The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-11-06
Week Given Over Largely to Pro-
feSSiOnal Trading.
SHORT LINE STATEMENT
MADE GOOD SHOWING OF EARN
INGS.
Bank Statement Showed Decrease In
Cash, But Evidence Points to Con-
idence In Money Market Outlook
Weeks Business In Wool at
Boston Shows Encouragement.

New York, Nov. 5.-The market was dull
and sluggish throughout the short ses-
sion, but with an undeniably firm under
tone, closing at best prices, with no dis
position to take profits after the two
days rise, such as might be commonly
anticipated at the end of a week given
over largely TO professional trading. The
market. in fact, resisted an attempt to
reduce prices after the appearance of the
bank statement, the attacks centering on
local securities. Third Avenue, Metro
Dolitan Street Railway, Consolidated Gas
and Peoples Gas all showed the effects
of the bear attempt but the market
generally continued upward to the close.
No effect was produced by the action of
the Spanish peace commissioners in re-
fusing the American proposition for the
disposition of the Philippines. The spec
.ulatiVe mind was almost prepared for a
rupture of negotiations. The reassuring
words uttered last night by the British
prime minister and the semi-otticial state
ment from Paris served to clear up APP
prehension of foreign complications. The
various weekly trade reports We're on the
Whole encouraging as TO the business out
look and there were strong statements of
railroad earnings from Oregon Short
Line, oregon Navigation, st. Louis az san
Francisco. Flint & Pere Marquette, Louis
Vile & Nashville and other roads. The
demend for bonds was very large and
well distributed. There We're heavy in
diy-1--al hl-ks Of the Baltimore aind Ohio
3l2S r len issued, the Atchison q Union
Pacific Is.
The bank statement showed an exceed
Ingly large decrease in cash, but the fact
that credits have been extended 1,6l2 500,
IN face of decline of over S5.OOaOC9 in
cash reserve, is convincing evidence of the
confidence felt in the money market OUT
look Since Sept / loans have expanded
81, 465O00, while cash has increased only
l4,S4960O. As consequence the surplus
reserve is but 1919, $50 higher than il was
month ago. A large proportion Of the
loan expansion of course represents
money lent abroad. The recovery in
stocks during the latter part of the week
indicates that the selling early in the
week did not extend far outside profess
sional limits and fer short account. A
dull and waiting market is almost sure TO
invite this class of professional opera
lions. There were various factors tending
the uncertainty in the speculative mind in
the earlier part of the week. outside of
the small group of industrial snecialties,
which were under violent manipulation,
and the dealings in which made up the
large proportion OF the total transactions
on the exchange. One of these factors
was the proverbial Discrimination of stock
operators to make fresh commitments on
the eve of a general election. Another
was the threatening. aspect of European
political affairs. This factor was en-
phasized by the news of Wednesday from
China reporting the hostile preparations
of the Russian and British fleets, and in
Russia We're in cooperation TO press upon
Great Britain a solution of sundry prob
lens of international relations which
would threaten an immediate embodiment
of all the powers. Apprehension on this
score was somewhat relieved by the news
that the Fashoda difficulty had been
solved by the withdrawal of Major March
and. 1t also appeared that the sharp
decline in consols on Wednesday was
partly due to the process known as Dor
rowing from the market by the Bank Of
England. which in reality consists Of SAFES
OF conSols from the banks reserves Of
government securities. The bank IS re-
sorting to this device to keep the private
discount rate un to its own rate with a
view to shift the possible demand for
gold upon continental centers. The money
'StrinSency in Berlin and London is in
the worlds financial markets. OF do
nestle affairs there are several factors
melting to caution and conservatism, not
understanding the unfavorable outlook.
The unsatisfactory condition of the boot
and shoe leather, cotton and wooden
trade are among these. though the
weeks business in wool at Boston shows
an encouraging recovery
Something of disappointment over Burl-
ingtons poor September showing was
carried over from last week but was part
ly Offset by st. Paul'S strong return fol.
the same period, and for the last week
In October Numerous other favorable re-
turns from the south ard west uueu the
late recovery in stocks.
The railroad bond market has shown
greater activity and strength, many is
sues selling at the high record prices
The reorganization issues, especially
the per cents. have been favorites u
S. old As coupon and the 5s coupon ex-
interest have advanced Il, and the old As
registered x in the bid price.
The total sa1s of stocks today were
Ill shares. inc udlng Louisville x Nasa-
vile. 3,9S9; N them Pacific $40; St
Paul, 9,S25: Union Pacific preferred, 31SS;
Tobacco -. SOD; Bay State Gas, 500: Fed
eral Steel. 3f,5SS; Federal Steel preferred.
$40; Sugar, 1872.