The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-17
It's Firmness Took the Heart Out of
Speculation.
UNION PACIFIC PAYS UP
EIGHT AND A HALF MILLION
INTO SUB-TREAsURY.
Bankers Deprecate the idea That
There Is Any Contingency of
Money in Prospect-Loans and
Deposits at Clearing House-Many
Stocks Weak at Close.

New York, Dec. 16-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 today
paid into the subtreasury IS, 600 in cash,
the credit balance of that institution at
the clearing house being $7,677, 739.
1t is the general belief in banking circles
that call money will not yield below per
cent before the end of the year, and may
rule higher. The accumulation of funds In
anticipation of dividends and interest will
make further demand on the money mar
ket.
Bankers daprecate the idea that there
Is any stringency of money in prospect,
in view of the fact that the government
will redeem the currency 6s to the amount
of over 500, 900 600 on Dec. IA, before the
next installment is due on the Union Pa
cific payment.
MARKED UP.
Rates for time money for the shorter
periods were marked IN today, as Well
as those for call money, the quotations
being 1904 per cent for 50 and so days.
Although there is still some movement of
currency to points in the south and west,
the Stiffening of the money rate here was
reflected in a rise of the rates for domestic
exchange on New York interpoints- The
rates for sterling exchange also responded
sharply posted rates falling u and actual
rates 70 of cent. There was a very clear
indication OF the resources at command
both in the large credits abroad and in the
abundance of money in the interior, de-
posits being reported to be unprecedented
in volume and prices of gilt-edged securi-
ties for investment at the highest level
known.
HIGH WATER MARK.
Both deposits and loans of New York
clearing house banks are at high water
900, and the latter to $607, 725, 300 The loans
include a less amount of time loans than
usual and now the banks 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 operators to 1nconVen-
fence, but there is not yet apparent any
very strenuous demand for money. 1t Is
the opinion of Wall street that the larg5
operators about completed the taking OF
profits yesterday and are ready for de-
cline. There was some further evidences
of liquidation today and little evidence OF
support outside the coalerS and one OF
two SpecialtieS.
Prices of many stocks rose at one tim:
above Yesterdays closing level but al
weakened before the close. The extreme
declines in great many cases were 6
point or over and in some cases net losses
exceeded 4 point. Sugar was the prin-
cipal center of depression and closed ~
/
on the reaction
The bond market was fairly active ant
was q trifie easier on the late dealings
Sales. So. S50O 600.
U. S. new As are Il lower bid.
MONEY MARKET.
Money on call easier, 214@S; last loar
2; closed offered IA per cent.
Prime mercantile paper 3Q4 per cent
sterling exchange weak with actual bust
ness in bankers bills at 4.S47sQ4.S5 for de
mand and 1925 for 60 days; posted rates
4S3d4.S4 and 4Se@4.S7; commercial bills
4.S112; silver certificates, 5624 @57A; bar sill
yer. 55sz; Mexican dollars, 45A.
Government bonds easy; state bond:
dull; railroad bonds. easier.
SALES OF STOCK.
Total sales of stocks today, 3326O
shares, including, Atchison preferred
1910; c. B. & c., 6l9l L. & n; 6,15O; Man
haitian, 22,910; Missouri Pacific, 12,SS5; n
j. c., 80, 120; Northern Pacific, $3.50; North
ern Pacific preferred, 25,210: Reading
! 1857; Rock Island, 9,425; St. Paul, q, $40
/ Southern Railroad preferred 4,577; Ameri
can Tobacco, 4.577; Chicago, Great West
ern, 1,790; Peoples Gas. 1875; Consoli
dated Gas, $3.50; Sugar, $4,000.