The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-15

New York. Aug. 14.-There was an
other striking illustration today of the
! inherent strength of the market for
/ stocks, heavy offerings to realize al
the opening being readily absorbed and
a strong, fresh buying impulse invited
by the lower level of prices. This new
! impulse soon turned the tide of prices
TO an upward course once more, WHIP
ing out the sharp early losses and es-
tablishing net gains for the whole list.
The early decline extended to from
| IL to points on many prominent
stocks, and the subsequent rise estab-
| liShed net gains of l to points in
MANY stocks.
The week in Wall street has been
marked by an undated volume of
| trading on the stock exchange, where
the total sales of all stocks on two
separate days exceeded that of any pre-
vious day of the present movement.
The record for days trading in bonds
was also placed at a new high point.
Sales of stocks for the week reached
total of 3,52O,412 shares, and the par
value of the bonds dealt in was $40 $685.
900. The course of prices was not so
Oily upward as last week, two
s.ees- ctions occurring. on begin
snarp re-, fternoon and continuing
Ilhs Mohaay a, Tuesday, and the
second showing itselt'.- tba asriv
day and continuing through ocon1
part of Fridays trading. The -
reaction developed after the 6dtSrea.>
on Thursday of speculative movement
in a lot of obscure and low priced
stocks, some of them VIGOROUSLY with
out any equity whatever in any prop
erty. The grade of intelligence which
was being applied to speculation was
indicated by a widely diffused argu-
ment, for selling on Friday because il
was Friday, and at the same time the
18th of the month.
An interesting development of the
week was the fact that foreign inves-
tors are really buying largely of Amer
lean securities at the same time as
foreign holders have been selling
largely. The selling has been in the
New York market. Owing to the de-
terminedly pessimistic attitude adopt
ed by English newspapers towards
American securities, the London price
has been almost constantly below the
New York parity. The course of the
various international money exchanges
shows increasing reasons why English
financial authorities have sought to
discourage the buying of American Sc
curities. Foreign bankers are now
substantially agreed that the balance
of credits to be settled by gold I'M
ports to this country will be very large.
The offerings of grain and cotton mills
in New York exchange have caused a
constant fall IL both sterling and con-
tinenetal exchange, more particularly
the latter. The fall in sterling ex-
change has, in fact, received a tenn
porary check by measures adopted in
the London money market Il divert
= \ r1a% I'll
to other centerS just as the special de-
mand in London for gold from Russia,
Austria and Japan has been in part
diverted TO this country during the
last few months. The open market
discount rate in London has been
raised during the week from below l
per cent to rs per cent, and it is gen.
orally believed that the Bank of En-
gland will advance its minimum dis
count rate to above 2 per cent next
week. Coincident with the rise in the
London discount rate there has been a
sharp rise in the rate of Paris ex-
change on London and Berlin exchange
on London.
Meantime the New York rate of ex-
change on Berlin, and especially on
Paris, is steadily falling. The inference
is that British capitalists are calling
home capital placed in France and
Germany. Foreign bankers in New
York believe that the consequence that
will follow will be that gold imports
will come from France, and that they
are likely TO come in a short time. They
also believe that London will have to
ship gold to New York later. The
amount. of course depends upon the
buying of American securities by the
English public. In consequence of these
actions in the market. net changes on
the week in prices of stocks are not
wide the gains extending to points
in comparatively few of the leading
stocks.
Transactions in bonds during the
week accurately reflected the views
of investors regarding the financial and
commercial outlook. Values of many
securities appreciated notably, and the
dealings were attended with more ami
nation and breadth of trading than has
been evident for years. Long dormant
issues doomed into prominence. and
liens of leading reorganized roads were
in especial favor. Purchases for con-
tinental account embraced round
amounts of the gilt edged and specu-
lative mortgages. The active issues
absorbed the great bulk of operations
and general gains We're registered The
aggregate sales were S2O.S45.O0O
BOND QUOTATIONS.
II. s. IS. reg 49,. 971a C. p. lists Of 50. -102
Do As. reg ......1117s d. & R. G. As = 50
DO. As. coup lie ID. & r. G. IS Iii
Do. new As. reg. 125l4 Erie Seconds -. 721s
DO. do. As. coup. 1854 r. G. W. lists -. 1875
DO. as. reg ....113ss Southern Ry 5S 94l5
Do. IS. coup ...1132l Tex. Pac. lists =. 953s
Atchison Is 49,. S75s Do. seconds ..... 31A
Do. Second A :. 81 T. P. lists of 96.101
Can. So. ends JOG West Shore IS -.10S3z
STOCK QUOTATIONS.
,+o,,son 15X L. p. D. & G. :. 6A
Do. pref ...... 32as Am. Spirits 49,. 1874
Can. Pac .... 1919 Do. pref -.-.-.... 81
Del. & Hudson .1l9 Am Tobacco -. &r4
D. & r. c.. 1875 Do. pref ....-....u2
Do pref $1,000 1912 Chicago Gas ---1UzA
Do. lists pref :. 4lsl Col. +. & L.. 1875
Lake Shore lib Do pref $500 wy
Mich Cen .104lz Do pref, o1s = 80
Mo. Pac ........6 29lA Gen. Electric -. 1864
N Y. Cen 49,. 1862 Lead -...-..-..--- 80
No Pac ....:..... 172s Do; pref ...1o4
Do. pref ...... SOS Pullman Pal ....1l0
Ore. r. & Nav E. Is Silver Cert -. s.
Ore. Short Line. 2Sik Sugar -...----.-.-14i.s
Reading 265s Do. pref .--.n6ls
So. Pac 2OsS u. s. Leather :.
Sc. Railway $3.50 IL Do PREF -:-----.- oo74
Do. pref .......-. 80 u. >. RUBBER - 10
Union Pac .. 49, Do. pref .--.-.... 90
NEW YORK STOCKS.
Chollar ...... 90 Ontario .......... 90
Crown Point 49,. Is Ophir ............ 80
Con. Cal. & Va. 10 Plymouth 10
Dsadwo3d ...... % Quicksilver ...--. %
Gould & Curry. IS Do. pref .-.----.-10 90
Hale & Norcross 50 Sierra Nevada -. 90
IIor1o.o=-al<a % M rd l ~