The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-28
Market Showed Tendency to Ad-
vance, But Was Held Back.
MONEY RATE GOES DOWN
RUMoRs OF IMPORTS OF GOLD
FROM EUROPE.
Financial Conditions On Wall Street
Still the Subject of Much Com
mentioning Bank Statement
Anxiously Awaited-outgo Of the
Subtreasury.

New York, Sept. 27.-The stock market
fell degree further towards stagnation
today, and the activity, such as it was,
showed an added tendency to center in a
few speculative specialties. Tennessee
Coal was relatively much more prominent
than for some time, and registered an ex-
IRENE decline of 81 points. American To-
bacco showed the continued effects of the
pressure to which il has recently been
subjected up 10 the time of the announce
ment of the declara ton of the regular
dividends. The weakness in these two
stocks served TO hold back the market,
which showed a tendency 10 advance from
an early period in the day. Better adyices
from abroad made the opening higher,
and the announcement OF an additional
engagement Of $750.000 in gold in London
for import added to the convictions that
lar imports.
The continued high price for money. in
spite of the gold announcement, served as
a setback to the advance as was the case
yesterday, but late n the day rumors
were industriously circulated of the early
approach of gold imports on a large scale.
At the same time the money rate was
quickly offered down by successive stages
10 per cent. but before O'Clock call
loans had been made all the way from II
10 20 per cent. 1t was said that money
could be had at lower rate on some high
grade railroad stocks but the higher
range was that quoted on the stock ex-
change. Even on the higher grade CT coll
lateral the margin required was widened
materially. Under cover of their require
ment and of what were called commits
sions there was room for considerable
manipulation of the quoted rate. This
was true in the time loan market. IN
which there was considerable demand for
short loans. as well as in the call loan de-
partment. Very little is doing in mercan-
tile paper, but rates are firm. Predictions
of a favorable bank statement tomorrow,
upon which date the clearing house insti-
tutions are to make their weekly return.
were a factor in the firmness of the mar
ket The outgo to the sub-treasury VIII
be something less than half a million dol
lars. Shipments TO the interior nave con-
tinued on a considerable scale. How far
they have been offset by small sums here
and there. attracted by the high money
rate can not be CLEARLY estimated.
So far as stock market operations go,
there mas evidently. been a further con-
traction in loans. The character of the
statement will largely depend on how far
the demand for accommodations in prep
arations for Oct. j settlements has offset
this contraction. The movement of prices
in the railroad list was very narrow. Atch-
ison preferred enjoyed a belated demand
on account of its August statement, ana
Southern Pacific rose quite strongly late
in the day. The stringency of the money
ma rket resulted in decline in the -ster-
ling exchange rate in spite of the further
advance in the private discount rate in
London.
The bond market was without any spe-
cial feature. but was inclined TO firmness.
Total sales par value, 600. Z. S. IS
declined y and old As. coupon, a IN the
DID price.