The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-01
OF The MARKETS.


Continued from Seventh Page9
n. ably strong were Buffalo. Rochester.
and Pittsblrg preferred, which rose "a,
anl Buffalo Rochester and Pittsburg
C. mon, which gained 2 points American
Spi-its preferred also gained points.
Trere was considerable activity in the
Grangers with the cary strength, Bur
lna ton crossing par, but the net retro
cessions carrying prices below last nights
let"l. News from foreign exchanges dis
ipa ed al appre hension caused by reports
that the British naval reserves had been
called out. British consols advanced a
fraction in London, an unfailing barome-
ter Of peaceful outlook
The hrmness Of the wheat market ulsO
relieved the uneasiness in speculative cir
c.es over the outcome of the great wheat
deal The bank statement was disregard
ed. rs 1t is 50 involved with the Union Pa
cihc operation as to offer no ia lea ion
OF me drift Of general conditions. The
suo-treasury had $l4f67l2 to pay OF the
clearing house to-day, again rejecting the
con lnuing reD-enishment of the money
market from THAI source There was a
disposition TO make much of the exceed
lngly favorable November statement Of
the Pennsylvania railroad. The increase
in gross earnings for the whole system
over November of last year was slip. 400,
and the increase in net was $759 800 The
week has been one Of duilness on the
stock market. and outside of a few spec
ciaities OF a highly speculative character,
almost apathetic. The trading has been
in the hands Of The professional room trad
ers and outside interest in the market has
been significantly absent.
Various causes have contributed to the
dul.ncss. The holiday season has kept
many operators out of the market. Deal
ers in stocks have the habit common to
! all business men, OF closing up accounts
with he end of the year. as far as posi-
bic, and of taking account of conditions
/ ocfora entering upon new ventures. There
| has heen liquidation of speculative ac-
counts during the week in accordance
with mis- custom. the effect of which has
been especially manifest in the specaltes
recently the faVOrites in speculation
Proht-taking in the stocks of local cor
porauons caused sharp reactions in value,
but later developments have resulted in re-
| ccVeTies.
Mondays payments to The government
| by the Union Pacific syndicate OF almost
$S,5C0O0 necessitated an extensive shift
ing Of loans and the consequent disturb
ance Of the money market which even
the elaborate precautions Of the banks anc
the government were not wholly effective
in avcrting.
The money market had been replenished
by the redemption of Pacific bond redemp-
money have been pretty stiff. there has
been stringency. The hardening of ex-
change, which became pronounced on
Thursday. reflects confidence that rates
for money will work to an easier basis
soon after the first of the year Expert
estimates Of the amounts to be disbursec
IN January dividends and interest make
| them for New York $50 900 600; Boston. $15,-
OGO,CO, and for philadelphia, S1O.Og0OOO.
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 as soon as the money
market shows a tendency to become cas-
Ter. The seasons enormous 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 report at San
Francisco since August of $11. $4,000 in
gold from Australia, which largely repre-
sents p yments of Australian Indebtedness
TO England by payment of EngIand's debt
to us. 1t is further modified by sales of
/ Iofeign holdings OF American securities
and by dividends and interest to be paid
on securities stiu held by forei gners both
the items being difficult to estimate
Prices generally, outside of a few of the
speciaites are lower on the week. The de-
cline reaching points or over in Metro
poitan street railway, and some of the
coa.ers. Manhattan Is 25s higher.
The bond market has exhibited dullness
during the week, but prices were held firm
OF nave improved. United States As both
new and Old issues, are u lower, and the
IS Is lower.
The total sales of stocks to-day amount
ca l55,NJ shares, including Chicago. Bur
lngton and Quincy, 10,40O; Manhattan. g..
S0; Northern Pacific preferred. 4,9S7; Rock
Island, 9,l00; st. Paul, 9o05; American To
bacco, 1900; Sugar, PILES.
New York Closing Stocks.
Atchison ........ 12st st. p. & ON 7eal
40 PREF 49,. 500 do do pref 142 |