The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-15
REVIEW OF SPECULATION.
Heavy Financial Interests Waiting
Until After Election.

| New York, Oct. 14.-Bradstreet' Finan-
cial Review tomorrow will say: Specula-
ton in the early part of the week was
weak and the markets tone was heavy.
Later on it assumed more activity, dis
| playing a tendency to rally from the re-
| cent depression. Professional Trading and
manipulation supplied. however, the bulk
of the transactions throughout, and the
| public has been cOnspicuously Indifferent.
| 1t would seem that the decline in the in
| dustrials, the alleged unfavorable in
| tiuence of election uncertainties and the
unsettled political outlook in Europe have
combined to reduce the outside interest
| TO very small dimensions. BearishnesS
| on the part of traders resulted, however,
| in the creatlon of a fair short interest,
and while the large financial interests
show every evident sign of a disposition
to wait until after election, certain pow
erful interests in the street seem to have
| taken advantage of the situation to ere
ate rally in shorts. This was facilitat-
ed by change of sentiment, due to the
rise in grain prices and the heavy foreign
purchases of American breadstuffs. Rail
road earnings also continue to make re-
markedly favorable exhibitions even in
comparison with the large revenues of a
year ago.
The continued and apparently increas-
ing ease of money is another sustaining
factor, and is partly responsible for the
absence of any decided liquidation of
speculative holdings in the stock mar
ket
No effect was produced by the advance
Of the Bank of England rate and the rise
of discount rates in London to 3% per
cent, and it is noted that the large sup
plies of money and easy rates here en-
courage Investments i'm s>reign exchange,
a class of transactions which was Suffi-
GENTLY familiar year ago.
The bond market is duh, q It'll prices
well sustained in the railroad department.
Governments are strong, and the demand
for the new per cents from banks has
this week carried their price up TO 1863
Industrial stocks have again been the
principal objects of sstention. Sugar
10Sai but has had frequent rallies On the
snort interest. On Friday, however, it
broke on alleged new cuts. Tobacco
though less active, has been Irregular
The announcement that the control of the
Drummond factory at st. Louis has been
secured was accompanied by reports of
the issue of considerable stock to pay for
it, and of a renewal of the plug tobacco
war. On this the price of stocks went up
TO liz but support was extended to it
and the stock issue denied, whereupOn it
rallied to 1903
Peoples Gas and Brooklyn Rapid Tran
sir were leaders in the recovery of the
general market and some attention is
given to the new Federal Steel stocks
which are dealt in in the outside market
a brilliant future being predicted for the
securities.
While a better feeling has been appar-
ent about the railroad stocks. that part
of the list has been, as a whole dull and
neglected. Prices sagged YEARLY until
Wednesday, and then recovered early. An
incident was the advance of Great North
ern to 1.40$s. the highest price ever re-
corded for it. The very favorable weekly
earnings of the St. Paul road make a
good impression but fail TO create any
decided movement in the stock Nor
have the yellow fever reports from the
south encouraged the bears to attack the
securities of railroads in that section. The
principal feature of the railroad list was
the movement of Northern Pacific. I'm
der selling induced by stories of an inter-
nal disagreement in the management. the
price of the preferred was put down from
i2k to 1875. Later they were rallied 10 &c |
and AZ. respectively. on short coverings !
and fresh buying. due to reports that the |
dividend on the. common was in pros |
pect.