The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-09-15
Stock Advanced On Reports
From Washington.
HIGHER LEVEL OF PRICES
WHEAT TOOK ANOTHER SOAR
AND DROPPED BACK.
Bad Crop Reports From Europe
Caused the Advance Silver Was
Lower, at 56-wool Market Con-
tinues Strong and Prices Have
Hardened.

New York, Sept. 14.-Today's opera
tons have resulted in another substan-
tial advance in the level of prices on
the stock exchange. There was some
talk during the morning of the exist
ence of 4 powerful bear pool which was
prepared for extensive operations for q
decline. The supposed prestige Of this
combinati ton, coupled with the fact that
London prices came lower, apparently
because of doubts raised by yester-
days reaction here, led to the early
success of the bear contingent The
arguments they used were the same as
yesterday, the likelihood Of entangle-
ment over the Cuban question, the
danger Of yellow fever and addition to
the damage done by the storm on the
Gulf of Mexico The latter showed its
effect on Kansas City, Pittsburg &
Gulf The whole list reeeded a frac-
ton. Later came denials from Wash
ington, on authority quite as weighty
as the first assertion, that Warlike
measures We're projected on the Cuban
question. The first reports Of heavy
damage by the gulf storm were also
denied. at the same time the marked
weakness in the exchange market came
into notice, actual rates for both long
and short sterling and for cables re-
ceding u to u per cent.
London was also buying quite freely
Of faVorite stock. Reports Of wheat
shortages in France ana italy added To
the assurance of continued heavy eX-
ports OF grain to be paid for.
The advance in cotton at Liverpool
tended TO the same end These lnulcd-
ti0ns of a prospective increase of the
balance of trade in our favor led -
expressions by foreign bankers that q
heavy gold movement would be certain
to result and would likely soon COM
Inence. The evidence OF the exchange
market on this point was strengthened
by the hare ening tendency of the Money
market, call loans commanding as high
as per cent and only, a. few eXcep-
tional loans being made below per
cent.
Money continued also to g!ove very
freely to the interior. AS The general
news bearing on the business outlook
all continued favorable. the prospect
Of gold imports proved an available
means to turn the tide in favor of the
bulls. At the same time it was re-
ported from Washington that the diff
ference between the government and
the syndicate organized to purchase the
Union Pacific had been arranged, and
that approval would be given at the
\
count that Union Pacific became SO
prominent in the afternoon wise, its ex-
IRENE advance being 3B, and its net
gain az
The market reacted to some extent
before the close, and this, coupled with
the early declines, makes the net gains
considerably smaller than the extreme
advances.
The price Of bonds fell off at the
later. Total sales .s3,l0o,oOO United
States old is registered sold at 112
Money on call, firm, at 1902 per
cent; last loan at 2 and closed at 112@
2 per cent.
Prime mercantile paper, SR@4K per
cent.
Sterling exchange, weak. with actual
business in bankers bills at 1870
4.S5 for demand and at 4.S2s@4. 1924
and 4.91@4.S712; commercial bills, 4-S1A
@4S2
silver certificates, 551s@57; bar silver,
Sc; Mexican dollars, 43.
Government bonds, firm; state bonds,
dull: railroad bonds, firm.
Petroleum-Pennsy crude, nom
inally S5c. bid. rls
The sales of stock Included the fol-
lowing: Atclling preferred $3.50; Cam
ada Southern. 1880; Chesapeake &
Ohio, 10,695; Burlington, 20,O70; c. c. C.
& st. L.. $500; L. & N. 11.4SO; Manhat-
ton, S,S55; Metropolitan Traction, 1880:
Missouri Pacific, 1855; NJ. K. & T., $500;
NJ. K. & r. preferred, II, 40; New York
Central, 1890; Northern Pacific, 5,175;
Northern Pacific preferred 29.02S;
Northwestern, 14,450; Reading, $3.50;
Rock Island, 1895; st. Paul, 5,255, St.
Paul & Omaha, 13,400; Wabash prefer
red. $40; W. & l.. E., 1924; American
Spirits preferred 1850; American To-
bacco preferred, 1885; Chtcago Gas.
1885, Consolidated Gas, $500; General
Electric, 1850; Laeieda Gas, $3.50;
Lead, APO; Pacific Mail. 1920; Sugar.
q, 500; t. G. & l., 5,7S5; Western Union,
6,S40; Chicago Great Western. $500.
BOND QUOTATIONS.