The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-14
Idle Capital Seeking Investment In
GiIt-edge Securities.
DECLINE IN MONEY RATE
BEARS UNABLE TO MAKE ANY
HEkDWAY.
Further Advance In Prices In the
Face of Rather Unfavorable Con-
ditions-Depression In Foreign
Markets Caused BY Political Com
lications-Investmen Stocks.

New York. Oct. 13.-The advance in
prices in todays stock market was even
more significant of the improved tone OF
speculative sentiment than that of yes
terday. For one reason. this was true
because quite a large short interest was
eliminated from the market by yester-
day advance Another fact that might
have been utilized by the bears was the
depression in foreign markets, 50 marked
as TO suggest some knowledge of pending
political complications in the deeper
financial currents. Not only was this in
oicated by the heaYineSS of securities, a
fan of 5-l6 in British consolS and OF 10
centimeS in French renteS, but by the
excited condition OF the foreign markets
The opening IN Wall street brought or
ders to sell 1900 shares or upwards OF
stock for London account The bears
did, ii fact avail themselves of this OPEN
ing TO make a drive against Tobacco,
Sugar and Northern Pacitc, but the con-
fdent manner in-which all offerings, both
for London and for the short account,
were absorbed took all the assurance out
of them. and their only aggressive move
during the remainder of the day was a
drive against Tobacco me pears nav Z
counted much on the damaging enects
or the war in the sugar refining Industry,
the conflict over the plug tobacco trade
and the reported divergence of ideas
among the powers of Northern Pacific
preferred over the question of a dividend
on the common stock 10 check any ad-
vance In the market on account OF very
favorable returns of railroad earnings
land the generally prosperous outlook Tor
business. The movement Of prices in this
}Security gave warning of compromises
fand adjustments and took away the
snainStay Of the bear movement The
SSprocess of covering short contracts there
Afore proceeded on q large scale. and large
financial interests offered aggressive sup
port to the prices Of properties in which
they were interested.
4 significant feature of the days trad
ing was the investment demand for small
lots Of gilt-edge stocks. There were con-
SDicuouS movements of this sort in st.
Paul preferred, Pullman. Great Northern
preferred. Manitoba, Albany & SusQue-
hanna, st. Paul q Omaha preferred and
Pennsylvania. The advance in Pullman,
Manitoba and Great Northern preferred
extended from 31SGI4% per cent, and Man
itoba closed with a bid ~ per cent higher
than last night. This buying is natural
concomitant Of the growing ease in the
money market. Call loans were made at
per cent today and there IS a constant
increase in the supply of money offering,
both for time loans and mercantile paper
Short selling was slightly flrmer in tone
in response to the advance in the Bank
OF England rates. small engagement
of gold for import was without influence
on sentiment TOdays net gains equal
point for many stocks.
The demand for high-grade bonds was
a reflection of the growing abundance of
surplus capital Total sales, $2.005O00.
United States IS, the old Is registered
and the new IS advanced Is in the bid
price. The IS coupon sold at 1854, the
highest yet
The total sales of stocks today were
SOC. 400 shares. including; AtchiSon pre-
ferred, 1868: Burlington, 1856; Manhattan,
Il 325; Northern Pacific. 1860; Northern
Pacific preferred, 1850; Union Pacific, g.
500; st. Paul. 1925; Union Pacific pre-
ferred 1860; American Tobacco, Is, 155;
Peoples Gas. 1908; Sugar, 6l.5J0