The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-31
Violent Rise In the Rate of Call
Money Yesterday.
OBSTACLE TO DEALINGS
LARGE VOLUME OF OUTSIDE
BUYING ORDERS.
Rumors of the Fall Of Ladysmith
Fad No Effect On the Market
Extent of Recuperation by New
York Bonds Grossly Exaggerated
The Grain Markets.

New York, Oct. 30.-Prices of stocks
moved upward in the early dealings to-
day, according to the general anticipa-
ton. but contrary TO expectations a seri-
Gus obstacle 10 the advance was met in
the violent rise IN the rate Of cali money
The advance did not extend far into the
second hour when the market began to
drift downward and met no effectual
check until the close which was at about
the low point and with prices still giving
way 10 pressure. No serious net losses
are shown in the railroad list but the
earlier gains, which amounted 10 q point
ana upwards in many cases. we're pretty
generally wiped out The market opened
with a strong and animated tone and a
large volume of outside buying orders
invited by the unexpected strength OF the
Saturday bank statement. The demand
was particularly large for the grangers
and southwesterns AMI for some of the
southern railroad stocks, notably Louis
Vile, which was up Ia at one time. This
stock resisted the later depression with
some success, but closed Is below the
best. Even the much hammered indus
trials had some share in the early
strength. Sugar rose an extreme . points
before yielding TO pressure, and the iron
and steel stocks had a short-liVed period
of vigor
Pressure promptly developed against
Steel & Wire and it was weak for the rest
of the day, affecting other members of
the group by sympathy Federal Steel
stocks continued to be largely deaf in,
but the gain in the preferred was entirely
lost before the close. The international
Paper stocks were fercely attached, The
common being forced down 3l5 and the
preferred points. The latter recovered
points Of its loss.
Rumors coming from Holland of the
fall Of Ladysmith We're without much
effect, as London seemed disposed TO dis
credit them. The September statement of
St. Paul had a discouraging effect on
gnprfillTOrS. showing a If did the large
. increase in gross earnings ohliterated by
the heavy increase in operating expenses.
50 that The net earnings Tor the month
were over 500 100 less than in September
Of last year. The effect was especially
marked upon all the grain carrying roads.
The day. events IN the call money
market showed that the extent of the re-
cuperatiOn by the New York banks was
grossly exaggerated in the first enthusi-
assn over the Saturday statement. The
rate opened al per cent, and after drop
ping TO ~ per cent. rose violently in the
late dealings TO 80 per cent. Bids were
made for 40 per cent. but the closing
transaction was at 20 per cent. 1t was a
striking demonstration of the unit con0l-
ton Of the money market TO maintain an
active speculation New York exchange
fell sharply at some southern and west
ern points today. although 1t was harder
at Chicago and at Boston. 1t is evident
that the demands of the interior are NOT
Vet exhausted The suh-treasury mas
absorbed a considerable sum from the
banks since Friday and some extra de-
mand is coming on the market Tor NOV. 1
settlement. Wall street opinion upon the
money market fell quickly from extreme
optimism down into the minus figures OF
pessimism.
Bonds moved in sympathy with stocks,
but the early gains were not entirely
wiped out in the late reaction. Total
sales par value. So l45.O00 United States
IS registered advanced y and United
States 5s coupon and IS Is In the pld
price.