The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-09-03
Along With Other Influences II
Produced a Lethargic Market.
CLOSED UNTIL TUESDAY
DECISION OF DIRECTORS OF
STOCK EXCHANGE.
Only a Brief Period of Activity Yes
terday-Weakness of Some Stocks
Due to Speculative Short Selling
Money Market Tight and Bonds
Very Dull.

New York Sept. 2.-There was brief
period of activity on the stock exchange
this morning. and brisk demand mani
tested for a few stocks. but the dealing
became more and more perfunctory as the
I day proceeded. The market was under
the combined influence of the eXhaustIng
heat, the tightening money market and
the approach of the Labor day holiday. 1t
had fallen into complete lethargy by noon
and the governing committee was induced
to reconsider its refusal to close the eX-
change on Saturday and decided TO sus-
pend trading from O'Clock today until
10 o'clock 'neXt Tuesday morning.
The announcement of this decision DEM
onstrated that the weakness of some
stocks earlier in the day had been due to
speculative short selling shown by the
demand to cover shorts Manhattan
scored an extreme improvement after
marked early weakness of ~ and To-
bacco, after a loss of nearly points. re-
covered "a. The early activity centered
In the Pacifics, the preferred stock show
ing special strength on the decision of
the Northern Pacific directors announced
later in the day to put aside a reserve
fund of 900 to insure the continuity OF
preferred dividends. The common stock
fell off a point on selling by holders dis
appointed in expectation that the surplus
would be distributed as a dividend on the
common stocks. The common stock rail-
lied only feebly on the presidents state
ment that consideration of dividend on the
common would be in order If business
Electric continued to show strength and
closed at the best at net gain of ia.
Baltimore x Ohio also renewed Its ad
vance. The market generally drifted to
a lower level in the later dealings due to
taking of traders profit in anticipation of
the three days interval of trading. The
money market hardened further. call
loans generally being market up to per
cent on the expectation that tomorrow
bank statement would show a still fur
Their decline in cash holdings and surplus
reserve. The higher money rate was not
reflected in the exchange market, which
was slightly firn4er in tone.
Bonds were very dull but prices were
more firmly held than for stocks. Total
sales, 81. 900.
MONEY MARKET.
Money on call at 2G3 per cent. Last
loan, per cent. Prime mercantile paper
3s+ az per cent. Sterling exchange steady,
with actual business in bankers bills, at
4.S3Ad4.S5 for demand and 4.S2%4Q4.SS for
60 days. Posted rates, 4.S3l2Gt4S4 and 4.S6
Commercial bills, 4.S2.
Silver certificates, 59% G6012. Bar silver,
COZ. Mexican dollars, 46%4.
SALES OF STOCKS
The total sales of stocks today were
3l5, 200 shares, including 6645 Atchison pre-
ferred. II, 234 C. B. & O.. $3.50 Manhattan,
3, 100 Missouri Pacific. 1925 Northern Pa
cific. "a 0S4 Northern Pacific preferred. $3.50
Rock Island 4610 Union Pacific, 10. 6l0 st.
Paul, y 100 Union Pacific preferred. $3.50
MINI. Iron, $3.50 Cotton Oil, q. SIS Tobacco.
1852 Chicago Gas, 6055 Peoples Gas, II, 695
General Electric, 4, 405 Pacific Mail 10, go
Sugar.