The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-09
Stock Market Still In the Hands of
Professional Traders.
REVIEW OF THE WEEK
PERTINENT COMMENTS ON THE
SPANISH LOAN.
Appearance of the Bank Statement
and It's Influence On the Street.
Some Explanation of the Embar-
easements and Puzzles That In
fuence Financial People.

New York. Oct S.-The stock market
today continued in the hands of the pro-
fessional trading element. Transactions
were small in volume and not widely as
| tributed. Such as they were, they re-
fiected decidedly unsettled and hesitatlns
frame OF mind on the part of the trad
ers. The opening tendency was down
wards. affected by a break of point II
! Brooklyn transit and continued pressure
/ on Northern Pacific. The foreign mar
| kets were unsettled by the political out
look in France. tight money in Berlin
and the public agitation in Spain Tor pay
ment of interest on government bonos II
pesetas instead of francs.
This hac some influence on the open
! ing here although Americans had been
supported in London on orders from New
York. Strength in Tobacco which rose
"a per cent; supplemented by support IN
Brooklyn transit. Peoples Gas ana Man
| haitian ana covering OF shorts IN sugar
checked the decline. There was a rally
| in Northern Pacific which drove the
shorts TO cover and which was accom-
! panied by rumor that conflicting views
of the interests dominated in the party
had been adjusted. The professional
traders then took the long side or the
market for a turn and there was gem
eral covering OF shorts. The appearance
OF the bank statement added to the Dull-
lsh feeling, as ii was fully as faVordDIy
as could be expected Although the
reserve requirements had been raised Dy
s., 1853 $50 10y reason of the larger deposits
the increase of $, $50 100 in cash le1t the
surplus reserve So, lit. $50 higher; The eX-
pansion of loans, though less than a mil
lion dotars. indicates the turn in the tide
of the money market, and is the first in
crease in that item since Sept. 2
The loan contraction from that date up
to last Saturdays return was $50, 59l, 100.
Even for last week it viii be remembered
the gain in cash reserve was only &C
comDished by loan contraction OF 3d.
5S9, 500.
This week the strengthening of the
reserve has not prevented an extension or
credit TO the extent of $500, SOl. 1t is not
imDrobably that the nearly developed m
Vestp.ent in long sterling exchange Tor
the purpose of lending credits abroad
figures in this item.
Expectations that the downward turn
in prices would come TO an end TINS
week in the stock market were disaD-
pointing though there were many mol
cations of a returning confidence in the
underlying strength of those conditions
and the value of securities.
Most of the ernbarrassmentS which have
been cited to explain the failure OF prices
to rise, have been removed Money is
working steadily to an easier basis ana
the process Of loan contraction and conSe-
ouent forced liquidation of securities has
come to an end.
The government has collected practi-
cally all of the $500 900 600 bonds subscribed
and has commenced it's disbursement by
the payment of obligations on account OF
the war.
Imports of gold to the amount of less
than $50 go 000 have brought adequate re-
lief and have ceased while the continued
accumulation of credits abroad is evil
IDENTIFY being left there at interest as re-
fected in the investment IN long steri-
ing in the increase. Apprehensions that
the holding back of winter wheat Tor
higher prices would result in decreased
earnings for the railroads as compared
with last years high level have been dis
siDated by. the large earnings shown in
the traftice statements of st. Paul,
Northern Pacific and other important
grain CARRYING roads, showing the large
decreased grain movement. The large
and persistent foreign demand for bread
StuffS and the advancing prices with the
markets free from large speculative
manipula ton, give increasing ground for
confidence in a profitable DISPOSITION of
the country'S crop. But in spite OF the
numerous favorable factors IN the sltua-
ton prices of stocks have failed to ad-
vance materially. One reason has been
the unsettling influence of the violent
and feverish activity in the
great Industrial specialties. Tobacco suf-
fered from the completion of speculative
liquidation, dropping to 113. with a sub
sequenI rally of over 10 points Sugar has
been affected by the opening of the war
in the trade and there were breaks in
other industrials and as violent advances
at some points, notably Metropolitan
Street Railway and Brooklyn Rapid
Transit The most potent influence in
checking the advance in the market was
the weakness of Northern Pacific COM
mon which was offered in enormous
volume and in spite of large absorption
sold off to 1915.
The rumors OF differences between the
largest interests il the property, if true,
would involve such grave consequences
in the whole railroad world and especially
mong transcontinental railroads that
the weakness of the stock had a strong
sympathetic influence on the whole list.
The bond market has shown improve
ment during the week, especially among
the speculative bonds.
SALE OF BONDS.
The total sales of stocks today were
i25, 900 shares. including: Manhattan, 479S;
Northern Pacific, Is. 800; Northern Pacific
preferred, 312e; Tobacco, 13,i55; Sugar,
Is, 445.
MONEY MARKET.
Money on call nonlinally 212d3 per cent. |
Prime mercantile paper, 31sd4 per cent.
Sterling exchange steady with actual
business in bankers bills at 4.S444S4l4 for
demand and 4S1%Q4.S2 for 60-days; posted
rates. 4s21aG4S5. Commercial bills, 4.S0ia.
. Silver certificates, 60G61A.
Bar silver 6O14. Mexican dollars. AZ.
State bonds steady; railroad bonds firm.
bonds strong, IS 1851; new
Is reg 1855; coupon 127; As reg. HOS
coupon, 110s. 2nds reg, 80; 5s reg. and
1121s; Pacific IS of '99. 1929.