The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-30
Average of Prices Shows Net Daily
Gain Since 18th.
SPECIALTIES BUOYANT
ACTIVITY IN CHANGERS At Ex-
PENSE OF VALUES.
Poor Showing In Wheat Explained
By Delayed Movement, Preference
Being Given TO Corn-Rate-cut-
ting Among Trunk Lines and De-
preston in Coal Industries.

New York, Oct 29.-With the exception
of last Monday the average of prices on
the stock exchange have SHOWN a net
advance for each day since "Wednesday.
Oct. -. There was a general expectation
therefore that there would be selling 70
take profits today, which is customary
among professional traders at the END OF
the week. The bouyant tone OF some OF
the speclalties held the market hrm in the
first hour of the short session. ConSoil.
dated Gas and Third Avenue Jumped b
points, the former on talk of the terInin-
alton of the local gas war. Tobacco con-
tinued its aggressive advance on the
strength of the developments showing the
sccretion of plug tobacco companies. The
stock was very active and large blocks
were absorbed TO make way Tor the up
ward course of the stock.
The process of bidding up the price OF
Federal Steel securities also continued
Street Railway, New Jersey Central
Minnesota Iron and international Paper
preferred We're between 1 and z points
Meantime the railroad list was very dull
and showed only slight changes, although
nearly all changes were gains The pub
LEGATION of the Burlington statement Tor
September resulted in immediate activity
in the grangers at the expense of values
Losses reached about point IN the other
members OF the group, and IL II burning
ton itself. There was a general reaction
in the railroad list in sympathy, but the
railroad stocks generally were not actlVe
and losses we're confined to tracuonS
Burlington's decrease Of $iSf.6S9 IN gross
earnings compared with September OF
last year, was distinct disappointment,
the more as st. PauPs weekly statement
had shown an increase of about the same
amount for the same period.
The delayed movement of wheat in
Burlington's territory and the large pro-
portion Of the business that is given to
corn, were advanced to explain the poor
showing.
Prices continued heavy in the railroads
to the close. but net declines were re-
fe-sf cor
and sDecialties. The bank statement was
without influence on stocks, though the
growing strength of the clearing house
institutions was evident.
The foreign exchange market alone has
been affected by the foreign situation,
and in this growing dependence of for
of this country's markets was strikingly
illustrated. With the sudden drop in
British and French government secur1-
ties on Monday and early on Tuesday,
and the upward surge of discount rates
in London and at all continental centers,
the actual charge for demand sterling
jumped up IL cents on the pound on ac-
count of the heavy selling of securities
here for London account. and the high
money rates for money abroad had their
effect upon the exchange market and with
the later developments in Paris there was
buying of London exchange reported here
for Paris account, while Paris exchange
in New York weakened rejecting the
pressure of tirnid Paris capital for trans
fer to London.
The price of sterling exchange has since
dropped a cent with the calmer feeling
abroad. Another short-lfved factor which
was made much of by the bears on Mon
day was the supreme court decision
against the Joint Traffic association The
gloomy forebodings of the bears regard
ing the effect on railroads of this decision
We're forgotten by tuesday morning
Doubtless the fact that trans-Missouri
railroads. whose association had already
been outlawed We're making money in
abundance while the legal existence of the
Joint Traffic association here proved of