The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-22
Due to Peaceful Termination of the
FaShOda Affair.
DEMAND FOR RAILROADS
CHANGERS AND PACIFICS WE'RE
THE LEADERS.
Absorption of Atchison Was On a
Large Scale-Eastern Trunk Lines
Are Cutting Rates-New York
Banks Gained Ten Millions Dur
ing the Week-Wheat Lower.

New York, Oct 21.-The motor nerve Of
the worlds markets was touched today
by the reported orders Of the government
OF France TO Major Marchand TO retire
from Fashoda There was a prompt re-
cOVerY in government securities IN 1oH-
don and Paris and incorporate stocks at
all foreign markets. For the same resl-
son there was weakening in the wheat
markets of the world, including LIVER
pool, New York, Chicago and san FRAN
cisco. This checked yesterday 5 ADVANCE
in the stock market. But when II De
came evident later in the day that there
was good support in the wheat market
from a continued heavy demand for eX-
port, in spite of the subsistence OF the
war scare and of the continued heavy re-
ceipts at the primary points, there sprang
up a demand for railroad stocks winch
showed itself more confident anu urgent
than anything that has been seen in the
stock market for several days. Naturally
there was demand for the stocks of grain
carrying roads The strength was mani
fest not only In the granger group prop
err but also in the PacificS. including
Northern. Union and AtchiSon. The pre-
ferred stock of the latter road was, next
to St Paul. the leader Of the railroads
in Doint Of activity and was firm
throughout the day, closing with net
gain Of l per cent. The absorption of
the stock in the late dealings was on a
very large scale. The dullness and heavi-l
ness of the stocks of the great eastern
trunk lines were in strong contrast, al
though. according TO a quoted utterance
trail directors. many companies cannot
get cars enough TO carry their freight
coming forward. but are cutting rates
and making contracts ahead at flgureS
below the rate scheduled. 1t is in line
with this view to find the gross earnings
of the Central for the Sept. 80 quarter
falling nearly 5000 600 below those for the
corresponding quarter last year, while
the balance available for dividend is 150-
100 per cent. compared with 10000 per
cent last year.
n of n fnTfl
and southern stocks was quite general,
Louisville leading the latter group with
an extreme rise of point. The move
ment of the industrial SnecialtieS was
relatively much less important than of
late. Tobacco advanced an extreme 3
points. but met heavy sales Sugar was
point, and Manhattan. although it weak
ened early on published utterances tend
ing TO discredit reports of early electrical
equipment later rose over a. point.
Sterling exchange advanced further to-
day. in response to the stiffness of for
eign money markets, which the clearing
political prospects did not relieve. but the
local money market continued easy. The
gain of the New York banks from gold
imports for the subtreaSury and by rea-
son of the marked decrease in the move
ment of currency to the interior is esti-
mated to be not far from S10,000,O00 for
The week How far the reserve require
mentS have been expanded through en-
larged deposits by reason of loans made
on sterling exchange cannot be closely
estimated, but it may run as high as S15,-
600. O00
The bond market broadened and i'm
proved in the course of the day and
shows gains generally. Total sales, 81
$4,000 United States IS registered adj
Nanced y per cent in the bid price.
Total sales of stocks today were 215. 200
shares. including: AtchisOn preferred A.
coo; Central Pacific. 4.5l0; Burlington, r.,
800: Manhattan, 1S413; Metropolitan Street
Railway. 1879: Northern Pacific, 55SS:
Union Pacific, 3.025; St. Paul, Is, AS; Union
Pacific preferred. 9.11: L. p. D. & G.,
5,255; Tobacco. &C. 9S5; Sugar ~ go.
BOND QUOTATIONS.