The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-10-15
Futile Efforts Of Stocks to Climb to
a Secure Station.
CHICAGO GAS LEADING
SUGAR COMES NEXT IN POINT
OF ACTIVITY.
In Chicago, Corn Reached the Low
est Decline In Months, Followed
By Wheat and oats-Rumor In
London That Bank Is Borrowing
On Consols-Western Markets

New York, Oct. 1.-THE action of
prices in todays market might be Xix
ened to the toilsome and arduous eff
forts of a weakened animal to climb
to a secure station. only to be con-
tinuously tumbled backward by a sim
gle hostile stroke The ready success
of the bears in depressing prices led
them occasionally to take profits
These spasmodic covering movements
were achieved without affecting any
marked change in the general level of
prices, and the upward course soon re-
suited in an almost stagnant condition.
There would be a spirit of activity
whenever the bears renewed their raid,
and apparently the desire to sell only
ceased when the bears ceased in set
ting the example by short selling.
Chicago Gas continues to occupy by
far the
LARGEST SHARE OF ATTENTION,
and ranged over AS points during the
day. Sugar. which came next in point
of activity, was also under very heavy
pressure, and declined at one time 8
points below last nights level The
firne5t tone of the market during the
day was in the last hour and it looked
as though prices would be allowed to
recover TO within fraction of last
nights close. but a renewed drive in
the last ten minutes of trading knocked
the toilsome climbers again. Net losses
ranged from ! to per cent in the most
active stock in the list. There was 10
reelection of any development in affairs
of the day in the course of prices. the
market being wholly professional. The
fact was demonstrated with sufficient
clearness that yesterdays recovery
was not a resumption of sustained
upward course of prices but was SIM
ply due to
PROFESSIONAL MANIPULATION
to force a covering of the short con-
tracts which had been freely put out
for a day or two previously. The gold
which was shipped from Europe last
week began to arrive today, $500, 900
being deposited ia the assay offices and
100000 in the clearing house vaults,
The money market continues easy,
though with no appreciable change in
rates. Sterling exchange was steady
/ in spite of the advance to 3 per cent in
the Bank of England's rate of discount.
No further enga gements of gold for
import are announced, but they are
considered likely before the week closes
and the sharp fall in the rate of ex-
change of Paris leads to the suppositton
that the next shipments will be from
there The trade statement for Sep
! TENDER, issued by the government,
makes it likely that the excess of eN-
ports over imports for that month will
| be found TO foot up $40, 900 GOO against
nearly S4l 900, 900 for August and over
sl7.O00,0OO for July.
/ The delayed cotton movement, which
! has not yet attained its fun force, in
sures an additional heavy trade bal
ance in favor Of this country for the
| current month. The movement Of gold
! for the season is therefore considered
certain to be heavy unless the rates
! for money in foreign financial circles
/ shall advance so far as TO make it
more profitable not to draw on these
foreign credits for gold shipments.
BOND DEALINGS.
Dealings in bonds were on a reduced
! scale and the tone Was weak though
! fluctuations were unimportant. Total
sales, 81. $50. 900. United States old Is
were advanced Il bid.
The total sales of stocks today We're
! 391, $50 shares, including: Atchison pre-
I ferred, 1881; C. & O., 5000; c.. 3. &
( O., 2S. s65; L. & N, 5.150; Manhattan
L., 1856; Missouri Pacific, S,733; NJ, K.
| & T. preferred, 5,l05I n. J. c.. S,545;
Northern Pacific preferred, 10,643;
I Northwest. $500; Reading, 5,400; Rock
/ Island. 14907: ST. Paul, 36.55S; st, Paul
& Omaha, 3,210; Union Pacific, Y. 100;
/ Bay State Gas, 5.445; Chicago Gas
( -. $40: Sugar 81 .042: Western Union,
! 5,oT5; Chicago Great Western, 1850.