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

New York, Oct 9--The bears renewed
their raid on the market to such good
account that few stocks have escaped
with less than a point net loss The
course of the market yesterday in the
face Of extraordinary dizziness had led
many to suppose that the bear cam
paign had come TO an end and that
the market would probably sink into
Illumination for time The usual end
OF the week covering of short contracts
vas expected to stiHeD prices slightly
quite the contrary occurred. Prices did
improve d fraction in the first hour on
a very light volume of dealings Weak
negS developed in Chicago Gas and
checked the rise; the room traders were
soon afterwards detected selling by
house with Washington connections
and the bears seized upon this as proof
OF inside information of a mysterious
something pendins in Washington that
might play havoc with values when 1t
became known What the mysterious
something was, was not disclosed
SENSITIVE TO WASHINGTON.
The stock market is peculiarly sensi-
tive to limitations from Washington at
this tine. owing To a conviction in
many minds that il is only question
of time when the Cuban question shall
lead TO a rupture with Spain. Much
stress is laid also ny traders in stock
upon the pending decision of the gu
fsreDse court UPON the Nebraska maxi
mum freight rate case and the case
against the Joint Traffic association
The market vas evidently unprotected
by supporting orders ard the aggressive
short selling by the bears led to rapid
decline in light transactions. Only two
stocks in the list shaW sales as high
as 10000 shares. These are Chicago
Gas AID Burlington. Chicago Gas,
Omaha. Manhattan. Missouri Pacific
ana Burlington we're conspicuous in the
decline. Consolidated Gas huctuated III
ifs Characteristic way, breaking Is
points at one time, but ending with
recovery OF three points. There were
slight recoVerieg in some stocks just at
the close, but most of the stocks closed
at the IolY est. the prevailing tone being
very weak Probably q superficial view
OF the weekly statement of the New
York clearing house banks had some
thing to DO NTH todaY'6 selling move
rnent OF stocks.
EFFORTS or THE BANKS.
The professional trader usually ac-
ceptg q decrease in the surplus reserve
as a specific adfnonition 10 sell. PodaY's
decrease of $2064.S08 in that item was.
in fact, something of 4 surprise in view
OF the rather strenuous efforts by the
banks in the last two weeks to prevent
ii further shrinkaEe in their surplus.
But the small decrease in loans report
ed this week. S262. 300. indicates that the
banking authorities view With equanim-
lily the decline in their reserve surplus,
confident in the strengthening force Of
the So. 400. 000 gold now in transit from
4
gold arrivals Of the week reflected 81
$685. 400. but are more than Offset by the
decrease in legal tenders of S4S02. 800.
The demand for legal tenders is very
small and the best efforts OF the banks
and the United States treasury are not
equal to fully providing d supply. The
New York sub treasury has been 0hlig-
ed to refuse ia supply legal tenders in
return Cor gold except for Geographic
transfer Of currency TO other sub-trea5-
UTT points.
The Nov York hanks have been set
Ting their balances at the clearing
house during the week in gold 10 a
large extent. and the prediction is
made that The payments Of customs
duties XIII soon be made in gold Chi
cago banks are reported also TO be
presenting sold at the Sub-trea5uTY
there with Il request for legal tenders.
and the treasury At Washington is be-
ginning to find itself embarrassed to
supply al the demands upon il. On
Sept. II the decrease in legal tender
in the New York hank reserve has
amounted to S3l0300 ana the specie in
creased nearly s., 900 in the same
time. notwithstanding large exchanges
of specie for legal tenders at the sub
treasury The ample proportions OF
the counTY's gold reserve has doubt
less had much 10 Do With The import
movement Of gold which MAS fairly
inaUgurated yesterday and the day be-
fore, the total amount OF gold ROW in
transit amounting 20 S3,650,009
EXCHANGE RATES.
The stinening of exchange rates, con-
seurent upon the purchase Of bills
against these imports. is believed to be
but temporary and The movement Of
gold is expected TO continue steadily
for some time 70 come. The effect on
the money market Of the gold engage
Inents has been to impart 4 distinctly
easier tone, time money declining TO ,
per cent for GO days and up to per
cent for four months and longer pc
Ti0dS. Outside buyers Of commercial
paper have been in the New York mar
ket during the week and then the sup
ply Of paper has been increasing in
volume. Rates have been easy al III as
per cent for prime grades
The stock market has been
SNGULARLY AFFECTED
by the beginning Of the sold move
menL which almost always has a
marked sentimental effect on prices
The resistance Of the market to the
effect of a heavy slump in Chicago
Gas on Thursday and the hardening
tendency on Friday on the large ship
1nents of gold announced on that date,
sed TO the supposiuon that the reaction
MAS at an end and a rally ensued. But
today's market has completely belied
this expectation. The market has been
duh and professional all week, sensa-
tionaI movements of special stocks
failing TO have any marked effect on
The market.
Prices in bonds we're relatively firm.
some small gains being shown. Trans
actions were light compared with the
recent averages. Total sales. SIS 900. 600.
Government bonds are u To Is higher.
The latter the new fours coupon. This
issue sold during the week at I.26%, a
new high record.
BOND Quotations.
y < =, Is 1917, Nor. Par 5s4S 1s1