The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-12

present ne Du1 CQulI-lSC-ll NeAo pc
pared 10 offer vigorous support on
weak stocks, and large buying orders
for the account.
CENTER OF STRENGTH.
Sugar was the center of the markets
strength, and the firm resistance of
prices drove the bears to cover. There
was noticeable sluggishness of price
movement in some of the most proml-
nent shares in the market Sugar was
quite buoyant and rose to within about
2 points OF the highest Of the week.
closing with a net gain of IL. Its
range for the day was points.
FREIGHT RATE CASE.
Besides the technical causes for the
rise, the market was aided by the re-
curing possibility that a decision may
be handed down by the supreme court
on Monday in the Nebraska maximum
freight rate case. Wall street traders
il railroad securities maintain an abid-
ing faith that when this decision does
come, it viii be in favor of the rail-
roads, and the fact that Monday is de-
cision day with the supreme court has
made Saturday a day Of tinidity with
the shorts ever since the decision has
been pending with the court in ses-
Sioa.
Assertions were also given consid-
GRAFTON that there is a growing posi-
bility of favorable action by congress
on bills to authorize pooling, and
against ticket Scalping, and this added
to the strength of the railroads North
ern Pacific preferred enjoyed the bene-
fit Of the first dividend declared yes
terday by the directors since the re-
organization Of the company, and of
the favorable statement of earnings
given out at the same time.
RANK. STATEMENT
The slight recessions from the best
at the close were probably induced by
the bank statement The large shrink
age in the surplus is due not alone to
the raising Of the legal reserve limit by
the heavy increase in deposits, but by
an actual decrease in cash of 81, 012, 700.
The items of loans and deposits with
the large increase shown are affected
by the further payments on account
of the Union Pacific sale. There has
been a movement of currency to st.
Louis and New Orleans during the
week, which probably accounts for the
decrease in cash.
The price Of the U. s. new As was
bid UP Is per cent, and of the old AS
registered, Is.
NET GAINS REDUCED.
The weeks net gains have been re-
dUced as was the case last week. by
the profit-taking Of professional opera
tors on Friday. The manipulation of
the market by the large interest which
has embarked upon a. bull campaign
was very obvious during the weekly and
strenuous efforts were made to keep
the course of prices upward by vigor-
Gus support at weak points, and by
melting sharp rises in individual stocks
to sustain the general list. Some of the
reports set afioat to effect this latter
purpose contradicted themselves in the
course of the week. and nothing could
then prevent a decline in the price of
the particular stock, with a consequent
unsettling effect on the market. Thus
Sugar was pushed up to 1.4515, on re-
ports that an extra dividend on the
stock was certainly forthcoming, and
the declaration OF only the regular div
ident drove the price down below LAO.
Z. P. WEAKNESS.
Union Pacific was persistently weak
on account of the presidents order that
the government should qualify as a
bidder at the Kansas Pacific sale and
the subsequent request for a postpone
ment of the sale.
The weeks returns Of railroad earn
ings have made a remarkably favorable
showing. Railroads in the south and
southwest have shown especially heavy
increases, and their stocks have shown
the largest gains in price.
CHEAP MONEY.
Money has continued cheap, and is
easily obtainable, and there have been
offerings Of Chicago money on time
loans in this market. Notwithstanding
the ease of the local money rates. and
in spite of a sharp stiffening Of dis
count rates in London and Berlin, the
foreign exchange market has shown
increasing weakness. Actual rates for
sterling exchange have fallen 1ac dur
ing the week, due to the offerings of
bills against grain and cotton and to
an abatement of the investment de-
mand for long sterling. Chicago credits
are reported TO be loaned in Berlin at
45s per cent to the extent of several
million dollars. The abundance of grain
bills which has served to weaken ex-
change is said to be due to the opera
lions OF the bull Clique in pushing ex-
ports Of wheat
STRENGTH OF BONDS.
The strength and activity of the bond
market during the week has been even
more remarkable than in the stock
market.
High grade bonds have been thor
oughly gone over and lifted almost to
10rohibitive prices, the government
bonds rising with the others The de-
aaand has shifted to middle grade
bonds. which have shown material ad-
vances. Speculative issues have also
moved, in some power stocks, but are
higher on the weak. U. S. new As have
been bid UP during the week Is; the
old as. registered, IS; the IS, Is, and
the old As, coupon, Il.
MONEY MARKET.
Money on call. nominally 115@2 per
cent; prime mercantile paper, 3@4 per
Sterling exchange steady, with ac-
+ual business in bankers bills at $4.S5Ss
1S5sb for demand, and at $4.S215@4.S2$4
for so days: posted rates, $4S512@4S4,
and at $4S655 CAST; commercial bills,
S4.S1a4.
5S3sc; bar silver, 5SAc; Mexican doll
IS State bonds. dull; railroad bonds
strong.
Government bonds strong; u. S. new
as registered and coupon, 1895; As,
1929 As coupon. 1145s; ends, '9S, SIS.
REGISTERED and coupon, 1147s; Pacific IS
of %. 1925.
SALES OF STOCKS.
Total sales of stocks 126.sOo shares,
c B. & O.. $500: L. & n, 3,7S5; Man
haftan. 5.746; Missouri Pacific, 5,l6S;
naxr Jersey Central 1870; Northern