The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-10-20

New York. Oct. 19.-The Evening
Posts cablegram says:
The alarming condition of the car
depressed all the markets this morn
ing, but again a recovery ensued. 1t
is believed that so far as the stock
markets are concerned the worst has
now passed. Americans were idle, but
steady, Central Pacific still being sold
by operators, who vaguely hoped great
things from the recent meetings.
The announcement of the engagement
of 100000 in gold for shipment tomor-
row on the steamship Ems had no eff
feet on the speculation on the stock
exchange, chiefly, perhaps, because at
the same time the Sterling exchange
market gave evidence OF a declining
tendency. At the opening the stock
market was very dull, but the first
prices made were generally a small
fraction higher. During the first quar-
ter Of an hour a firm tone prevailed,
but on small London selling a slight
reaction took place, which was of brief
duration, and for the hour following
the tendency was upwards on a small
business and slight movement. A
slight reaction took place before mid
day, but in the early afternoon good
buying impaired tone to the speclla-
ton, and under the leadership Of the
Changers prices again took an upward
turn. The improvement was checked
about 12:45 by raid on Chicago Gas.
which had been bought freely during
the morning by a clique and which
was now sold, it is said, by the same
interests.
Sugar also gave way about 1 per
cent and Tennessee Coal and Iron lost
"a, but the railway list was held we'll,
except Manhattan. This stock was
sold down by a trader, who found it
unprotected. and before any support
came a break of 3ts per cent from the
best prices of the morning had been
made. Then came rally of per
cent, which was maintained to the
close. During the last two hours of
business the speculation was decidedly
strong and the markets closed strong
with prices at or near the highest of
the day, except in a few instances,
which show declines from yesterdays
prices. The more important advances
are: General Electric, 11a; Pittsburg
and Western preferred, IA; st. Paul,
rs; Burlington, "a; Missouri Pacific.
y; Rock Island, Louisville & Nash
Vile and st. Louis & Southwestern, "a.
Manhattan, Tennessee Coal & Iron
and Laclede Gas preferred, IL; Phoe-
nix Mining advanced s to 10, reacted
to Is and closed at 20.
The bond market was active and
firm throughout the day, the sales ag-
gregating s11sS,5O0.
The total sales of stocks today were
ISL, 1863 shares, including: American
Sugar, 43,4oO; Burlington, 5000; Chi
cago Gas. 2O,100; Distilling, 2,4O0;
General Electric, 5000; Manhattan, g.
600; Rock Island, 5000; ST. Paul, q, 100;
Western Union. $500.
Money on call, easy, at 1 per cent.
Prime mercantile paper, 3@41s per
cent.
Sterling exchange. easier, with ac-
tual business in bankers bills at 4.S7h
@4S7A for demand and 4S61s@4.8 6%
for sixty days.
Posted rates, 4S7k@4SS and 4.Ss1s@
4.S9.
Commercial bills, 4s51s.
Silver certificates, 635s bid.
Government bonds, firm.
State bonds, dull
Railroad bonds. firm
Petroleum, steady; Pennsylvania oil
sales, none; November option sales,
none; closed S2N bid
Lima oil sales, none.
WEEKLY TRADE REVIEW.
New York, Oct. 19.-R. G. Dunn &
Co.'S weekly review of trade, which is
sues tomorrow, will say:
4 Cotton below cents and wheat be-
low SO cents, each lower than ever since
present classifications were known, ex-
ports of gold instead of products at
such prices in October, are the salient
features in business this week. Distri-
button Of goods to consumers goes on
fairly with the gains at nearly all
points in comparison with last year, but
not yet at rate to sustain the present
volume Of manufacturing production,
so that prices weaken a little The do
mestic trade reported by railroad earn
ings in October is "a per cent less than
last year and 1874 per cent. less than
1892. The payments through the prin-
cipal clearing houses for the third week
of October are 2.3 per cent. greater
than last year, but 31.5 per cent. less
than in 1892. The daily average for the
month is Sc per cent. larger than last
year, but 28.2 smaller than in 1892.
With many features of encourage
ment business has not yet reached ex-
pectations and it is evident that the
loss of part of the corn crop and the
unnaturally low prices of other great
staples, affects the buying power of
millions.
Wheat for October delivery fell to
541s cents on Wednesday, and in spite
OF some recovery the average for Octo-
Der thus far is two cents below the low
est monthly average ever made, which
was in September and was nearly 10
cents below the lowest prior to this
year, the October average being fifty
cents below that of October 1891 or
acfa A -nn
49l bushels for the week against $685.
1888 last year and Atlantic ports, 631, 0S4
bushels against S93,343 last year, but
the controlling fact is that no demand
as yet promises to clear away the enor-
nous surplus. Corn declined 1a01 cent
during the week, with receipts not a.
quarter of last years and exports not
tenth. Pork products were small and
weaker, with lard a quarter cent low
er. Cotton sold at 594c on Thursday.
and with Ellison's estimate that the
world will consume S,24S,000 bales AM
erican, the stock of two million bales
in sight and the estimated yield of over
100000 bales deters buyers. Domestic
exports from this city in two weeks of
October were Is per cent. less in value
than last year. while the increase in
the value of imports has been q per
cent. Much of the decrease In exports
is in price, but in August and septem-
Der the quantity of wheat decreased
over third.
Provisions and cotton gained, but oil
decreased and in minor products, ex-
ports in September declined Is per cent.
The increase of exports exclusive of
sugar. was over rs per cent. in Sept
ember. With this heavy increase in
purchases and a decrease in sales of
products abroad, the market Tor for
eign exchange is in a position to be
quickly affected by Withdrawals of
capital or approximations regarding the