The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-12-03
Wall Street Refused to Join the
London Procession.
THE GOLD SCARE IS OVER
FOREIGN MONEY MARKETS RE.
LIEvED BY THE BANKS.
Stocks Rose at London, But the New
York Market Was Dull and r.
egular-Railroad List Was Slug
gish and Suffered From Exten-
sive OBSERVATION-DISCLOSURES Active.

New York, Dec, 2.--The stock market
in New York refused to respond to the
! sanguine view manifested on the London
exchange as to the future value of Amer
lean securities. Americans were the fea-
ture of that market and were marked up
quite sharply before the opening here.
The countermanding of orders for en-
gagement of gold for shipment to New
York alleviated apprehension in London
over the money market outlook. The
rate for call money there fell to 21s per
cent, and was easier also in Paris, q
result of the extensive accommodation
accorded the money market by the Bank
of England and the Bank of France. The
effect in New York of the higher prices
abroad was only temporary and the de-
mand for standard stocks became semi
Stagnant. In the dullneSS which super
, vened the movement OF prices for stand
ard stocks was extremely irregular, the
irregularity extending so far as a con-
trary movement of different issues of the
same company. Thus the preferred stock
of Chicago & Eastern Illinois and St.
| Louis & San Francisco first preferred
moved upward, while the common stock
of the former and the second preferred OF
the latter suffered heavy losses. The pre-
ferred stock Of Union Pacific was also
firmer relatively than the common stock.
Generally speaking, the Pacific stocks,
| including Northern, Union, Central and
Southern Pacific, suffered from extern
sive proft-taking sales. The grangers
were in the same category. The sluggish
ness and heaviness of the railway list
caused a continued diversion of Specul&,
tive activity into the industrial specialties.
Sugar showed the greatest activity, and
its decline in the late dealings, after an
early period of strength, was no small
factor in the general heaviness toward
the close of the day. The decline in this
speciality was based upon the lowering
price of the product by a leading COM
petitor and on the opinion that the re-
cent demand in the trade has been alto
gether abnormal.
Brooklyn Transit rose at one time above
70 to the high record price, and MetrOpoh-
tan Street Railway was strong on the
talk of the increased dividend. The pre-
ferred stocks of the rubber and leather
companies enjoyed the benefit of favor
able trade conditions. Federal Steel pre-
ferred was suddenly marked up almost
point. without an explanatory new de-
velopment, and other iron and steel stocks
responded in sympathy. L1nSeed Oil rose
6l4 on the reported underwriting by
syndicate of the reorganization plan, but
lost it all. General Electric was helped by
the expected declaration of 1850 of the
accumulated dividend of the preferred
stock. Pacific Mail was a strong feature
on the increase in net earnings for Oc-
tober of $12S SOL due to the increased trade
activity in the Pacific ocean. The antici-
patton of poor fourth week traffic returns
for railroads on account of bad weather
mad It's influence IN causing the reaction.
The days net changes are mixed.
The bond market was active, and prices
were better sustained than in stocks.
Iron Mountain 5s were a. feature, with a
rise above par to 101, and Denver & Rio
Grande is were added to the list OF re-
organization As valued at par or above.
Total sales. 1885, Co., U. S. old Is regis
tered and the Is advanced Is in the bid
price.
The total sales of stocks today were
525, coo shares. including Atchison. $3.50;
Atchison preferred. IT rs; Central Pacific
22,S05; L. & N, 1885; Manhattan. 6775
Met st. Ry.. $500; Missouri Pacific. 1890;
Northern Pacific. 4,515; Rock Island, 1895:
Union Pacific, 1856; Union Pacific pre-
ferred 1881; st. Paul. S,410; Texas &
Pacific. $3.50; Cotton Oil. 4,520: Spirits,
y. 400; Tobacco, $3.50; Bay State Gas, II 995;
Federal Steel, 479S Federal Steel pre-
ferred, 29233 Peoples Gas, 5000; Con-
solidated Gas. 5,Sl1 Laclede Gas, 1926;
Linseed Oil. 1915; Pacific Mail, 17475;
Sugar So 1876; T. c. & l.. 1920; Rubber
2lS. Chica 20 Cfreat Western 8 600