The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-17
cALL MONEY FIRM
HEART ALL TAKEN OUT OF STOCK
SPECULATION BY THE AD-
VANCE.
NO ACTUAL STRINGENCY,
REMAIN UP UNTIL JAN
UARY 1.
0 ACTUAL STRINGENCY,
NET LOSSES RULE OF THE DAY.
All Stocks Advanced Early, but
Later Fell Off, Some Declines
Exceeding n Point.

NEW YORK, Dec. 16.-The hardening OF the
rate for call money has taken the heart out
of speculation in securities for the time
being. The rate for call money held firm at
per cent all day today until the close OF
the stock market, when there were transac-
tions at 8 per cent with offerings at IA. The
Union Pacific reorganization committee today
paid into the subtreasury $S,500,000 in cash.
the credit balance of that institution at the
clearing house being s7,677,739. 1t is the gen
eral belief in banking circles that call money
will not yield below 8 per cent before the
end of the year, and may rule higher. The
accumulation of funds in anticipation in jan
uary of dividends and interest will make fur
Their demand the money market Bankers
deprecate the idea that there is any string
ency Of money in prospect, in view of the
fact that the government will redeem the
currency 6s to the amount Of over $29, 0OJ,OO
before the next installment is due
on the Union Pacific payment. Rates for
time money for the shorter periods were
marked up today, well as those for call
money, the quotations being 312q4 per cent
for sixty and ninety days. Although there
is still some movement of currency to points
in the South and West, the stiffening of the
money rate here is reflected in a rise in the
rates of domestic exchange on New York in
terror points. The rates for sterling exchange
also responded sharply, posted rates falling
1ac and actual rates &c. This was very
clear indication of the resources at command
both in the large credits abroad and in the
abundance of money in the interior, deposits
being reported to be of unprecedented volume
and prices of gilt-edged securities for invest
ment at the highest level known. Both de-
posts and loans Of New York clearing house
banks are at high-water mark, the former
amounting on Saturday to $675 1699GO and the
latter $6O7 725, 800. The loans include less
amount of time loans than usual, and New
York banks also have rather light holdings
of commercial paper. The proportion Of
money in call loans is the largest on record
The calling of some of these loans has
apparently put some stock exchange opera
tors to inconvenience, but there is not yet ap-
parent any very strenuous demand for money.
1t is the opinion of Wall street that large
operators about completed the taking of pro-
fits yesterday and are ready for decline
There were some farther evidences of liquid
alton today and little evidence of support
outside the coalers, and one or two of the
specialties. The agreement to restrict the
output of coal strengthened this group, espe-
cially New Jersey Central in which the out
standing short interest was large, and 1t was
the scramble to cover which caused feverlsh
fluctuations in that stock over a range or
nearly five points. Its net gain was S&, and
other members of the group also snow sharp
gains. Manhattan showed some recovery from
Yesterdays weakness on rumors OF intended
extension of the system. Prices of many
stocks rose at one time above, yesterdays
closing level, but all weakened before the
close. The extreme decline in great many
cases were point or over, and in some cases
net losses exceed a point. Sugar was the
principal center of depression and closed 1as
lower. Selling for London account helped on
the reaction. Cleveland, c., c. & st. L. lost
IA per cent.
The bond market was fairly active and was
q trife easier on the late dealings. Total
sales, $2,650,OG0. United States new As are Is
Teal sales of stocks today, 1872, 600 shares.
including: Atchison pfd, 1850; Burlington,
16 1911; L. & NJ. Gal; Manhattan, 22,91O; Mis-
souri, Pacific, 12,ss5; N; j.; Central 5,129;
Northern Pacific, $3.50; Northern Pacific pfd,
90 us; Reading, 9,697; Rock Island, 9.425; st.
Paul, e. 340 Southern R'y pfd, 1851; Tobacco,
! 4,577; Chicago G. W., 1880; Peoples Gas,
10575; Consolidated Gas, $3.50; Sugar, 50,547.
The following were the fluctuations of the
leading railway and Industrial shares fur
nished by c: H. F. Smith & Co., members e,r1
of the New York stock exchange and Chicago
board of trade