The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-11-30
Feeling That There Is a Selling For
Transfer on This Side.
STRENGTH OF EXCHANGE
ATTRACTING MUCH ATTENTION
AMONG FINANCIERS.
Market Opened Quite Animated, But
Weakness Overlook It-Net De-
clines Reached Point in Many
Leading stocks-Active specula-
ton in Sugar-Bond Market.


emulation of commission house orders
in the market at the opening this morning
which had come in over Sunday as re-
suit of the strength displayed by the stock
market on Saturday. The quotations for
Americans were also run up on the Lon
don exchange before the opening here.
AS a consequence the market opened with
quite an animated bull movement and adj
vance of a marked fraction all along the
line. But the buyers of Friday and Sat
urday Immediately set about realizing
their profits and the advance came to an
untimely end.
FREIGHT CASE.
The motive offered for the selling was
the withdrawing of the decision of the
Nebraska maximum freight case by the
supreme court. There were occasional
strongly upward after a preliminary de-
cline to the extent of almost 8 points.
There was very heavy speculation IN
this stock during the day sales amount
ing to one-third of all sales, or over 1O0,-
| 600 shares, and its price closed unchanged
from Saturday. There was some buying
| for the London account on the decline TO
! cover contracts made in London at the
earlier higher level and this also helped
to steady the market. The early, weak
ness soon overlook it and was the pre-
vailing tone for the balance of the day.
net declines reaching to near a point in
many leading stocks and exceeding that
| in special cases.
! AS a result of the lively realizing move
ment and the active speculation in sugar,
| sales of stocks ran up to near 100000
! shares before noon, a figure in excess of
any total trading for some weeks.
STRENGTH OF EXCHANGE.
The weeks strength of sterling attracts
much attention in view of the status of
were advanced pc for both long and short
sterling. There is a feeling that the in
! Vestment buying of long exchange, the
! leaving of funds on balance in interest
abroad. and the arrivals of gold at San
| Francisco from Australia are not suft1-
cient combined to act for the strength
heavier selling of high class American Sc
curities by European holders for transfer
to this side of the water than appears on
the surface. The high level of prices for
| this grade of securities goes to confirm
| this view.
INCREASE IN LONDON.
The very heavy increase in the loans
of clearing house banks amounting to
over IA 600 000 as shown in Saturday S
bank statement, is also closely scrutinized.
The explanation that the increase was
connected with the Union Pacific's pay
ment to the government does not entirely
cover the ground, as the expansion of
loans. previous to, Noy. 20 was already
was attributed to it. Saturdays state
ment seems to indicate the payment to
the government, which was left on de-
post at the banks had already been i'm
mediately replaced in loans. AS the
Union Pacific reorganization committee
was also supposed to have secured all
needed funds before last Mondays pay
ment to the government, it is difficult to
account for this large absorption of
money, in view. of the known condition OF
the money market, demand for money be-
ing very dull in all departments.
BOND MARKET.
The bond market was quite active and
broad, and prices were higher in almost
all cases. Total sales, 81, 100000.
U. S. old is registered are Is higher bid
the IS II higher bid, and the new &c Y
higher bid. There were sales of the new
Is coupons at 1851, the highest on record
MONEY MARKET.
Money on call easy at 115@2; last loan
11bG2; closed, 2 per cent. Prime mercantile
paper, 3d31a. Sterling exchange firm with
ass for demand, and at 3.S3d4. 1914 for 6(
days. Commercial bills, 4.S272G4. S234. Sill
yer certificates. 59Q59l5. Bar silver, So
Mexican dollars, 461s.
Government bonds strong; state bonds
dull; railroad bonds. strong.
SALES OF STOCKS.
Total sales of stocks today 322 1O
shares, including: Atchison, 4,14O; Burl
ington preferred 24305; l.. & n. 4,190
Manhattan, 27,HO; Metropolitan Traction
railroad, 1868; Missouri Pacific, 6.270; New
Jersey Central, $3.50; New York Central
s APO; Reading. 6,22O; Northern Pacific pre-
ferred, 1885 Rock Island, $780, ST. Louis
& San Francisco second preferred, 3,340
St Paul, q 920; Z. P. It. r.. 1924; Peoples
Gas, 11,46O; Sugar, 10000; American To
bacco, 2,242-