The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-01

were the favorites. as has been the case
for many days past, and they rose at one
time sharply above last nights level, I'M
der the belief tnat they, would benefit
even II the proposed rapid transit project
was consummated. sugar was also a
but held only a fraction of that amount.
UNFAILING BAROMETER.
News this morning from foreign ex-
caused by Yesterdays reports that the
British naval reserves had been ordered
out. British consols advanced fraction
in London, an unfsiling barometer of a
peaceful outlook. The firmness of the
wheat market also relieved the uneasi-
ness in speculative circles over the out
come Of the great December deal The
bank statement was disregarded. as 1t is
so involved with the Union Pacific opera
ton as to offer no indication of the drift
of general conditions. The somewhat
hardness of foreign exchange continued
today, though both markets were very
dull. The sub-treasury had Sl,445,742 to
pay at the clearing house today, again
rejecting the continuing replenishment of
the money market from that source.
There was a disposition to make much of
the exceedingly favorable November
statement of the Pennsylvania system.
The increase in gross earnings for the
whole system over November of last year
was 81. 1872, 400, and the net increase was
$780, 800.
DULL WEEK.
The week has been one of dullness on
the stock market, and outside of a few
sDecialtieS of highly speculative char
acter, almost pathetic. Trading has been
in the hands of professional room traders
and outside interest has been insignifi-
can't Various causes have contributed
to the dullness, The holiday season has
kept many dealers out of the markets.
Dealers in the market have the habit
common to all business men of closing up
all accounts with the end of the year, as
far as possible, and of taking account of
business before entering on new ventures.
There has been liquidation of speculative
accounts during the week, in accordance
with this custom. the effect of which has
been chiefly felt in the specialties recently
the faVorites in speculation.
PROFIT TAKING.
Profit taking in the stocks of local cor
porauonS caused some sharp recessionS in
values. but later developments have re-
suited in recoveries- The decisive factor
in restricting speculation, however, was
the stiffness of rates for money and the
apprehension that has grown less and
less as the week progressed. Mondays
payments to the government by the u.
P. syndicate of almost IS, 600 necessi-
tated an extensive shifting of loans, and
consequent disturbance of the money mar
ket, which even the elaborate precautions
OF the banks and the government were
not wholly averting. OF the Union Pa
cific payments. s4000.000 was left on de-
post in New York banks and the $780,
700 paid into the. treasury was more than
OFFSET by amount paid on account of Pa
cttic bond redemptions on Monday and
Tuesday.
MONEY CONDITIONS.
The money market has been repIenished
by additional amounts on this account
each day of the week. and although rates
for money have been pretty stiff, there
has been no stringency. The hardening
of exchange, which became pronounced
on Thursday, reflects the confidence that
rates for money will work to an easier
basis soon after the first of the year. Ex-
port estimates of the amounts to be dis
bursed on January dividends and interest
make them for New York $50. 900 000: for
Boston S15. 600, 600 and for PHILADELPHIA
tbs money market other facts can be con-
sidered. The government has deposited
in New York banks over s3S. 600 900 of the
Union Pac1hc payments. II is not IN
tended to draw upon any of this for the
governments January interest payments,
which will be made in cash. thus Offset
ting the final payment of the Union Pa
cific syndicate which comes due on Jan.
s. and which amounts to $500. 900. The
government deposits will be left in New
York banks until they desire to surrender
things. will be as soon as the money mar
ket shows a tendency to become easier.
TRADE BALANCE.
The seasons enormous trade balance
in our favor has left US large credits
abroad, which are available resources in
the event of any great need here But
this balance has been modified by the re-
ceipts at San Francisco since Aug. !, Of
S11. 900 in gold from Australia which
largely represents payments of Australian
Indebtedness to England by payment of
England's debt to us. 1t is further modi-
fed by sales of foreign holdings of Ameri-
can securities and by dividends and inter-
est TO be paid on securities still held by
foreigners, both the items being very
difficult to estimate. Prices generally out
side of a few of the specialties are lower
on the week.
The bond market has shared in the dull
ness OF the stock market during the week.
but prices have been held firm or have
improved. L. S. As, both the new and the
Il lower.
MONEY MARKET.
Money on call firm at slzg4 per cent:
last loan, 4; closed, SiaQ4H. Prime mer-
camille paper. 3l2Q43z per cent. Sterling
exchange dull and easier with actual busi-
mand. and at 4.s2 for co days Posted
rates. 4.S21sd4.S3 and 4S51sG4S6. CONNER
cial bills, 4.S1d4S115.
Silver certificates. 51AQ5SK. Bar silver,
SIX. Mexican dollars. 4Sl4.
Government bonds. irregular; state
bonds, dull; railroad bonds. strong.
SALES OF STOCKS.
Total sales of stocks today. 15s7OO
shares, including. c. B. & O., 10. 425: Man
haitian, 3, 500; Northern Pacific preferred,
1881; Rock Island, S.12o; st. Paul, 500;
American Tobacco, 4,305; Sugar, q, 155.
BOND QUOTATIONS.
q S new IS reg .12S n Y Cent 1sts...z1s
L As .1l2A No Pac 1sts...... 1lS5s
Do COUP. =. ..114i2. Do 3s.. ........ 81
Do ends. -. 991s Do 4s...... Sc
Z S IS reg. LII MGR * w 6s.. .-.123
Do 5s coup LII II w consols. las
Can So ends. ..10SM Do deb 5s.- ..ll6B
D & 4 G 1sts... .10Sl o Nav lists. ...115A
d & G 4s.... s114 Nav As. 49,. 932s
II & T c IS. ...1i2 o L IS ...123%s
Do con 6s.. ....106 o S L IS r.. 9S%4
Iowa c lists 49, SO Imp lists t .102i1
K p Con r.. $40 D IS r........ 45s
K p 1st d D I r115 Reading is. 49,. S5A
La new con As. .1015s G w lists. ..S35s
l. & n Uni As. SIS Union Pac lists. .10S
NJ K s. T ends. GO U P D & G lists 40
Do As. --..-.-- 90
STOCK QUOTATIONS.
Atchison.. =. 800 12s. Rock Island go. ssA
Preferred =. 30ls st Paul.. $3.50. 94I5
Bait & Ohio. :. 13A Preferred :. ..142i5
Can Pac.. --.... Sis so Pac.- -. 20is
Ches & Ohio. :. 2254 Tex Pac.. $3.50. HIS
Chic & Alton ...162iz Union Pac 49,. 251s
c B & O.. 1914 U p d & c.. So
Del & Hudson Iii Wabash. =. -.
Del L 4 W..-.155A Preferred :. 81. TX
Den & r G.. =. II Adams Elk ...159
Preferred :. 45s4 Am Ex.- LIB
FIT Wayne. ....16Sis United States =. 80
ct Nor pfd.. ...130 Wells Fargo lilo
III Cent. ....-... 1898. Col L & Iron.. 25%
Lake Shore III Preferred 20