The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-11

MONEY ON CALL IS EASY
GOVERNMENT BONDS WERE A
BIG FEATURE.
In New York Wheat Reaches the
Highest Level of the Season and
Chicago Also Shows Furry
Chicago, Kansas City, Omaha and
Denver Live Stock-State Bonds
Dull-Railway Bonds Strong.

most stocks this evening was gener-
ally higher than last evening, the gains
extending to over a point in some of
the most important stocks. There are
several reasons why this net result of
the days trading is particularly nota-
Bile as indicating the recuperative pow
er of the market. In the first place.
the market opened with yesterdays
disposition to take profits apparently
still rampant.
The offerings for this purpose were
very heavy, and the market sold off
Sharply under the large transactions
Ine decline was accelerated by the
pressure Of short sales, professional
operators being convinced that q re-
action of considers bic proportions was
impending. The grangers were sub
Jected to the severest pressure, but
few active stocks escaped a loss Of
nearly point
By the time the decline had reached
this proportion the offerings began to
show signs of diminution, that unfail-
ing indication of an undertone of
strength in falling market, and prices
soon became firm. After a period of
dizziness they resumed an upward
course and advanced steadily and
strongly for the rest of the day on a
continuing increase of business A
large part of the shares which were
precipitately overthrown yesterday in
the desire to realize profits were
brought back today, many of them be-
low the level at which they were sold
The early short sellers, many of them,
felt compelled to accept the inevitable
tendency TO advance in view of the de-
cisive test of the reactionary power of
the market, which was given in the
morning
Today was the fortnightly settlement,
or delivery day, on the London ex-
change. The belief had prevailed in
some minds that the recent selling of
the Americans by London was on short
account, and that the settlement would
disclose the fact in an increased de-
mand to cover shorts. Contrary to the
expectation of this class, London sold
all the international stocks very freely,
with the exception of Northern Pacific
preferred. This goes TO confirm the
impression that foreign capitalists have
really been liquidating their holdings
of American securities on very large
scale. The only symptoms of the ex-
istence of any short interest in London
was some demand to borrow stocks
here on the part of the representatives
Of London interests. The disregard of
the stock market effects of LondOn'S |
attitude by the rally here was all the I
more marked IL view of the facts. The !
day was marked by a further decline !
in sterling exchange on posted rates to |
i.S41e and 4.S615 for long and short re-
spectively, and of actual rates to 4.S3& /
and 4.S5ss for long and short. Rates /
for time money for the long periods !
hardened perceptibly, and this invited
some selling of sterling bills for future
uses, the proceeds being put into loans.
Discount hardened in London, and
here was active bidding there for gold.
Crop prospects, reports of foreign crop
shortages and the accompanying rise
n the wheat market all continued fav-
)rable to the advance in prices of
stocks, as did further reports of cur
'ent railroad earnings. The total de-
line was more than recovered in all
stocks, but the net gains extend to a
POINT for only few shares. The rise
rom the lowest exceeded a point in all
Il the grangeTs.
y recovery OF over a point also oc-
urred in very many of the western
nd southwestern railways, as well as
n some leading southern roads. A large
lumber of the iadustrials and special I
les. including Il large number of the
nthracite coal roads, are in the same
ategory.
The bond market gave decided evil
ences If strength on liberal pur- ,
bases, which advanced some of the :
rominent issues notably. Business Z
as in considerable volume, but the :
ggregate showed considerable (
from yesterdays total. The Z
)tal transactions were SO, 425, 900. I
Trading in government bonds was $
satured by the sale Of block of $780,
70 of the new coupon As. The market r
lied heavy with a slight shading in =
uotations at the close. r
Money on call easy at 1@11z per cent.
rhine mercantile paper. per cent.
terling exchange, weak. with actual :
usiness in bankers bills at Assoc
S51s for demand, and at 4.S3s4 "a, "a for
days. Posted rates, 4.S415@4.S61a
I'D 4.S61s@4.S715. Commercial bills ASS. :
liver certificates, no quotation. Bar =
lver 55ss. Mexican dollars, 4215.
Government bonds. weak; state 4
1nds. dull; railroad bonds, strong.
Petroleum, Pennsylvania crude, no \
arket.
Dn>rrl ORION .u-TOr-c