The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-10-03

most in the recovery. Prices of Amer
! leans were advanced in London before
| the opening hour, and arbitraga broll-
| eTs bought for London accounts. The
stock which we're faVorites in the Lon
don buying Wara those that have re-
! Gently suffered most severely from
I liquidation Of eoreien holders, reflect
! ing a marked change IL foreign senti
nlent. The various trade reviews pub
! liShsd this morning all repartcd con-
/ tinued Improvement i'll trade aud indN.s-
I try ana additional statements Of rail-
way earnings showing increase, con-
/ tributed to the desire TO buy
THE MONEY MARKET.
An additional fall in the rate Of ster-
ling exchange Of &c. for demand bills
made it evident thai addt-tun5l gold
| imports cannot ha long delayed and
| probably helped 4il6 marSgs, though
sold is SO plentiful at this center st
! present that some of the banks are
! clearing house in that metal. The week.
! ly statenleE1 Of The clearing house
banks was also interpreted fdVordhiY.
/ The statement clearly reflected the
pains the banks have been at to pre-
| vent any further heavy shTinKage in
their surplus reserves. The Withdraw
ais of deposits of S6,602 .S00, is partially
offset by q contraction in loans of
1 1892, 000 making a tctal contraction for
/ TWO weeks of S7.520,Gg). The Withdraw
ais Of deposits find IN additional re-
! fection in the decrease in legal ten
ders of s., 442 300, which was offset by
a net increase of $685. in specie, so
that the actual decrease in cash was
only about 81, 200, 900. The more profit
able rates for money have induced an
increase in circulation of 1921, 600.
THE STOCK MARKET.
Today's net gains in prices of stocks
ran from / to 3 per cent, the advance
being in full tide when the market
closed. The stock market has been
! highly technical and professional in its
character all week and the reaction
which was the feature of the week be-
fore continued up to Friday. The bears
have been masters Of the situation and
there has been no aggressive effect in
opposition to the bears successful at
tempt to bear down prices until TO-
day. Prices have declined simply be
cause more people wanted to sell than
to buy, or sellers we're more anxious
than buyers. No favorable incident
seemed to check the decline. August
statements all showed enormous in
crease in net earnings. The resigna-
ton of the conservative Spanish min
! listers and the likelihood Of a liberal
succession was accepted as tending to
aqneliorate the relations between Spain
and the United States concerning Cuba.
But the market sold OF sharply on the
announcement of these events. Today s
sharp advances have gone far to reduce
the net declines for the week and in
some cases have wiped them cut en-
tirely The whole character of the
speculation showed marked change,
the trading on the advance being AMI
mated ard shorts covering heavily. The
week has shown q subsistence Of the
fears OF money stringency, NotwIth-
standing a sudden rise in the call loan
rate of Friday OF > per cent. This was
clearly understood to be due 10 tenn
porary demand for the necessities for
the first of October settlements.
BANK CLEARINGS.
Bank cIearings of ali the cities in
the United States show decrease from
last week of over 3 per cent. though
the increase over last year is still q
per cent, but compared with an in
crease last week of over 81 per cent.
The market for sterling exchange mas
steadily declined since Monday and
gold imports are believed to be again
imminent. The weakness of exchange
is due to offerings Of cotton bills. In
estimating the probable dimensions of
the gold imports and low price for cot
ton must be considered which, COM
pared With last years prices, VIII make
a difference of many millions of dol
lars in the balance due from abroad
! in cotton exports.
Imports of general merchandise and
dry goods at New York for the week
SHOW an increase of $l,SS2,364 over last
week, while the increase of this week S
exports from New York over last week
n=,Ix- hN, In aOT
quence of today's rally in prices net
declines in very few standard stocks 2
points on the week, and some show
gains. Northern Pacific preferred is
| conspicuous in the latter class.
BONDS AND MONEY.
Bonds have been much less active
than of late and have resisted the de-
cline better than stocks, net declines
being small. U. S. bonds are Is to z
higher.
Money on call, nominally 2HGS per
cent.
Prime mercantile paper, 1905 per
cent.
Sterling exchange weak, with actual
business in bankers bills at 4.S4lA@
| 4.S4% for demand and 4.S21z for 60 days.
Posted rates, AS3@4.S4 and 4S515Q)4. Sc.
Commercial bills, 4S1
Bar silver, 561a-
Mexican dollars, 43.
Government bonds, firm; new tours
| regular, 1865; coupon, 1875: tours,
1.llH coupon, 11S; twos regular, IS:
| fyes regular, 1.1494; hves coupon, 1.14S4
Pacific skies of '9S, 1.02H.
SALES OF STOCKS.
The total sales of stocks today were
222 200 shares, including the following:
Atchison pfd., 3s,7OS; c. s. O., 4,s55; Chi
cage. Burlington & Quincy. mp; Erie
| (new), 1900; Louisville & Nashville
! $3.50; Manhattan $3.50; Missouri Pa
cife, 6,745; New York Central, 1851;
Northern Pacific pfd., Is, 123; Beading,
1900; Rock Island, 1908; St. Paul, IL
125; st. Paul & Omaha 1850; Southern
Railway pfd., 1850; Union Pacific, 49,
| $50; Chicago Gas, 1860; Sugar, %, $50;
r C. & l.. $3.50; Western Union, 4.705;
! Chicago Great Western. 1880.
BOND QUOTATIONS.
u. S. I. Is, reg. 1854 ID. s. go. 9c1z
L. S. n. ..12G12N Y. G. & ST.
L. S. IS. =. ....,ll2S5 L. IS .,...-.-,.. 1914
[ u. s. comp. ......gi3l2 Q. Nav, Is.s...,.II3
| Z. 8. Ids. ...-.. 90 O. Nav. Is 49,. $685.
! Z. s. -, reg. lisa O. $. L. IS, t. r.1l6
U. 6. 5 coHD..- .l5 O. s. l.. is, +. r. 9Ja4