The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-09
characteristics of Business In Wall
Street Yesterday.
HELPED INACTIVE STOCKS
SHARP ADVANCES BROUGHT
THEM TO TILE FRONT.
Something Like a Furore of specula-
ton Happened In the Stock Mar
ket the Past Week-Rehabilita
ton of the Money Market-For-
eign Exchange.

New York. Jan. s-There was profit
taking on quite large scale in the stock
market today after an additional adj
vance in prices in the early trading. That
there should be taking of profits after the
rise OF the last two days was to be eX-
pected, and the professional dealers who
bought stocks late on Wednesday and
Thursday, sold their holdings of the most
active and strongest issues. The realizing
was quite pronounced in its effect on
! New York Central and sugar, which re-
acted more than a point from the nigh
level of the morning. There was evidence
of continued realizing also in the local
( traction companies. These stocks have
advanced steadily all through the dull
ness and depression of the last few
weeks, as apparently on pool operations,
and the general strength of the market
is being awaited of to take profits in these.
Some of the anthracite group also con-
tinued under depression in the day.
STRONG AND CONFIDENT.
notwithstanding these reactionary
tendencies, the general tone of the specu-
lation continued strong and confident.
Business was on a large scale and en-
braced large number of different issues,
some of the usually inactive stocks being
brought into prominence by sharp adj
VanceS. Realizing at the close reduced
prices considerably from the best, and in
This caused an easy. closing with net
changes mixed between gains and losses.
The expected has happened in the stock
market this week in an outbreak of some
thing very like a furore of speculation,
and an upward rush of prices of pretty
much all grades of securities. There was
halt in the anticipated awakening on
Monday and Tuesday and some declines
due to several causes. but primarily to
disappointment at the continued stiffness
OF the money market pending the final
payment of the Union Pacific settlement.
This involved the withdrawal from the
market of sS,53S, 400 and its payment into
the treasury, and this operation, together
with accumulations of funds incident TO
regular January disbursements. resulted
in raising the rate on money to per cent
on Monday. By Wednesday afternoon the
funds thus disbursed began to come back
into the market for investment and the
governments outgo of interest and re-
demption had offset the Union Pacific
payments.
PRICES RETRIEVED.
The declines in prices of stocks earlier
in the week were quickly retrieved and
professional operators and commission
house brokers acting for outside specu-
lators began to vie with each other in
marking up prices. Today's bank state
ment shows the complete rehabilitation
of the New York money market, which
has been accomplished not only by the
release of funds at this center, but by
large inflow of money from interior
points. invited by the recent high rate
for money Notwithstanding that addi-
tional deposits of So 5SO, 800 have lifted the
level of the legal reserve by S262S, O15, the
heavy cash increase of So 07 500 leaves
the surplus reserve S.. 475,S25 higher than
last week. Conditions indeed promise such
a plentitude of money, that money
lenders see their prospects marred and
there is talk of releasing to the govern
ment its deposits which were left in the
banks as part of the Union Pacific sale.
These amount to over $50, 600, 600. Part OF
whose redemption is already provided for
so that the. surrender would involve
bookkeeping exchange.
RATE FOR MONEY.
But the taking up by the government
of the total amount would probably in
volve the withdrawal of sufficient sum
in the money market to serve quite eff
fectively to steady rates of interest The
high rate for money was reinforced as
factor of stock market depression by the
foreboding expressed by two prominent
railroad presidents on Monday that there
would be no profit in competitive rail-
road business. as there had been none,
unless congress would authorize pooling.
Recent bull leaders of speculation made
rather ostentatious displays of discour-
agement over these utteranceS. Later
developments suggested that the official
trepeditation may have been expressed
with viw to affecting projected legisla-
ton ard that the bull spectators may
have so far overridden their then ex-
stocks looking to the later dispersion of
the cloud upon their minds with the rise
in prices.
Railroad earnings reported for the
of the gloomy apprehension of railroad
officials.
FOREIGN EXCHANGE. /!
In the foreign exchange market the
feature OF the week has been a demand
which has bean speculative and based on
the belief that the need for exchange will
grow within the next few weeks. The
average level of stock prices has risen
between / and points during the week.
Business in bonds has been in large pro-
portions since Wednesday and some large
advances are recorded. Prices through
out are higher. Sales for the week, ST.,
200 600.
Government bonds are all higher on
the week. prices having been bid UP Is
for the old As coupon, u for the old As
registered, q for the 5s and per cent
for the new As.
MONEY MARKET u
Close-Money on call steady at 9 per
cent; closed offered, 5 per cent Prime
paper, S1zq4 per cent. Sterling
n bankers bills at 4.s21s for demand, 4s27s
.or 60 days. Posted rates, 4.SS19qf-S4.
sS Mclean ss5iif SoiIsTs 5 81 Bar ver
State bonds, quiet; railroad 0onds,
strong; government bonds. firm; new As
12s; coupon, l2s: As, l12A;
IS coupon, 1l4sz; Pacific Gs of '99, 1881.
SALES OF STOCKS.
Total sales of stocks today were 344, 400
shares including Burlington, II, AGO; Him
lis Central. 1900: Manhattan, 1852; Mis-
ouri Pacific. 7.315;. New York Central,
.O1O; Northern Pacific, 1850; Northern Pa
life preferred. Lbs; Rock Island, $3.50;
It. Paul. L, 80: Union Pacific Denver &
fulf $3.50; Wabash preferred 40;
American Tobacco, 4,945; Chicago Great
Western. $500; General Electric. 600:
sugar, 1910; T. c. & l., $780,. Western
Union, 1888
BOND QUOTATIONS.
S new As reg. .129 N Cent Ists..116
Do coup. :. ..129 N Cent 5s......1l2
J S As. .......... 1l2$4 No Pac lists .-..117is
Do coup. :. .1133s Do 3s.. r.. -. 61S4-
Do ends. :. :. 99l2 Do As. :. -. 96l2
S IS reg -. .114s4 Nor & W S.. .12S
an So ends ....109 DO deb 5s.. ...u7A
& G 1sts... .10Sll , Nav lists. ...113lS
, & r G As. -. SIS o Nav As 94&i
& c 5s.. -10911 Q L IS r. ..124A
Do con 6s - 105 . l. 5s r.. g7ss
0wa lists. =. 991la > Imp lists r..103
p Con t r.. 30 Do IS t-r.. -. 49,
p LIST D D rio Reading As :. . S4l4
"a new con As. l1015 r G w lists -. S315
& n Uni 4s.... Sc Union Pac lists. .103
K &, T ends :. 64ss u d & G lists 81
DO IS. -.---. obz
STOCK QUOTATIONS.
Preferred :. :. az Rock Island. :. si4
alt & Ohio. :. 14ll ST Paul. . 9e1s
an Pac.. :. - sc Preferred =. ..143ss
hes e Ohio . 221% Tex Pac liz