The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-15
Firm Tone Of Money Market De-
pressed the Bulls.
STRENGTH OF COALERs
SERVED SOMEWHAT TO SUs-
TAIN VALUES.
Disbursements BY Government For
Interest In January-Ease of
Money Rates-Especially Weak
Features Yesterday Were the
Gas Stocks and Sugar.

Now York Dec. 14.-There was a dispo-
sition today on the part of the present
holders of the stock to realize profit on
Central Pacific and the bears helped
along the reaction by free short selling.
There We're one or two exceptional in
stances of strength in the market and
some covering in shorts before the close
by timid bears. SO that net declines do not
indicate the extreme fall in prlcas.t But
the general tone of speculation was heavy
and no aggressive disposition to buy was
manifest. The firmer tone of the call
money market was undoubtedly the cause
OF the halt in the bull movement.
MONEY SITUATION.
The decrease in cash holdings by the
banks shown by Saturdays statement
and the shrinkage in surplus reserves to
below $19.000,0 900 were fewer and the money
situation will be accumulated during the
week. The announcement from Washing
ton that the bonds maturing on jan l,
known as currency 6S, will be paid off on
Dec. "a, bears on the situation. The ag-
gregate of these bonds is S299O4 1852, and
their redemption will about offset the
payments already made to the govern
ment on account of the Union Pacific
sale, which amounts to S29,509r775 The
government will disburse over $4,000, 900
in interest on Jan. 1. The balance which
the Union Pacific reorganization COM
mittee still has to pay the government
amounts to $2550O,000, and of this amount
remainder by the first week in January.
It will be seen that the balance in favor
of the treasury will amount to nearly
$40, 900. 1t is not expected that this
amount will be suddenly Withdrawn from
circulation, but will be allowed to remain
on deposit for the present in national
banks in this city. But the continuing de-
ficit in the revenues, which has fed a
constant stream into the money market,
has been recognized as factor in the
ease of money rates and the completion of
these operations will put new phase on
that condition.. Rates for call loans were
not above 211, but were not below 2 per
cent.
WHOLLY TECHNICAL.
The market was almost wholly techni-
cal, and the strength of the coalers, with
no news to account for it, serving to sus-
tain values somewhat. Northern Pacific
preferred was in good demand ali day and
closed at 60. The specially weak features
were Consolidated Gas, which was at
times down 81; Manhattan, which re-
acted points, and sugar, which fell be-
low yesterday after an opening gain I'M
der pressure of heavy liquidation and re-
manned there all day. Metropolitan Street
railway declined IL and scored almost a
full recovery. Otherwise the heaviness of
stocks and the days decline were quite
uniform throughout the list, fractional
losses being the rule.
The dealers in active securities in small
lots continued to be feature. The high
grade investments were the fayorites. The
bond market showed a decided decrease
in activity today, the high grade issues
continuing to improve but some of the
speculative bonds showing losses. Total
sales, 2,25O,000. U. S. 5s were Is bid.
MONEY MARKET.
Money on call firm. 2@23s per cent.
Prime mercantile paper, 3G413. Sterling
exchange, steady with actual business
in bankers bills at 4S5Ad4.S57s for de-
mand, and at 4.S21a04.S2s for so days.
Posted rates. 4.S3l2G4.S4. and 4.S615@4.S7
Commercial bills, 4S21aQ4.S2.
Silver certificates, 574Q5S1s.
Bar silver, 5719
Mexican dollars, 46.
Government bonds easier; state bonds,
dull; railroad bonds, firm.
SALES OF STOCKS.
New York, Dec. 14.-Total sales of
stocks today, S00,100 including: Atchison
G, $50; c. B. & O., $500; Manhattan, 1925;
Metropolitan Traction, $780, Missouri Pa
cific, S45; N. ]. c., 9.740; Northern Pacific,
1885; Northern Pacific preferred, 10,SO0;
Reading, 47S2; st. Louis & San Francisco
second preferred, 4S39; ST. Paul, %, 634;
Southern Railway preferred, 4,465; Union
Pacific, 1912; Chicago Great Western,
L. 916; Peoples Gas. 1928; Consolidated
Gas, 1880; Sugar, 1882.