The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-09-12
Bank Of England Story Caused
the Advance.
UP TO FIFTY-FIVE CENTS.
YELLOW FEVER SCARE AT
FECTED SOUTHERN STOCKS.
General Tone In Wall Street Was
Strong-Big Movement Of Cur
rency to the Interior-A Slump In
Wheat-Live Stock Prices.

New York, Sept. 1.-THE general
tone of the market for stocks today was
strong. and there was no heavy pres
sure of realizing sales. But there was
more or less weakness at different
points scattered throughout the list.
The Northern Pacific issues were heavy
on the continued bad showing Of earn
ings, the fourth week in August show
ing a decrease, and the most decrease
in gross earnings amounted to S12,1 1874.
This showing is in marked contrast TO
the average increases which are shown
by other railroads almost without ex-
'ception. Some Of the roads in the
southern group we're unfaVorably af-
fected by fear that the yellow fever
quarantine would interfere with their
traffic, and also by the government bu-
reau's report of the unfavorable con-
dition of the cotton crop. The effect
was noticeable.
A feature of the day was the sharp
recovery of silver of I'D to 251zd in
London, and 1 cent to So cents in New
York. This vas due TO the decision Of
the Bank of England authorities to hold
one-hfth of the banks reserve in sill
yer. Tcday's price is 2 pence above the
lowest London price and 31ae above the
lowest IN NEW L Orh.
The week in Wall street has wit
messed the resumption in force Of the
bull movement the buying throughout
by commission houses being again in
full tide. Evidences are abundant also
of buying on a large scale for individ
ual and corporate holdings of capital
There has been abundant liquidation OF
other large holdings, whose owners
seemed content to take profits and
whose belief is expressed that prices in
leading stocks have advanced as far
as warranted. 1t is some ground for
the BELIEF that large blocks of new Sc
curities of reorganized companies which
had come into the hands CT large cap
italists through their memberships in
underwriting syndicates have been
passed to other hands, or are being
passed to other hands in the current
boom On Wall street.
One Of the most notable developments
in the general situati has been the
growing interest in Americans on the
part Of English and continental capt.
tai. As the London market is nearly
stripped of American securities, much
OF this buying has been in the New
York market direct for foreign account.
The supply CT Americans in London has
in fact become so small that they are
easily affected by manipulation and
the course Of their prices is no longer
accepted as a reliable indication in New
York. That the large sales of Arneri-
can securities by foreigners have been
melted by foreign financial authorities
and encouraged and aided by large
banking and financial Interests, with q
view 10 their effect in checking gold
exports to this country, and keeping
down the money rates in L0n3on is
now fully admitted. 1t is much doubted
whether the expeGients adopted by the
Bank of England to check the outflow
Of sold by contracting loans and rails
ing the discount rate will be nucn lon
ger successful. The bank is handi-
capped by it's own desire to keep down
the money rate in order to facilitate the
success of the Indian government loan.
But the evidence of continued heavy
bank clearings throughout the United
states is that uses are being found in
business for the country's surplus re-
serves CT money. This is supplemented
by today's statement of New York
clearing house banks. The decrease of
$7.07SO00 in the stock of legal tenders
indicates that the contraction in the
reserves is due to the demand for cur
rency from the interior.
The Atchison issues were the most
active in the bond market.
Government bonds are ~ to rs higher
Total bond sales s1I,02S. 100.
Tie total sales OF stocks today were
2S8. 705 shares. including the following:
Atchison preferred. 1920, c. s. & O.,
II, 400: L. & NJ, $500; Manhattan. $500;
Missouri Pacific, 1885, M, K & 7. pre-
ferred, 1880; Northern Pacific pre-
ferred. 1892 Northwestern. 3.700; Read
ing, 10,375; Rock Island, 1880; st.
Paul. 1880; st. Paul & Omaha. 1850;
Southern Railway preferred, 800;
Union Pacific, 1880; Wabash preferred,
3,450; Bay State Gas, 800: Lead, 5000;
Lead, 5000: Sugar preferred 3,745:
Western Union, $3.50; Chicago Great
Western, 1900
Money on call. non1inaMy 1H@115 ner
cent.
Prime mercantile paper. $500 per
cent.
Sterling exchange. easy, with actual
business in bankers bills at 4 .S5% "a So
for demand and at A .831s@ .S3A fer 60
days Posted rates. 4.S4@4 $50 and
Commercial bills. 4. S21s@ .S2R.
Bar silver, 81. Mexican dollars, 42al.
BOND QUOTATIONS.
u. S. n. As. reg. 1926 mo. Pac. lists. .f225a
u. S. coup. III No. Pac. as-...- 60
u. S. as. 1900. Ills No Pac 4s sz1s
II y potID IRA n WnSt oouc IL2