The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-09-28

New York. Sept 27.-The stock mar
ket today showed a very marked fall
ing off in activity, the teal sales of
stocks reaching only 10000 shares. The
diminished activity was in part due TO
the observance of the Jewish New
Year, holiday with many brokers and
operators. But there was besides a
disposition on the paps OF many large
interests which have recently. been act
i've in the market to stand aside for
the time being and allow prices to take
their own course. TIE professional ele-
ment, which has nov very generally
espGused the bear side Was not active
today. Prices rose after the opening
in sympathy with the quotations re-
eeiyed from London ana there vas
buying also for London account here.
Later some traders 1rotesSed to be
disappointed at the size of the in
crease shown in the August gross earn
ings of Omaha and that stock was
sold down sharply. The decreased
freight tonnage shipped eastward from
Chicago last week was also used as an
argument for a depression of prices.
Rock Island was one of the stocks I'M
der special pressure. The market re-
ceded below Saturdays close under
these influences, so that the extreme
advances during the day considerably
exceeded the net gain. All the general
news continued to favor advancing
prices, and free from pressure the mar
ket advanced in the afternoon to the
highest point of the day. Tle money
market continued to attract the great
est share of interest as the future
course of speculation is felt to largely
depend on the supply of money. The
tone of the market was somewhat
| easier today but, owing to the lack Of
animation in the stock market, there
was little demand.
HEAVY MONEY SHIPMENTS.
Shipments Of currency of the interior
continue in large volume and it is be
| lieVed this demand will not be eX-
! hausted for some time yet. 1t is be-
! lieved that o further contraction Of
| loans to considerable amount will be
! necessary to provide against With
| drawals for use in the interior. In
! looking for relief from possible str.n-
! gency, the imports of gold, it is felt,
| that the comparative ease of the Lon
| don money market must be considered
as in some sort of fictitious, the rate
! being down with the purpose of aiding
| The indian government in floating it's
| iGan. Russia and Austria- Hungary
continue in active 81 EDITION for gold
! and there is a laloe balance in the
Bank Of England which Japan has the
| power to WITHDRAW. London, in fact,
! fears dear money and it is believed
! Withdrawals Of gold on a large scale
! for shipment to the United States viii
I precipitate a sharp rise in the rates for
| money and would thus induce the leaV-
| ing OF funds there by American cred
! tors unless the increase in money rates
! hera vas sufficient to counteract this
| condition.
UNION PACIFIC BOGY.
The foreclosure sale of TIE Union Pa
clfic and the withdrawal of $4,000, 000
| ar $4,000 600 of cash, which it VIII ne
eessitate, is matter that looms in
| he prospective of the money market
| situation. Under these conditions it is
/ believed there Will not be Immediately
any such resumption of activity in
/ stock speculation as has characterized
the market for many months past. To-
days advances run from a fraction to
over q point in the active shares. Con-
solidated Gas rising ~ and Sugar 8
| Railway bonds declined early in SYM
pathy with stocks. hut recovered later
Total sales $2,500,000. United States Is
| coupons of 1880 advanced IA bid.
Money on call easier at 2GD3 per cent;
last loan, 30 per cent; closed 21A@3 pei
cent.
Prime mercantile paper, 4AQ5 pea
cent
Sterling exchange strong with actua-
| business in bankers bills at 1888 for
demand and at 4.S2B@4S3 for SO days;
posted rates, 4.S31z@4S4 and 4.G6@4.S61a
| commercial bills, 4.Sl12GD4.Sz
Silver certificates, 56@5S.
Bar silver, sc.
Mexican dollars, 49,