The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-12-17
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review of Trade.

New York, Dec. I6.-The hardening Of
the rate for money has taken the heart
out of the speculation in securities for
the time being. The rate for call money
held firm all day at per cent. until the
close. when there were transactions at
per cent
The Union Pacific reorganization COM
mittee to-day paid into the sub-treasury
S. 500, 600 in cash, the credit balance OF
that institution at the clearing house be-
ing 81 e77.139. 1t is the general belief in
banking circles that call money Will not
yield below 3 per cent. before the end of
the year, and may rule higher. The accu-
mutation of funds in anticipation OF the
January disbursement of dividends and
interest will make further demand on the
money market. Bankers deprecate the
idea that there is any stringency IN mon
ely in prospect, i'll view OF the TACT that
the government will redeem the currency
6's TO the amount of over $2s,oao,ool on
Dec II before the next instaliment Is due
on the Union Pacific payment
Rates for time money for the shorter
periods were marked UP to-day, as well
as those for call money, the quotation be-
ing 3iam4 per cent. for GO or 10 days. Al
though there Is still some movement of
currency to points in the South and West.
the stffenng of the money rate here was
reflected in rise of rates for domestic
exchange on New York from interior
points. The rates for sterling exchange
also responded sharply, posted rates fall
ing II and actual rates ~ of a cent.
There was Il very clear indication of the
resources at command, both in the large
credits abroad and in the abundance OF
money from the interior deposits being
reported to be unprecedented in volume
and prices of gilt-edged securities for in
vestment at the highest level known.
Both the deposits and loans of the New
York clearing house banks are at high
water mark. the amount on Saturday
being $675 1863 600 and the latter to $780,
725 800 The loans include a less amount
of time loans than usual and now the
banks have rather light holdings of COM
mercial paper. The proportion of money
in call loans is the largest on record. The
calling of some of these loans has appar-
emily put some stock exchange operators
to inconvenience. but there is not yet APP
parent any very strenuous demand for
money. 1t is the opinion of Wall street
that large operators about completed the
taking of profits yesterday and are ready
for Il decline. There was some further evil
dences of liquidation and little evidence
of support outside of the coalers and one
or two Specalties.
Prices of many stocks rose at one time
above yesterdays closing level, but all
weakened before the close. The extreme
declines in a great many cases were a
point or more and I'm some cases net
losses exceeded point. Sugar was the
principal center of depression and closed
~ points lower. Selling for account
helped on the reaction.
The bond market was active and trifle
easier on the late dealings. Sales. $3.50
COO. L. S. new As were Is lower bid.