The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-16
SH|F TING CONTESTS
Alternate Fortunes of Bulls and
Bears in Wall Street.
THE SCARCITY OF MONEY
DUE TO ANOTHER PAYMENT TO
DAY ON U. P. SALE.
Movement of Currency From New
York commissioning Elk
change Easier = Sugar Lost Two
Points-Rise In Price of Coalers-
Good Demand In London.


Good Demand In London.
New York, Dec 15-Today's market
was largely professional and in the con-
test between the bulls and bears the
former enlisted themselves under the
banner OF the coalers and the latter made
the local traction stocks their main re-
source. The fortunes of battle shifted
many times during the day and in the
middle of the afternoon the bulls seemed
to have received a great decisive advant-
age, the earlier marked losses in some
special stocks hat -ng been almost en-
tirely wiped out and the bears apparent
ly driven to cover.
LOANS CALLED.
In the last hour of trading, however, a
large number of loans were suddenly
called, and in replacing them the call loan
rate stiffened sharply to 4 per cent. at
which rate large amount OF tnoney was
placed. This induced liquidation, especl-
ally in stocks which yielded profit on
the days advance. The bears, thus en-
couraged, renewed their attack on the
specialties which had engrossed their at
tention all day and uncovered stop loss
orders on the way down. AS conse--
cuence the tide of battle was turned
completely and victory lay with the bears.
4 small part of the days large gains
were IeIC IN some STOCKS WHICH Idu SllO w II
most early strength, but in other leading
shares early gains were replaced by late
losses.
ANOTHER U. P. PAYMENT.
The scarcity of money is due to opera.
tions looking TO the payment tomorrow or
an installment of about $8,500.000 on the
Union Pacific sale. The previous pay
ments of this account, amounting to over
s29, 600 900, have been left on deposit IN
New York banks, but tomorrow pay
ment will go direct into the treasury and
be removed from the money market. TWO
additional payments of an equal amount
remain to be made. one on Dec. u, and
one on January 5. and this will also go
directly into the treasury. The payment
by the government on Dec. "a, of the
maturing Pacific bonds which amount to
over s29. 900, 900, will be made by checks,
presumably on the New York deposits to
the governments credit.
CURRENCY MOVEMENT.
The movement of currency continues
from New York this week. indicating a
reserve. The tone of sterling exchange
was somewhat easier today, but did not
respond in marked degree to the hard
ening of the money market. Time loans,
for the shorter period also stiffened APP
probably. The early strength of the
days stock market was aided by the
rise in the price of coalerS, due to reports
of an agreement to restrict the output
next year. The Northern Pacific stocks
were also a center of strength the pre-
ferred advancing at one time rs and the
common nearly point.
Reports from London and the European
bourses showed a. good demand there for
those stocks.
SUGAR.
Sugar was traded In ex-dividend and
at one time during the day showed a re-
covery of one-third of the dividend, but
in the later dealings it succumbed cutie
Gil md loo not, on he daxr
The bond maket was firm at less active
prices and the active list was only about
steady: Some of the high priced issues
showed sharp advances. Total sales $780,,
600. U. s. new As declined Is bid.
MONEY MARKET.
Money on call firmer at 2Q4 per cent;
last loan S1s; closed 393lz per cent; prime
mercantile paper 3G4. per cent. Sterling
exchange easy, with actual business
bankers, bills at 1854 for demand and at
4.S2ssQ4 S25s for 90 days. Posted rates
4.S31ad4.S4 and 4S61504.57; commercial bills
1921
Silver certificates 571zQ5S1s; bar silver 81;
Mexican dollars 541A
Government bonds easier: state bonds
DULL railroad bonds strong.
SALES OF STOCKS.
Total sales of stocks today 4sO9OO
Atchison preferred; 3O,9SS c. B. & O.; $40
L. & N: 61.SS0 Manhattan: 9.110 Met. st.
Ry.; S,160 Missouri Pacific; 12,03S N. j.
Central; 2l.370 Northern Pacific; 1920
Northern Pacific preferred; $3.50 Reading;
L. 800 Rock Island: SO. 80 St. Paul; 9495
Southern preferred: 3.90S American To-
bacco: $500 Chicago Great Western: H.
167 Peoples Gas; 1880 Sugar; SAP West
ern Union.
BONDS.
U. S. n As, reg. 1888 IN. Y. Cent. 1sts11915
Do. coup .1293sl IN. ]. Cent. 5s. .112
Z. S. 4s..........u3 No. Pac. lists. .120
Do Do. EDS sGaP -: ..i ss3s Do Do IS - So sS&
L. S. IS reg. .1141a Nor & W. 6s. .122
Can. So. Eds. .107 INVEST. cons. .1441a
D. & r. G.. 1sts.109 Do deb. 5s.. 1852
d. & r. G. As. 9015lO. Nav. lists. ZIG
H. & T. c. SIS. .112hIO. Nav. 49,. 931b
Do. con. 6s.. JOB %. S. L. 6s, t. r.12SSl9
K. p. Con. t. T. SO %. S. l.. 5s, t. T. SO
K. P. list Oen. . Imp. lists, t. r.1O2
Div.) /. r.......112 Do. IS, t r.. 42A
La. n. cons Is. 101 Reading As 49,. S53s
L. & n. Uni. As. S67s r. G.. W. lists. S2M
NJ K. & I. IDS 6319 Union Pac. sts.102&
Do. As ......... 81 L. P. D. g. c.. 80
NEW YORK CLOSING STOCKS.
Atchison ;..,.... 1872 Rock Island =. ~
Preferred 49,. 81 st. Paul ........ 961s
Bait. & Ohio. 1S Preferred .....142
Can. Pac. $50. SO3 So. Pacific 49,. 20
Ches. & Ohio :. 221s Tex. & Pac. :. 113A
Chi. & Alton. 1872 Union Pacific. PSF
Chi. B. o.. 99SsU. P. D. & c.. ~