The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-10-09
STOCKS ENTIRELY NEGLECTED.
Bulls and Bears at a Standstill
Awaiting ForeshadoWed Results.

New York. Oct S.-The bulls we're
apparently impressed with belief. at
the opening of the stock market to-
Jay, that the beginning in force of the
imnort movement OF gold would affect
L turn in the market and send prices
Upward again. after the long sustained
reaction. Their confidence was dissi-
pated very soon after noon and the
market Wag almost lifeless. Business
was OF the lightest description and
fluctuations We're narrow, many promi-
rent stocks being entirely neglected.
Total sales for the day OF all stocks
were only 100000 shares. The bears
have apparently come to the end of
their campaign, ard there is no large
buying contingent ready to take stocks
even at the low level. The market
seems. N fact. to have swung to a
standStiu. The announcements made
today OF gold engaged for import foot
ed up a total of 1885, 900, and of this
amount all but $l,5O0,50O comes from
London. Today'S engagement of ST.
500 600 in Paris is the first to come from
that city on the total movement, which
row foots up IS, 150, 900. This is en-
tirely at variance with all the prophe-
sizes made by the financial authorities
who have foretold that London could
easily be able to shift the demand for
sold from the United States upon Paris.
London has apparently viewed with
great equanimity the increasing de-
Wand upon its gold reserves, The Bank
Of England has gone on expanding it's
loans in the face of the tremendous
drain upon its gold, and no change was
made OF Thursday in its rate of dis
count. The open market discount rate
in Locdon has remained steady up to
today, When it has declined slightly,
and the same thing was true in Paris
in response to the gold enga gementS.
The effect on the market. While it was
almost unappreciable on the stock mar
ket was perceptibIe in the money and
exchange. Time money was distinctly
easier, rates being lower at per cent
for 60 days and up to per cent for
four and six months. Actual rates of
sterling exchange advanced Il and
posted rates q per cent.
TomorroW'S bank statement is eX-
pected to show a less marked contrac-
tien Of loans and a smaller falling off
III deposits than has been the case tor
the two weeks past, as a result of the
demand for currency from the interior.
This demand has been less during the
week ard banks have not been at the
necessity of calling in so many loans
to protect their reserves. Dealings in
the stock market We're largely confined
TO the industrial stocks ana TO the spec
idlties. and the net changes. though for
the most part gains, are small except
in few cases.
The bond market showed more life
than the stock market and prices were
firm Total sales, $1,500000.
U. s. old fours reg. advanced Il bid
and the fves reg. the same.
Total sales of stocks today were 242.-
500 shares, including: Atchison, lilo;
do. preferred, 1857; c. 3. & G., 1,205; L.
G N, 2.240; Man, 1910; Missouri Pa
cific. 5075; n. j. C..l4062: Northern Pa
cific preferred, 6,S0S-; Rock Island, S,445;
st. Paul, 1850; Union Pacific, 1900;
Gas, 1850; Chicago Gas. $500; Sugar.
1880; Chicago Great Western. $3.50.