The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-12-17
STOCKS AND BONDS.

New YORK, Dec. 16.-The hardening
of the rate for call money has taken
the heart out Of speculation in securi-
ties for the time being. The rate for
call money held firm at 3 per cent to-day
until near the close of the stock market,
when there were transactions at 3 per
cent, with offerings at Ia. The Union
Pacific reorganization committee to-day
paid into the sub-Treasury $S,5O0,0OO
in cash, the credit balance of that in
stitution at THE clearing house being
81, 667, 739. 1t is the general belief in
banking circles that call money will not
yield below 3 per cent before the end
Of the year and may rule higher. The
accumulation of funds in anticipation of
January disbursements of dividends and
interest will make further demand on
che money market Bankers depreciate
,ne idea that there is any stringency Of
money in prospect, in view of the fact
uhat the government will redeem the
currency to the amount OF over 1000
900 on December "a, before the next
.nstalment is due ON the Union Pacific
ayment. Rates for time money for the
aorter periods were marked up to-day
rs well as those for call money, the
quotations being 3204 per cent for
sixty and ninety days. Although there
is still some movement of currency to
points in the South and West, the stiff
fleming of the money rate here was re-
Hected in rise in the rates of domestic
exchange ON New York at interior
points. The rates for sterling exchange
also responded sharply, posted rates
falling y cent ano actual rates 3s of
cent This was a very clear indica-
ton 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 of unprece-
denied volume and prices of gilt-edged
securities for investment at the highest
level known. Both deposits and loans
of New York clearing house banks are
at high water mark, the former amount
ing on Saturday to 1915, 1885, 800 and
THE latter SCOT, 725,300. The loans in
clude a less amount Of time loans than
usual and New York banks also have
rather light holdings of commercial pa
per. The proportion of money in call
loans is the largest on record. The
calling of some of these loans has APP
parently put some stock exchange oper-
ators to Inconvenience, but there is not
yet apparent any very strenuous de-
mand for money. 1t is the opinion Of
Wall street that the large operators
about completed the taking of profits
yesterday and are ready for decline.
There were some further evidences of
liquidation to-day and little evidence of
support outside the coalers and one or
two of the specialties.
Prices of many stocks rose at one
time above yesterdays closing level,
but all weakened before the close. The
extreme declines in a great many cases
were point or over and in some cases
net losses exceed a point. Sugar was
the principal centre of depression and
closes 18s lower.
The bond market was fairly active
and was tTTifie easier ON the late deal
ings. Total sales $2,S50,000.
United States new As are 1s lower
bid.
The total sales of stocks to-day was
$4,000 shares. including Chicago, Bur
lington and Quincy, 1871; Louisville
and Nashville, 6,410; Manhattan L.,
22,910; Missouri Pacific, 1885; New
Jersey Central, 50, 100; Northern Pacific,
preferred, 20,218;, Reading, 9,697; Rock
Island, GAPS; st. Paul, 26,340; Chicago
Great Western, 7,79S; Peoples Gas, 10,
755; Sugar, 50,547.