The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-05
RAILROAD EARNINGS.

part at level below yesterdays close,
the supply of stocks being apparently
larger.
RAILROAD EARNINGS.
Chicago & Northwestern showed
degree of strength on account OF It's
large percentage Of increase OF earn
ings for the fourth week in November.
SusQuehanna & Western continued TO
rise in price, and Delaware & Hudson
Of the coal group sympathized, but
New Jersey Central and the Reading
stocks, on the other hand, were heavy.
The days news, 50 far as it was re
garded, was Favorable, statements OF
the fourth week earnings that were
published showing large earnings and
handsome Increases.
ACCUMULATION OF MONEY.
The increase in cash was not suf11ci-
ent to cover the increased require
ments of the legal reserve caused by
the heavy increase in deposits, and
the consequence is still further de-
clines in the surplus reserve. There mas
been nothing in the requirements OF
the money market during the week to
account for the expansion of S3.416,50O
in the loans, and it is probably due TO
borrowing or exchange. This is part
of the somewhat complicated opera
ton simple result of which is to leave
at interest abroad money which has
accumulated there on credit, instead OF
drawing on it by exchange bills. 1t IS
estimated that over $10,000,000 for for
efgn exchange has been allowed to ac-
cumulate in this city during the week,
and the fact teat prices of exchange
have lot been materially lowered
shows that it is withheld and the
money loaned abroad.
INVESTMENT BUYING.
There is a continuance also of invest
ment buying of long exchange in an
.icipation of the usual return move
'nent of trade after the first Of the
year. Although the imports of general
merchandise at this port for the week
show q sharp falling off, the receipts at
the custom house indicate a growth OF
the import movement during Novem-
Der. which buyers of Ions exchange
expect win increase still further as the
stocks are worked off which were i'm
ported in anticipation of the tariff law.
Unless the import movement OF general
merchandise shall become very heavy
in the next few months, long exchange
must prove a poor investment, IN view
Of the enormous outgo OF merchandise
of the last few months
HIGH PRICED STOCKS.
London advices during the week have
reached a very heavy American de-
mand in that market for high grade
American railroad bonds. The same
demand had existed in the New York
market with a very limited supply
which was largely furnished for for
eign account as well as in London
This indicates a further heavy trans
fer to this side of the water OF the
highest priced railroad securities II
sufficient volume to have quite an ap-
preciable effect upon the exchange
balance.
BOND MARKET.
The activity of the bond market ha:
been a feature of the stock exchange
here all week and the sotal dealing il
bonds on Thursday were of a par value
of nearly 81. 100, GOO. The activity Of tn
stock market has been spasmodic. TIL
week opened with evidences of al
awkward outside interest in the mar
ket due to the sharp advances of Fri
Gay and Saturday previous.
But the buyers OF that period tool
occasion tc realize on Monday, ant
turned prices backwards again. Tues
day and Wednesday the bulls loadei
up again and. prices slowly hardened
Thursday opened with great animation
and rising prices. but while the ANNA
ton continued the rise soon came to
stcp and soon prices were fallin
quickly and sharply. This secon
realizing movement by the powerful
operators whose resources enable
them to manipulate the prices threN
tie market into stagnatit'l, froT
which it showed no sign of recover
either Friday or today.
WEEKS SHOWING.
The reactions have now however
wiped out all gains, and the wee
showed net gains between l and
points in many leading shares an
in r
Of Tuesday and Wednesday was dU
primarily to the aggressive and con
ffdent buying of q combined influence
But the factors which induced larg
following were the favorable railroa
statements and the statements in ger
eral Of gross earnings for the fourt
week Of November. The free Offering
of stocks on the advances shows tn
disposition to await the shaping
policies by congress before buyin
securities to hold.
HIGH GRADE BONDS.
The bond market has shown les
hesitancy land stocks and prices hay
steadily advanced, though periods
lessened activity have accompanied I'll
declines in process of stocks. The SUI
ply Of high grade bonds has been III
equal to the demand and the deman
has overlooked to the low priced bono
Sotal sales, $1,700,000.
United States bonds we're stron
The new IS are q higher bid, the
25a higher bid and the old As registere
and The 5s registered are x higher bi
but for four months interest
MONEY MARKET
Close: Money. on call nominally IL
2 per cent; prime mercantile paper, 3
per cent.
S1erling exchange. easy, with actu
business III bankers bills at 4S5% f
49, demand and 4Sg for 60 days.
Posted rates, 4S4@4S7; commerce
bills, 4S212.
Bar silver, $3.50: Mexican dollar
State bonds quiet; railroad bon
firm
Government bonds firm. New As re:
12Ss,: coup, 1889; As, 1929: coupon
ia: Is. 80; SIS registered, I14H: CO.
non, 1141z; Pacific 6's of '9S. 1925.
SALES OF STOCKS.
The total sales of stocks today we