The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-23

I
New York. Oct 22.-The stock market
again showed Itself independent of Eu-
rope, except at the opening, when a few
OF the international stocks were allowed
to fall below London parity. The selling
OF stocks on foreign account made up a
considera bic proportion of the DAY busl-
ness. and was we'll absorbed. at adVanc-
ing prices The buoyancy of the wheat
market made the grain-carrying roads
prominent in the movement, the buying
of Atchison securities, particularly the
preferred, again occupying a conspicuous
place But the stocks of all the western
roads we're well bought ard advanced III
price. Sugar ended its downward course
very early and closed near the top, with
net gain Of II. the underlying strength
manifest in the market making the bears
timid about leaving short contracts I'M
covered over Sunday. Tobacco also was
marked up to 122&s. with every evidence
OF violent manipulation, and shorts were
driven to cover heavily at every stage of
the advance. Even the coalers showed
the effects of the uncertain temper de-
Veloped by the bears and made recoVerieS
on short offerings. The bank statement
was Just about as expected, and mad little
effect one way or the other. The gain IN
cash had been in imported gold and by
outgo from the sub-treasury, and the
heavy increase in loans Of over .lOODOOO
represents for the most part loans on
sterling in the lending of money. The
increase OF deposits from this source eX-
panded the reserve requirements so far
that the increased cash only served TO
raise the surplus by 50, $50 775. Business in
both stocks and bonds was well diStrib-
uted and active. and the market showed
decided tendency to broaden out me
amount of business done was larger than
for any half day for some time.
The market mas shown growing strength
and activity as the week advanced. and
has fairly shaken off the lethargy which
even the long array of t-vOrable factors
in the situation has seemed Dowerless to
awaken ii from.
Paul's earnings for the second week in
October. the largest in the roads history.
and nearly $4,000 over those of last year,
served only TO encourage d feble resist
ance to the industrious Islnioulation for
a decline of the board-rOom traders in
stocks. 1t IS a maxim of professional
for stocks is bound to produce a general
reaction. The uncertainty of the Euro
pean political situation was cited as adj
ditional argument for a season of dullness
and declines. But. curiously enough. the
more threatening developments Of Euro
pean politics have, indirectly at least
given the stimulus to the stock market
whic hena bled ii to shake off its tOrpidity.
The weeks events in financial circles
have. in fact. given a striking demon
stration of the strength of this countrys
financial position and its power and to
treat with Indifference the old world de-
velopments.
There has been nothing in the domestic
situation which has caused more doubts
10 financiers than the low price in pros
pect for wheat when the crop, temDOrar-
ly held back, should come forward. But
this week has seen the crop coming for
ward in unprecedented Volue. Yet, so
keen has been the foreign demand for our
product that the largely augmented
primary movement has made but little
impression on the visible supply. Even
the domestic demand proves Unexpectedly
keen, indicating that the sweeping out of
the sweeping out Of the worlds reserves
by last years high prices had evidently
left q void which our unprecedented crop
was needed to fill. The later news of the
military and naval preparations in France
and today in England resulted in a fever
ish demand for wheat which. if main
tanned, would mean incalculable advant-
age to this country, already enriched by
last years bountiful harvest at high
country from this cause is conclusively
demonstrated by the large western move
ment of merchandise which carried earn
ings of western railroads well above last
years level and evtsl before the resump-
ton of the grain movement. The week
recovery in stocks logically begun. there
fore, among those of the western grain
carrying roads and owing to individual
causes, Atchison preferred took u leading
place in thA movements. The money mar
ketS have shown themselves equally i'm
perviOus TO the influence of the string
ency existing in all European centers the
Bank of France being the last of the gov
discount rate. which it did on Tuesday
from to per cent Meantime the large
excess of our exports over imports which
the grain and cotton movement aided. had
been making exchange and instead OF
drawing this ii has been left at interest
mostly in Germany, to be liquidated in the
future.
The money stringency and the war
scare abroad have thrown not far from
100 coo of stocks on the New York ex-
change for liquidation during the week.
But these have been absorbed at advance
ing prices and with money rates declin-
inE. Foreign markets are known to be
pretty we'll stripped Of the usual floating
supply of American securities. But the
conceivable result in the event of actual
war in Europe and the tapping for liqui-
dation of the vast amounts of American
securities held abroad for investment does
not leave the situation free from uneasi-
ness.
L. S old Is have advanced y. the new
As coupon and the 5s registered - and the
SIS coupon and 5s coupon Il in tho bio
price.
The total sales of stocks today were
15a.9oO shares. including Erie preferred
1885, Burlington. $3.50; Louisville &
Nashville. 4,975; Rock Island 1850: St
Paul. $40: American Tobacco 49, ass;
BOND QUOTATIONS