The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-12-24

NEW YORK, Dec. 23-The all-im-
portant considera ton affecting the
stock market today was the decision
arrived at by the clearing house COM
mittee at q, meeting on Sunday at the
house of President Lappan of the Gal
latin National bank, and cabled at
midnight to London, recommending
that the issue Of clearing house loan
certificates be made at once if neces-
sary. There is excellent authority for
the belief that this timely action
turned the sentiment in London to the
bull side of our securities and Incl
dentaily Stemmed the Semi-panic here.
The very disproportionate engagements
Tor gold for shipment to Europe on
Wednesday to the previous large esti-
mates were also attributed to this in
fuence. The days operations exhibit
ed a decided and wholesome contrast
TO the panic of Friday and Saturday
The volume of business was we'll dis
tributed, but the dealings shrunk to
an aggregate of about $4,000 shares
below Fridays grand total The main
interest before the opening here
logically centered in London prices for
our securities and as the cables re-
corded advances up to 32s in St Paul.
forecasts Of a good rally in the local
were maze. 1t Is
also known that large buying orders
had been received for foreign account
to be executed in this market. Accord
ingly amid considerable excitement,
the initial prices were moved rapidly
upward, the advances in the first few
minutes ranging I'D to 8 per cent in
New Jersey Central. The rise had been
so sudden as to prevent the fulfillment
of many of the London orders and
after the first quarter of an hour re-
alizing sales checked the improvement,
sugar sustaining a loss of 234, and
Western Union 2$s per cent. The re-
action was short lived, but the Subse-
quent dealings were irregular. The
market again took a decided turn up
ward around l p. M, a feature being
the execution of an unusually large
amount of small investment orders for
cash purchases This was also, it Will
be recalled, a potent factor in ending
the 1898 panic. In this movement the
best prices of the day where made as a
rule Among the gains at the top
figures were: Colorado Fuel, AS;
Sugar, 4; Northwestern, ia per cent
Covering of shorts was large on the
general rally and was also induced by
the comparatively light engagements
of gold, amounting to only Sl,OO0,O0O.
1t had been announced that the assay
office would be closed at noon tomor-
ton that the exports would be limited
to that sum. Late in the day how
ever, the order was contaminated,
and thus a full day will be allowed to
would-be shippers. The call money
market was cratic and as high as 20
per cent was paid on moderate line
of money Successfully lower figures
were quoted eventually and money was
Freely at per cent. in the late dealings
and closed at 8 per cent. The success
ful completion of the enormous clear
ings of Saturday and Friday was with
ont financial embarrassment.
ONLY a single failure, and that small
one was announced on the New York
stock exchange. An equally unimportant
suspension ocucrred upon the conso y;
sue of gold bonds is imminent and proc
ably before the end of the present week.
is general in banking cl cles. The market
left off strong and closed to the best
price of the day. Speculation in bonds
was again OF large proportions, the
transactions aggregating 1892, eco The
and only scored material advances. The
market was governed by the influences
noted in the review of the share spec1-
lation. Some of the less active mortgages,
however, sustained sharp declines. u. 2.
D. & G.. Northern Pacific collateral
trust skies and Atchison seconds de-
ciined "a per cent; Texas d Pacific
1irsts, 212: Texas Pacific seconds, Atchison
tours trust receipts, 2l2, and Chicago &
Northern Pacific first trust receipts, 2.
Government bonds receded sharply on
the probability of a new issue impend-
ing. The recessions amounted 10 l to ~
per cent
Government bonds weak and 101k
per cent lower, owing to a belief in a
new government loan.
State bonds quiet.
Railroad bonds strong.
Money on call ruled down from So
per cent asked to 3 per cent, and closed
at g.
Prime mercantile paper, 1905 per
cent.
Sterling exchange firm, with actual
business in bankers bills at 4SSa4. SSA
Tor demand, and 4SS1z@4S9 for sixty