The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-16

New York, Oct. 15.-There was little
change in the character of the stock mar
ket today The erratic tendency of the
leading Industrial specialties keeping the
general list greatly unsettled. The open
ing decline was general and was reflected
from abroad. Both Tobacco and Sugar
reached the point of resistance and en-
countered large buying, which put the
bears on mettle again. They covered quite
freely and ran the price up to 112.
Urgent demand then stopped for the
day, but the range was held above last
nights close. Tobacco dropped off "a
points to 114al, and closed at FbOut the
lowest. The continued disposition of
Northern Pacific 20 sag also checked any
fly in the railroad list. There was a con-
spicuouS movement in the late dealings in
Louisville and Southern preferred. Trade
attributed this to the prospects of relief
from the yellow fever by the coming of
cold weather, but in the case of the South
ern railway there were reports of an
approaching dividend declaration The
picking up of high grade dividend stocks
in small lots was continued healthful
feature Of the market. The dealings in
the outside market were IN the Federal
Steel companys securities which are to
be listed on the stock exchange.
It is accepted as the natural order of
things in Wall street that there shall be
period Of dullness and reaction preceding
a congressional or presidential election.
ness also over the foreign political Situa-
tion-the domestic unrest in France, the
Anglo-French relations. the conflict of
interests which may be precipitated by
the extraordinary events in China and
the money Stringency in Berlin. The lat
ter part of the week has seen relapse
into dullnesS in the stock exchange and
renewal of bear tactics, which is always
feature of bull markets.
The events Of the week in financial cir
cles were the advance in the Bank Of
England's minimum Of discount from
to { per cent, the sharp rise in the private
discount rate in London in response to the
So arla
the rise in the rate of exchange on London
at Paris. The effect has been that while
the demand and cable transfers on Lon
don have hardened at New York, those at
Paris and Berlin have fallen, in spite of
the advance in discount rate of the i'm
perial German bank to per cent, and of
the Austrian bank to ~ per cent on
Monday. It is clear enough that the Bank
of England in maneufevTing to divert the
demand from the United States for gold
upon Paris and Berlin.
Meantime money rates N New York are
tending steadily downward, so that money
is cheaper here than in any of the other
great financial markets except Paris. The
credit balance which is being accumulated
abroad in this country'S favor instead of
being drawn upon, is left at interest The
weeks increase of $40, 023, 300 in loans by
New York banks must be accounted for
in large part by the investment movement
in sterling exchange. The September
trade statement shows a favorable trade
balance Of over S42, 900 for nine months
past of 1898 ,09l and for Z months past
Ol S0Jo.0Sls01V. ne past week = ueIHduO
FOR grain for export future engagements
of vessel room and offerings of future eX-
change against grain deliveries seem to
fix the conviction that the world will alb
serb our large surplus of wheat at good
prices and thus insure a further large in
crease in the country's heavy trade bal
ance.
The market for railroad bonds has been
rather dull, but there has been a good de-
mand for high grade investment bonds.
[. S. new As advanced 3; As coupon and
the old As coupon. Il; the IS and IS Il
while the old As registered declined q in
the bid price.
The total sales of stocks today were
10000 shares, including Burlington, 1920;
L. & N, $3.50; Northern Pacific, 1OOS0; St
Paul, 1850; Erie preferred, +, 731; Tobacco;
s. 30S: Sugar. %. $50.