The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-30
Prices Bid Up In Striking Manner
On Wall Street.
A FEELING OF SECURITY
COMPLETION OF THE PERIOD OF
MONEY sTRINGENcY.
Security Holders Pleased Almost to
Exultation-A Favorable Bank
Statement Looked For Today, Not
withstanding the Heavy Exports
of Gold-Grain Markets.

New York, Dec 29-The New York
stock market testified its relief over the
practical completion OF the yearly settle
ment by bidding up prices in a striking
manner today. There were signs of hest
tation and reaction at one time, when the
money rate Hurried to 10 per cent, sim
ultaneously with the appearance of the
statement of the November earnings of
the Chicago. Burlington & Quincy rail-
road. This statement showed a decrease
in the surplus earnings after charges
for the month of over S125.030 and COM
ing on top Of yesterdays similar exhibit
by the Chicago. Milwaukee & st. Paul,
made natural impression on sentiment
as going TO show the inevitable effect of
the high prices of material upon The op-
Grating expenses Of railroads. The grang-
ers were most affected. but prices In the
railroad list generally ran down to about
last nights level
The completion of the period of money
pressure. however, overshadowed all 9TH
er considerations ard gave rise to 4 feel
ing en- the part of security holders closely
akin TO emulation. About the time the
London Stock Exchange closed, the most
gurated. The fact that the periodical
stock exchange settlement was completed
with no failure of great Importance. was
a gratifying surprise in the financial
world.
The international stocks in the late
buying were the favoriteS in anticipation
of a demand tomorrow from London Al
though the call money rate advanced
sharply in London. discount rates dropped
off fully Il per cent, with a resulting ad-
vance in the long sterling rate in New
York. The private discount rate in Ber-
lin also showed further decline, so that
the foreign markets. in which a crisis had
been feared. all showed clear skies.
In our own market loans made today
Tvrl 0sar nr~a 1TrlTTf
was this fact which ran the rate up to
is per cent. A favorable bank statement
is counted for tomorrow. despite the fact
that some 100000 of gold exports viii
figure in the statement. On the regular
express movement Of money 10 the IN
terror the principal banks have gained
upwards of g. 500 $50. and on sub-treasury
operations they have gained $1.4SS.CO9. Be
sides this there have been very large re
ceipts of money by mail. estimated all the
way from 100000 to S7O50,000. so that the
net gain in cash from all sources is esti-
mated at from g. 100000 upward.
In the late strength of the market the
trunk lines were conspicuous, led by the
Baltimore 81 Ohio and Norfolk * Western
stocks a rImor was circulated TO the
effect that the plan for harmonizing the
trunk line interests was soon TO be an
ifouneed and that it would include Nortolk
q Western as we'll as Baltimore & Ohio.
Gains in the specialties were larger than
in the railroads. except that Sugar and
Metropolitan We're more or less under
pressure e The New York City gas COM
panies. the coalers. General Electric.
Pacific Mail and the steel and iron stocks
show some striking gains and many OF
the railroads are a point or more higher.
a notable feature Of the days trading
was the number of odd lots dealt in;
Some OF the minor bonds showed de-
clines. but the general tendency was up
wards Total sales. par value. $2,2D,0Jl.
L s. old IS and IS declined Il and the Is
Is in the bid price.