The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-09-22
Drop In Money Rates Encouraged
Speculation.
TRADERS STILL WARY
FEARS THAT THE MONEY SCARE
Is NOT OVER.
Further Engagements of Gold For
Import-Stock Market Was Strong
and Gains Were Made Through
the Whole List Still In the
Hands of the Professionals.

New York, Sept. 21.-The course of
Sugar today indicated that the long bear
turn in that stock has come to an end
for the present. Dealings in this stock
continued to absorb an important por-
ton of the total transactions. Efforts to
hold the money rate proved unavailing,
In view of the disparity between the New
York call money rate and other markets,
and call loans on the board fell to 2 per
cent today. AS a result of relief from
these important reactiOnary tendencies.
the market was Stropg and recovered
quite generally from yesterdays decline.
But the Strength was confined largely
TO spots and the market is StLl IN the
hands OF the professionals and TeIiects
no outside interest. There was stl some
apprehension that the rally on Sugar
might simply be the cause OF manlpula-
ton directed against a large bear ac-
count. The sudden Dlentituue OF money
was also looked at somewhat 3Skance,
and with some remains the fear that a
further furry in call money might be
possible. The fact that money has been
easy to obtain for several days in almost
all markets. but not on the stock eX-
change encourages this feeling. But the
call money market was unable to with
stand the influence of the various agen-
cieS which have been at work for its re-
lief. The sub-trea surY had another debit
balance of nearly $2,0G0,G00 at the clearing
house today. rejecting in part the pre-
Sentation of checks for the anticpatory
payment of the Oct. l interest on govern
ment bonds Transfers of currency from
New York to the west through the sub
treasury fell to SS0,000 TO day and New
York exchange in Chicago advanced to
only 10 cents discount. There were fur
Their engagements of gold in london for
import, resulting in a sharp rise of IL per
cent TO per cent in the money rate and
of 3sM12 per cent to 21sG214 per cent in
the discount rate in that market The
Stiffening of the London money rate be-
got dullneSs in the stock market there.
the heavinesS extending to the American
group and resulting in some selling for
London account here. Except in one or
two instances. the selling was without
much effect number of stocks re-
Sponded sharply to special causes, as. for
instance, Manhattan, on the return from
Europe of the dominant capitalist; Brook
Ign Transit. on talk of the absorption of
another line: General Electric on the be-
lief that it would benefit from the recent
combination of electrical interests; Eeath-
apDrehended the meaning of the new
leather company announced
The coaiers. Cotton Oil Rubber New
York Air-brake and some other special
the railroad list, outside of Northern Pa
cific, dealings were not large, but prices
in number of cases advanced a point
net. Last prices were the best and the
market was strong and mos actiye at the
close. .--.
Prices of bonds recovered in the late
dealings from an early tendency towards
decline Total sales, 81 $4,000 U. S. 5s
declined 4 and the IS, when issued, u in
the bid price.
Total sales of stocks today. S95. 100
shares. including 13259 c. B. &, O.: %, 695
Manhattan. 1.274 Northern Pacific 5.27o
St. Paul. 1890 Union Pacific preferred
1870 Cotton oil, 5000 Tobacco 1910 Peo-
Sugar, 1920 Leather preferred. 5000 Rub
her.