The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-29

New York, Sept. 2&--The market for Sc
curities today was a small and tame af-
fair by contrast with the violent flucJua-
lions of the earlier period of the money
slringency. The rate for call money Vi
brated between u and II per cent during
the period of active demand, but after
thar was satisfied fell by quick stages to
3 per cent. The needs of borrowers over,
the three ensuing holidays was satisfied
in large part by anticipation by pressure
for accommodation today. and. conse-
quently, today's higher rate did not reach
within per cent OF yesterday. The bank
statement was unfavorable beyond all ex-
pected anticipation. Although the cutgo
10 the sub-treasury was reduced 10 sllso, :
900 Tor four days OF business, the losses OF
cash TO the interior brought the total re-
ducuon IN the reserve up 10 $4.545, eO9. IN
spite OF a net reduction in loans OF 81, lo2,-
1U9, the meagre surplus reserve was Sun
further reduced s, z3S. $50. 1t is obvious
that loans made in the last few days on
TIE stock exchange co not figure largely
in this showing. and the accommodations
were probably secured by dealers in mon
ey who had supplied themselves time tOans
some time ago and who put their supplles
out again al the profitable ruling rates in
place of the loans called by the banks 10
meet the october settlement.
The showing of the bank statement and
the continued tightneSs of money were
offset by the ADDITIONAL engagements of
gold for import and the drop in the rate
Tor sterling exchange 10 very nearly the
regular import rate. The sentiment on
the stock exchange was that further re-
lief TO the money market from this sVurce
is now Available and that regular move
ment of gold is now fairly lnaugurated.
No pressure of liquidation was manifest,
and present holders of stock. evidently tsei
themselves strong enough 10 await more
favorable turn OF affairs. The confluence
in further gold imports was emphas iZed
by the failure of the Bank of England to
advance its official discount rate. not
withstanding the tact that the principal
demand for money IN LONDON Is now
thrown upon the central Institution by
reason of the higher prevailing private
rate of discount.
A fan in sterling exchange, in response
20 the former discounts there, suggested
additional pressure in London Tor goio
from that source alone. With gold moving
TO New DIRK some measure OF protection
by the bank at an early day may be ac-
cepted as a certainty The interior money
markets OF this country gave no inolca-
ton of relaxation of pressure on New
York for money. Some relief is anticipate
ed next week from dividend and interest
disbursements and from the money TO be
left in the city by the visitors TO the
Dewey celebration.
Except for a recovery of 3ik in Tennes-
see Coal gains of ia and in the 81.
Louis Southwestern stocks, and wide
movements in a few usually inactive
stocks, today's market was without neta-
ole incident.
the midsummer period of dullness. Deal
ings in bonds were on small scale ana
price changes were mixed Total sales,
par value. SI,359. 600. U. ). new 4s-oeenneu
The elimination of two days from the
business week and the prospect OF quiz
ness next week consequent upon the yacht
ffsFsgr1 z OF
nation which always follows period OF
usual ACTIVITY in the STOCK market. anu
limited the transactions of the last -FOUR
days. The hope is expressed that the olV-
idend and interest disbursements next
week may serve to relieve somewha the
local pressure upon the money market
Many widely varying estimates are hearo,
also OF the effect Of expenditures by Dew
ey day visitors on the local money sup
ply But as to the main causes OF the de-
pletion Of banking reserves, 1t is manifest
ihat The needs of the interior for money TO
move the crops are not yet appeased.
Neither is any cessation OF the aDsoIIl-
ton of The money by the treasury in sight,
as the government ) expenditures are now
running wen under receipts. The August
surplus will apparently be doubled IN sep
tenber and the July deficit is more than
wiped out leaving growing surplus as
the fiscal year progresses. There has
been constant demand for all the COLO Ger
tfficates which have been available at the
New York sub-treasury. But, as Snese
:
York banks into a form more desired py
the depositors, their distribution has aug
mented rates rather than relieved the
drain on New York banks. ~
Many of tbs clearing houSe INSTITUTIONS
started the week with their cash reserve
under the legal limit and Win 2dpilonal
demands uDon them there has been furth-
er calling of loans. The stock market mas
been unprepared 70 move upwards under
the circums tances. But II has SHOWN
signs of resistance 10 q decline also, Wnlcn
made the bears wary OF ralding stocks.
Ii was evident that stocks are much less
vulnerable TO attack and that weak spec
ula1ive holdings on margin and with Dor
rowed money nave been shaken down up
on a more solid foundation. Stocks with
intrinsic merit were taken AT such times
lv powerful interests not dependent upon
ordinary money market resources. Some
of these provided themselves with annds
on time TO answer, before the resent
stringency set In, and have handsome
Profit available now by re-loaning on can.
No small part Of current TRANSACTIONS
IN money are Of this character and nat
urally do not effect the showing OF the
banks at all. There have been several
monthly reports by great railway systems
Curing the week. showing extraordinary
favorable results. and reports OF weekly
gross earnings show the high Level well
maintained. :.
The TransVaal developments caused but
slight Influence on the local stock mar
Bond Quotations.
L. S. Is reg. .leo7s u. * & 7. Is. sSls