The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-11-24

NEW YORK, Nov. 23.-The stock
market today opened dull and irregular
with changes in prices unimportant
A raid on the industrials by the trad
ens resulted in only fractional de-
clines. The railway shares were I'M
affected by the heaviness in industrials
and ruled slightly above last night S
final prices. In the late dealings the
movement of prices were erratic and
the closing was irregular. There was
no special news bearing upon prices,
but the firmnesS of the exchange mar
ket was considered indicative of furth-
er heavy exports of gold next week.
The supply of commercial bills is still
very light. Speculation during the
week was irregular with a downward
trend.
The salient feature of the week has
been the heavy outgo of gold, $685.
269, being close to the heaviest ship
ments of any single week on record.
This was all drawn from the treasury
reserve. It is obvious that the dam
built by the great syndicate bankers
TO protect the gold reserve has given
way, because Of the intense pressure
for remittanceS and consequently a
flood of gold pours forth. Secretary
Carlsle's after dinner speech at the
banquet of the chamber of commerce,
advocating the retirement of the green
backs. has redirected attention to that
question. In the judgment of many
experienced f1nanciers. the real under
lying cause of the persistent export
movement Of gold was ignored. 1t IS a
simple proposition that the American
people owe the money to Europe and
can only pay it by sending gold. Our
imports of merchandise are very large,
while exports are relatively quite
small Every year at least 10O.-
900 American citizens visit Europe,
spending there an aggregate OF
at least $780, O0O,0 900. When TO these
drafts upon the products Of the
farm, the mine and factory are added
the sums necessary to pay interest and
dividends on our securities held
abroad. and at times to take back such
part of the securities themselves as
the foreign holders wish to resell to Us,
as, for instance, recently on account
of the Kaffir slump. it is not strange
that we are losing gold to
Europe, nor is it right to
reiterate at this time that the. United
States owes more money to Europeans
than the value of our exported mer-
chandise will suffice to pay. The re-
suits of the weeks operations were
losses generally.
Trading in bonds today was light
and upon a declining tendency Of
prices. The net losses are headed by
Western Union cola teral trust fives.
~ per cent, and Oregon Short Line
consols flves trust receipts, l per cent.
The dealings amounted to $5S4,0O0
The movement of bond prices during
the week was dominated by the course
of the stock speculation. The Oregon
Short Line issues were prominent IN
the trading and advanced sharply with
a subsequent partial recession. The
more important losses We're: Interna-
tional & Great Northern thirds, 5 per
cent; Union Pacific collateral trust
skies. 315, and Atlantic & Pacific gtd,
fours. IL per cent.
There was an increase in the trad
ing in governments at the expense Of
values. The new tours made a sharp
fractional decline. The sales were
S146 600.
Money on call easy at . per cent: last
loan ; per cent; closed . per cent.
Prime mercantile paper 324G5 per cent.
Sterling. exchange, firm, with actual
business in bankers bills at 4Sqik04 sou
for demand and 4S715a4S7s. for sixty
days.
Posted rates, 4SSl5 and $50
Commercial bills. 1851.
Government bonds steady
State bonds inactive.
Railroad bonds easy.