The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-09-15
Gold From Europe Relieves the
Money Stringency.
SHIPMENTS ANNOUNCED
ONE SMALL ENGAGEMENT
HAILED WITH GREAT JOY.
Goldbugs Who Had Been Distressed
By the Scarcity of Money Imme-
diately Advanced the Price of
Stocks and Loan Rates Were Drop
ped-Some Conspicuous Stocks,

New York, Sept. 1.-THE unsettled tone
of the speculative mind over the money
market outlook was relieved today by
the announcement of further gold i'm
ports Actual engagements were an
nounced on S1.600.GeO and rurno-s were
rife OF very heavy additional sums which
are to come this week Rates for call
loans on the exchange broke sharply 10
21s per cent from a high point in the
morning on small transactions of AZ per
cent. very active buying movement
developed, which Was in large part from
professional traders who had gone snort
o. the market on 4 conviction tndt money
rates would hold Arm Tor = time ana mat
call money would be subject 10 occasional
iii rries from tho calling of loans that
wpuld shake out large AduleatohS OF
stocks.
The course Of the exchange market
gave warning early in the day tnat re-
lief WIS at haEd Tor the money market
in the folm o. gold imports. Posted
rates were marked down nc ana actual
rates feil &c, the price Tor demand
sterling reaching AS4, which Is easily
within the gold import point. The mar
ket during The earlier part OF the gay
was largely confined to the specialues
Sugar. Tobacco and the constituent COM
panios of the new federal steel company
were AL markedly weak.
The railroads rallied early IN the day.
but were weakened by the decline in the
Speciaities. They offered strong re-
sistence TO decline, however. and ad-
vanced early ana quickly all through the
list after midday.
The local traction stocks, including
Brooklyn Rapid Transit, Manhattan and
Metropolitan Street Railway, We're also
/ strong The Industrial SpecialtleS COW
cred nearly all their losses ii the. after
noon, on covering Of shorts Sugar was
al exception. This stock opened OIL ~
per cent, allowing for the per cent diyi-
dend. 1t rallied per cent, but in the
late dealings it fell an extreme 4A per
cent. There was very determined sup
port at and below IL and the bears de-
sisted from their attack. This gave time
for the general market to rally again TO
about the best, the closing being acllNe
and firm at net gains reaching point
or over in many stocks Inc granseTS
and Pacitics were conspicuous in the rail-
road list. The effect OF the easier money
market was in large part sentimental, as
the stock market depression mas Deeil
due 10 apprehension OF future stringency,
rather than TO actual present conditions
The convic tons had gained force Tor
several days that the scarcity OF money
is apparent rather than real, and the fact
that the payments on the governments
loan are almost completed gives promise
OF early relief from the drain on that
account. The government disbursements
in the form OF expenditures and the dis
tribution of the new bonds are certain 10
result in Il plentiful supply of easy
money at an early day.
bonds. and prices rallied in sympathy
with stocks in the latter part of the day.
Total sales S2.HO000.
L. S. IS advanced sc in the bid price.
There We're large transactions in the Is
at 1855 to 1855, the latter being the last
price.
shares, including 800 Atchison pre-
ferred. 27.53i c. b. * O., 27,20S Manhattan.
1892 Metropolitan, 5,410 Missouri Pacific,
a3G65O Northern Pacific, 11,S59 Rock Is
land. u. 3ae- Onion PacTf1c,- 3Si245 St. Paul.
1850 Union Pacific, 10000 Minneapolis
Iron. 3,27S International Paper company,
e425 Cotton Oil. q. S2S Tobacco, $3.50 Chi
cago, G. W.. 1850 Peoples Gas, 3,S4C
Steel. SASS Sugar. 4,S05 7. C. & /, S,415
Rubber.