The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-19
Operations In Stocks Confined to
Professionals.
NET GAIN THE RESULT
RISE IN PRICES MARKED THE
SHORT SESSION.
Prices of Americans Advance In Lon
don-Specialties Showed Strength
and Even Sugar Was Buoyant On
Covering of Shorts-Currency
Sixes-Trade Statement.

New York. Dec 1S.-The rise of prices
was practically uninterrupted during the
short session of the stock exchange to-
day. Some very sharp net gains are the
result. exceeding 2 per cent in some of
the specialties, over a point in a large
number of leading active stocks. and a
sharp fractional throughout the list. The
rise was almost wholly the result of pro-
fessional buying, outside interest in the
market being at q standstili. Bull opera
tors extended their lines aggressively and
the bears covered heavily.
GOOD. LONDON TONE
Prices of Americans were higher in
London this morning, that center having
become quite persistently bullish on the
outlook for values in this country on a
long turn. This melted an advance in the
International stocks from the opening
The SpecialtieS were next to show
strength, Manhattan becoming buoyant
on belief that the conditions imposed up
on the underground and rapid-transit pro-
ject by the appellate court would be in
effect prohihitory. Local gas stocks en-
joyed the benefit Of a rumor that differ
ences had been adjusted between the in
terests seeking an amalgamation of the
gas companies. Sugar was also quite
buoyant on covering of shorts.
ERRONEOUS REPORT.
But the incident that determined that
one of the general speculation and aWak-
ened a general buying movement all
through the list was the report from Lon
don, afterwards shown to be erroneous,
that over half a million dollars in gold
had been taken from the Bank of Eng
land for shipment to the United States.
had the effect of diSSipating some of the
fears of traders in securities. The week
~ bank statement with the large decrease
shown in the surplus reserve, gave only
q momentary pause to the upward move
ment, which was then renewed. and con-
tinued with a buoYant tone to the close
Of the market.
CURRENCY SKIES.
Much stress had been laid upon the
governments announcement that it would
begin the redemption of the currency
skies, which mature on Jan. l, on Dec.
"a. as promising an Offset to the with
drawais from the money market on ac-
count of Union Pacific payments. 1t is,
however, pointed out that considerable
portion of these currency SKIES are now
in the treasury as basis for circulation,
and as security lor government deposits
in banks. 1t is not likely that these would
be offered for redemption before maturity,
and if they were, they would not relieve
There has been, in addition, an outflow
of currency from New York to the south
in the last three weeks. which IS I'M
usual at this time of the year, and prom
ises to accentuate the temporary scarcity
of money here.
TRADE STATEMENT.
Foreign bankers express some skepti-
cism regarding the gold engagement, in
view of the prices Of exchange still rul-
ing The government trade statement
for November, issued this week, shows
this balance increased still further in our
favor by over S64, 100000. which makes the
balance in our favor from the beginning
Of the fiscal year to Dec. I, S23e, As
The ruling price OF exchanges is KNOWN to
be highly artificial, due to the leaving in
EnSland and Germany, at interest, mil
faf doll 4 on 1oT To hi
country. Under the influences of the
higher rate for money exchange, rates
have declined during the week, and there
has been q cessation of the investment
demand for long sterling. That there are
great sums of money in Europe available
IN case of need in this country, consti-
tuteS one of the strongest factors in the
money situation.
Bonds went up and then went down. like
stocks, but still show net gains in most
issues. Total sales, SIS, 600.
United States fves have declined Is bid
1--e new four, coupon, Il and the new
tours, registered, g, during the week
while the old four, coupon have advanced
!. and registered q bid, during the week
MONEY MARKET.
New, York. Dec. IS-Close: Money on
mercantile paper. 3G4l5 per cent; sterling
exchange steadier. with actual business
in bankers bills at M.S5 for demand and
SS3d4.S3l and $4.S6d4S61s commercial
at S4.S2G4.S2ls for 60 days; posted rates
bills, SASH.
Bar silver. 55c; Mexican dollars, 45c.
State bonds. quiet; railroad bonds
firm.
Government bonds firm: u S new As
registered 1884; Z; S. As coupons l2sss
As. registered. 1l3; coupon, 114$4: ends,
9Sl2: SIS. registered and coupon, 1l4l2; Pa
cific S of IS. 1025s.
SALES OF STOCKS
Total sales of stocks today were 17S, 200
shares. including:
C. b. & @. 1928; L. & N. 300: Man
haitian u 500: Missouri Pacific. 7.125; New
Jersey Central. 637G; Northern Pacific,
1850: Northern Pacific preferred. 6295;
Rock Island 55S5: St Paul, IL 421: Chi
cazo Gas 797; Peoples Gas, SIS: Sugar.
BOND QUOTATIONS.
r 6 new As regl29k y Cent lists. 1884,
Do coup. .12s2s n ] Cent 5s... .1127s
Is Fs............11S No Pac lists. ..119
20 coup 80 ..114%4 Do IS. =. -. 81
Do ends. ....- 99la Do Is. $50. s51s
L S IS reg. .1l41z Nor & " 6s..- -123s4
o.,