The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-24
Market Lifted Out of It's Recent
Dizziness.
CONTRADICTORY FACTORS
FEAR ALLAYED OVER PHIL
ADELPHIA BANK FAILURE.
of Tariffs on Live Stock
From West-Government's Plan
to Secure Relief to the Money
NEUTRALITY-SUSPICIOUS. Buoyant at
Close-Rates on Call Money.

1 New York, Dec 23.-Several factors COM
bined in the last hour of trading on the
stock market to lift it out of the dizziness
and depression which had been its char
acter all day and to raise prices quite
sharply above last night closing level
One OF these factors was the subsistence
( OF apprehension earlier in the day caused
by the closing OF the Chestnut Street
bank in PHILADELPHIA, another was that
the JOINT Traffic association had succeed
ed in securing measures going to assure
the reStora ton and main tenance of eS-
tabliShed tariffs on live stock, provisions
and grain from western to eastern ports.
Another was the announcement from the
treasury department at Washington that
sufficient amounts of the current SKIES
were being offered for redemption on Dec.
II, in accordance with the governments
DrOffer, TO assure relief to the money
market from the scarcity threatened by
the Withdrawals of the Union Pacific pay
ment TO the government. Still another
I factor was the news from Albany that the
railroad commission had extended, by two
years, the period for equipping freight
cars with automatic couplings in New
York state. A number of the SpecialtieS
Which had showed marked strength all
day took on renewed buoyancy at the
close, and helped on the rise. The move
ment in the general list was not import
ant the trading being in small volume
and representing little more than the COW
ering OF the short contract of traders.
Call money loaned as high as per cent
again, and did not yield below per cent.
mere was a fruther fall of q in the actual
rate for demand sterling and of Il for
cables and long sterling. Demand sterling
closed at the lowest point touched since
the gold import movement in September,
namely, R4A. The rates for money in
London and Berlin are stiffly held, and
some apprehension of a squeeze before
Jan. l is reported from London. This
serves to offset the weakness in the ex-
change rates.
The bond market was heavy Total
sales s1,340, O00
U. S. As and old As registered are Il low
er, and the 5s coupon u lower bid.
MONEY MARKET
Money on call firm at $685. per cent;
last loan, A. closed, BOA per cent; prime
mercantile paper, 342@D4 per cent; sterling
exchange, weak, with actual business in
bankers bills at. 4S41A@l4S4ss for demand
and at 4S1Aq4S1ss for 50 days; posted
rates, 4S21a014S3 and 4S515@4S6; commercial
bills, 4SO12@4S1.
Silver certificates. bar sill
yer, 57ssc; Mexican dollars, 453sc.
Government bonds weak; railroad bonds
heavy; state bonds dull.
SALES OF STOCKS.
Total sales of stocks today were PIP, 700
shares, including.
B. & O., $3.50; c., B. & O., 1889; Man
haitian, Ads Metropolitan Street Railway,
$500; New Jersey Central, 6,144; Northern
Pacific preferred, $685.; Reading, $780,
Rock Island, 3,270; st. Paul, $50; Union
Pacific, 5,405; Chicago Great Western
1910; Peoples Gas, $500; Sugar, 2O,02O.