The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-12-02
GOLD FAMINE ABROAD
-%-
Financial Stringency at the Worlds
Money Centers.
ARE LOSING THEIR GOLD
LONDON STOPS EXPORT MOVE
MENT TO AMERICA.
A Further Advance In the Discount
Rates-American Capital Relieves
the Distress of the Foreigners
Financial Situation Affected Wall
Street Speculation.

New York, Dec. To-day the stock
market was again largely influenced by
the state of the foreign money markets.
Discount rates at foreign centers under
went a still further increase today, and
the accommodation of these demands by
American capital was evidenced by an
advance of &c in the actual rates for
sterling exchange at New York. The re-
sumption of the process of loaning abroad
promptly put a stop to the demand for
gold in London for export to the United
States, engagements already made being
Cancelled and the subsistence of appre-
tensions on this account in London re-
Sulting in considerable buying of stocks
in the New York market for London ac-
count The continuance of the stringent
requirement for money in Berlin was
shown by the withdrawal of 81, 900 ad-
ditional from the Bank of England for
shipment to Germany. The weekly state
ments of the Bank of England and the
Bank of France revealed the fictitious
character of the recent easing off of
money rates in London and in Paris. In
the case Of the former there is a loss in
gold of nearly $4,00OO00, while the pressure
uDon the bank for loans on account of
the rise in the private discount rate has
resulted in an increase in other securities
of over S13.090G 600. The Bank of France
has lost S6S0,090 in gold and a somewhat
larger amount in silver, while at the eX-
listing bank rate the outside market has
borrowed $50, 765. 900 more than the loan
account of a week ago.
The revelation of so pressing f1nan-
cial Strlngency in the worlds great money
centers suggested a liquidation of so
drastic a character as to give a natural
pause to. speculation in all markets. But
| though there was dullneSS in the standard
stocks in New York, prices were very
| firmly held, apparently on the SUPPOSE
ton that the money difficulties abroad
We're in a. way to be worked out satiSfac-
tor1ly, which is confirmed by the reten-
ton of the existing Bank of England
IN
the channels of the industrial SpecialtieS.
There is a long list of these, showing
very material gains, but each was in
nuenced by individual causes, either, real
or fictitious. Sugar advanced on the be-
lief that the regular dividend would be
declared next week, Rubber on the re-
ported demand for the product, Consol-
idated Gas on the rumors of pending con-
Solidation Of gas interests, Linseed Oil on
the report of plan for reorganization,
and so on, through the list. The strength
in Consolidated seemed to have a SYM
pathetic effect on gas stocks generally.
In the railroad list, while prices generally
! advanced, the number of stocks to show
conspicuous strength was small. 1t in
cluded Central and Southern Pacific, Civ
ing color to reports of a plan of settle
ment OF the. government claims, and Ore
gon Short Line on the measure for abSorp-
ton by the Union Pacific.
There was a good demand for bonds,
and conspicuous gains in some instances.
vanced 4, and the IS, old As, old and the
IS. registered, Is in the bid price
Total sales Of stocks today were 1852, 600
shares, including: Atchison preferred,
$50; Central Pacific, 1890; Burlington,
$3.50; l. & N, 21160: Manhattan, 1896;
Met. st. Ry.. $500: Mo. Pac. 5000; Nor
Am. Co. 6.715; Nor. Pac., $780, Rock ISL
and, 1922; Union Pacific, II 800; Union Pa
sific preferred, 15.19S; st. Paul, 11,3SS;
Southern Pacific. 1887; Southern Railway,
$50: Southern Railway preferred, i. $50;
u. P, D. & G., $500; w 6, L, E. 1011O:
W; & L. E. preferred. $500; Am. Cot Oil,
8. $40; Tobacco. 1920: Peoples Gas, II, S74;
Consolidated Cas- 6,1S0; General Electric,
3.132; Lead, S420; Linseed $3.50; Sugar,
81 49l; Leather preferred $3.50; Rubber
1874; Rubber preferred, 3S40; Chicago
Great Western, 5000