The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-09-02
Special Stocks Alone Saved the
Market From StagnatiOn.
SCHEME OF BULL CLIQUE
FRUITLEsS TO PRoLoNG OUT
SIDE BUYING MOVEMENT.
Projects of the Great New Federal
Steel Company Reflected In the
Activity of the Various Stocks
notwithstanding Exchange Was
Weak-Release of Money.

New York, Sept. 1.-The days stock
market was dull to the verge of stagna-
ton for practically all OF the standard
stocks. There was no severe pressure of
liquidation but neither was there any
demand to buy. Evidently the elaborate
manipulation of the bull clique which, in
view of the favorable conditions, was
expected to invite a prolonged outside
buying movement which would carry
prices from one higher stage TO another,
has come TO naught for the time being:
The professionals have realized. but the
new holders vulnerable to- the
Vaccinations of the bear Clique and are
loath 10 hold their stocks in a declining
market. There is a constant dribble OF
realizing offerings and SagSing or
prices. The market was redeemed from
absolute dullness today by movements IN
special stocks.
Sugar and Manhattan were marked up
Peoples Gas receded on the failure of
the agreement among inside interests eX-
pected to result from yesterdays con-
ference There was large absorption OF
both Northern Pacific preferred and
Union Pacific preferred, Union Pacific S
favorable statement for July giving the
movement a fresh imDetur.
GILT-EDGE STOCK
The projects of the great new Federal
Steel company were rejected in the actiV-
lily of various stocks affected, General
Electric, Consolidated Ice, New York Air
Brake and Baltimore q Ohio Cleveland
and Lorraine stocks, Buffalo, Rochester
and PittSburg stocks showed marked ad-
VanceS.
SO far as the outlook in the money mar
ket is concerned there is prospect Of
easier conditions.
There was no more gold imported to-
day, but sterling exchange was weak
and London money rates are still below
the New York level, though they hard
ened further today.
The announced intention of the treas
ury department TO anticipate the October
interest payments on the per cent bonds
will release over $5000.000 10 the mar
ket. 1t is expected also that the dis
tribution of the new government IS Will
be much more rapid than heretofore. The
action Of the treasury in anticipating IN
teTsst payment is an Indication of the
rather pressing needs of the money.
S.ch measure has not been resorted
to since the period of Secretary Window s
administration when the old tariff law
WAS yielding surplus revenue The
bond market shared in the dizziness OF
stocks and prices yielded before the end
of the day. Total sales, s.. 800 600.
Quotations for government bonds were
unchanged
The new IS are Is lower on actual trans
actions.
MONEY MARKET.
Money on call frmer, 2qS per cent; last
loan. 2i2 per cent.
Prime mercantile paper. S24@5 per cent:
Sterling exchange, weaker with actual
business in bankers bills at 4.S4s4G4.S5
for demand and 4S2lh@4. S22s for 6O-days;
posted rates, 4.S21z@4.S4 and 4S6 Com
mercial bills, 4S2
Silver certificates, 591zG601a.
Bar silver Co. Mexican dollars, 1872.
Government bonds steady; state bonds
dali; railroad bonds easier.
SALES OF STOCKS.
Total sales of stocks today. $500
shares. including 6.eS5 Atchison preferred;
e5S5 b. & o.. 9ll0 C. B. & O.. 1875 l.. &
N, 80. 80 Manhattan. 81, $40 Northern Pa
cific, 450S9 Northern Pacific preferred,
6.22o Rock Island, 2257O ST. Paul, 2l,1S5
Union Pacific, $40 Wabash preferred,
4722 Minnesota Iron. 1852 Peoples Gas,
1920 General Electric, $500 Illinois Steel,
1888 Sugar, 44I0 Leather preferred, $40
c. G. w.