The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-11-19

all gains, were due to the manipula-
tive operations with which the room
traders amused themselves. As these
operations involve the matching of the
buying order with a corresponding sell
ing order for the purpose of attracting
outside buying and sellers, the net re-
suit in the absence of the outside oper-
atoms is very close to nothing. Sugar
displayed some speculative strength on
account of buying attributed to Wash
tngton account.
COALERS WEAK.
The coalers were weak on rumors
that there were no obstacles in the way
of the agreement to restrict the output.
Speculative buying was so. restricted
there continued TO be some heavy buy
ing in the heavy grade bond, whose
security is OF the best, though with
low return of interest. This class of
buying is a natural outcome of the
easy outcome of the money market and
doubtful outlook for speculation. Bond
houses report that there are quite large
offerings of these bonds for the foreign
account, the foreign houses being
tempted by the high range prices for
them existing in this market. 1t is
quite possible that this class of selling
for foreign account has much to do
with keeping up the rates of exchange
in the face of conditions that would
tend to weaken it in spite of the tend
ency towards easing the rates for
money in London.
TRADE BALANCE.
The trade balance in our favor for
three months, including October, is
nearly S165. 0O0. 000 London has been a
buyer in this market of low priced
| speculative securities during the last
few. weeks, as it was today. Foreign
capital is known to have quite a. large
interest in the Union Pacific reOrgani-
zation syndicate, and payments from
! abroad in proportion are due in this
market.
The operation of borrowing money on
sterling exchange, which tends to keep
I'D the rate of exchange, has appar-
! emily ceased. The continued mainte-
nance of the rate of exchange above the
| gold import point under these circum-
| stances is not easy to understand, but
sales for foreign account of high gradc
! investment bonds would aid in explain
! ing it.
ABUNDANCE OF MONEY.
A report from Chicago that there is
! talk there of a reduction in interest
rates on bank balances to IL per cent
! shows that the abundance of money ex-
tends to the interior. The imn1inence
! of the first payment OF nearly flS,0u0,
900 by the Union Pacific reorganization
committee to the government has made
no presence whatever on the loca
mon ey market.
The days return Of railroad earn
iugs all continued markedly favorable
notably in the case of Southwestern
and far Western roads, and of the soft
coal roads. Reports from the west in
dicate that the large earnings are due
in no small part to the WeSt-bounc
movement of merchandise, showing tht
activity and general business
With the sales of Sugar deducted, the
| total sales of all stocks for the day
! barely reached 100000 shares.
Bonds were more active in proportion
than stocks. Improvement was shown
in the high grade issues. Total sales
81. POO. 0OO United States 5s, registered
declined Is bid.
MONEY MARKET.
Money on call steady at 1902 pei
cent; last loan 2; closed 114@2 per cent
Prime mercantile paper, 31aQ41a PEI
cent. Sterling exchange steady witt
actual business in bankers bills at 4.S5k
@4S51a for demand and at 4.S2A for g.
days Posted rates, 4.S51s and 1862
Commercial bills. 4S2.
Silver certificates, 5S12@5912. Bar sill
yer, 577s Mexican dollars, 451a.
Government bonds firm. State bonds
dull Railroad bonds firm
SALES OF STOCKS.
Total sales of stocks today were A.
500 shares, including: c. B. & O., g.
rs; Reading, $3.50; Rock Island, 1880
St. Paul, $3.50; Peoples Gas, 1885
Consolidated Gas, 2,450; Sugar, 39,450.
BOND QUOTATIONS.
L. s. new As reg. 1878 n. Y. c. lists. ...19
u. S. new IS n. ]. c. .......11S