretty stiff,: there has been no stringency. The hardening Of ex- change, which became pronounced on Thurs day, reflects the confidence that rates for money will work to an easier basis soon after
 
 amounts to be disbursed on January dividends and interest make them for New York s9O, O00 : 900; for Boston, $15, 000 0O0 and for Philadelphia
 Sl0, OOOOO0. In estimating the. future of the money market other facts can be considered
 The Government has deposited in New York banks over S33, 000, 900 of the Union Pacific pay ments It is not intended to draw upon any Of this for the Governments January inter est payments, which will be made in cash: thus offsettng the final payment of the Union Pacific syndicate which comes due on Janz uary ,, and which amounts to SS 5OO, GOO: '; =
 The Government deposits will be left in New York banks until they desire to surrender them, which, in the natural course of things
 will be as soon as the money market shows tendency to become easier. The season s enormous trade balance in our favor has Jeff us large credits abroad, which are available resources in the event of any great need here
 But this balance has been modified by the re- ceipts in San Francisco. since August I of sif : Sl5.oOO in gold from Australia. which largely represents payments of Australian indebted
 ness to England by payment of England's debt to us. It is further modified bv soJes of foreign holdings of American securities and b,, dividends and interest to be paid on Securities still held by foreigners, both the items heinz very difficult to estimate. Prices peneraiiS, outside Of few. of the specialties are lower
 The Bond market has shared in the d,IIness or the Stock market during the week but prices have been held firm or have imnrovad
 lower bid and the 5's 1s lower N
 Total sales of stocks to-day 15s BOO sbaras
 Including: C. B. & O.. 10 425: Manhattan oe , 566 Northern Pacific preferred l3s7. pocl, Island. 3l25; St. Paul. 9005; American sTobacco
 4035; Sugar, 27, 155.