The Anaconda standard., 1898-01-01
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks,
Metal Quotations-Woo1 Prices and
Movements-Grain and Pro-
duce-Review OF Trade.

for the most part were trivial and are
divided among gains and losses without
much sembance of consistency or order.
The local traction securities were the Ia
vortes. as has been the case for many
days past. and they rose at one time
sharply above last nights level. under
the belief that they would benefit even II
the proposed rapid transit project was
consummated. Sugar was also strong
feature but held only Il fraction of its
gain.
News this morning from foreign ex-
changes dissipated all apprehension
caused by yesterdays reports that the
British naval reserves had been ordered
out. British consos advanced a fraction
in London, an unfailng barometer of
peaceful outlook. 4
relieved the uneasiness in speculative err
cles over the outcome of the great Dec M
Der deal. The bank statement was disie-
garded, 1t is so involved with the Tn
ion Pacific operation as to offer no indi-
cation of the drift of general conditions.
The somewhat contradictory firmness of
money and hardness of foreign exchange
continued to-day though both markets
We're very duh The sub-treasury had
81, ,4i6, 742 to pay at the clearing house to-
day. again rejecting the continuing re-
Punishment of the money market from
that source. There a disposition 10
make much of the exceedingly favorable
November statement of the Pennsylvan
system. The increase in gross earnings
for the whole system over last year was
81, ,492. 400, and the increase in net was
$7g0. 300
The week has been one of dulness on
the stock market. and outside of the new
specalties of highly speculative chalac-
ter, almost apathetic. Trading has been
in the hands of professional room traders
and outside interest has been insignificant.
Various causes have contributed TO the
dulness. The holiday season has kept
many dealers out of the market. Dealers
in the market have the habit common 10
all business men of closing up all ac-
counts with the end of the year as far
as possible and of taking account OF bust
ness before entering on new ventures
There has been liquidation of speculative
accounts during the week in accordance
with this custom. the effect of which has
been chiefly felt in the specialties recently
the favorites in speculation.
Profit taking in the stocks of local cor
poratons caused some sharp recessions
in values, but later developments have re-
suited in recoveries. The decisive factor
in restricting speculation, however has
been the stiffness of rates for money and
the apprehension that has grown less and
less the week progressed. Mondays
payments to the government by the Union
Pacific syndicate of almost SS500,0O0 ne
and consequently a disturbance of the
money market which even the elaborate
precautions of the banks and the govern
ment We're not wholly successful in avert
ing. OF the Union Pacific payments, $4,000,
600 was left on deposit in New York banks
and the $450OO00 paid into the treasury
was more than offset by amounts paid out
on account of Pacific bond redemptions
on Monday and Tuesday.
The money market has 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
exchange, which became pronounced on
Tuesday, reflects the confidence that rates
for money will work an easier basis
soon after the first of the year. Expert
estimates of the amounts to be disbursed
on January dividends and interest make
them for New York $50, 000 600 for Boston
Sl5000,000 for Philadelphia $l0,e0l090. In
estimating the future of the money mar
ket other facts can be considered. The
government has deposited in New York
banks more than S33. 900, 900 of the Union
Pacific payments. 1t is not intended to
draw upon any of this for the govern
ment's January interest payments which
will be made in cash, thus offsetting the
final payment of the Union Pacific syndi-
cate which comes due on Jan. ), and
which amounts to $500, 900.
The government deposits will be left in
New York banks until they desire to sur
render them. which. in the natural course
of things, will be soon the money
market shows a tendency TO become cas-
ier.
The seasons enormous trade balance in
our favor has left us large credits abroad
which are available resources in the
event of any great need here. But this
balance has been modified by the receipts
at San Francisco since Aug. ] of $11S15.-
COO in gold from Australia. which largely
represents payments of Australian in
debtedness to England by payment of
Englands debt to us. 1t is further modi-l
fled by sales Of foreign holdings Of Ameri-
can securities and by dividends and inter-
est to be paid on securities still held by
foreigners, both items being very difficult
to estimate. Prices generally. outside of Il
few of the specialties, are lower on the
week.
The bond market has shared in the dull
ness of the stock market during the week
but prices have been held firmer. L. s.
As both old and new issues, are 1, lower