The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-18
Bulls Make Short ard Lively Demon
Stration In New York.
CAUSES OF THE STRENGTH
MOST OF THE EARLY GAINS
WERE WIPED OUT.
Warning Rally In the Rates For For
eign Exchange During the Day
Signals of Distress From the Ger
man M~arket-Money Going From
New York to the Interior.

New York. Oct. 11.-1here was a short
lively demonstration by the bulls in the
stock market today. but before trading
was suspended early gains we're largely
curtailed and In some cases more tnan
wiped out. h strength was attributed
10 various causes. The reappearance this
week upon the floor of the exchange OF
several operators who took a large part
in last springs big bun market ana who
have been away on long summer VaCa-
lions. gave something of. a flip TO bullish
sentiment. The quiet tone Of The money
market yesterday, in face of operations
Incident TO the change of old Central Pa
cltlc securities Tor new, encouraged some
sentiment for a rise. There were n or
two stocks in the list which We're notably
strong from individual causes, which were
rumored, but not autheritatively dis
closed, and which helped to sustain prices.
Among these were Pullman and Great
Northern preferred. although the latter
more than lost the early gains. The Bal
timore & Ohio stocks were conspicuoUsly
strong, the common rising an extreme "a
and the preferred =. Iaciede Gas contin-
ned its advance and reached as high as SO.
inc grangers, LOUISVILLE and Southern
Pacific were quito Well taken early in the
day, apparently by public interests. The
public was not IN evidence at any time
during the day. Call money continued at
8 per cent or below. in spite of the fact
that many banks report their cash still
below the legal reserve.
While the money rate did not tighten, a
lAatAifNA VI lAiluSLlId la ENONhS. GSDE-ldllA
those classed as green" in Wall street
p~arlance. showed signs Of weakness. as
might happen II they were subjected 10
discrimination by money lenders in the
shifting Of loans. The Glucose stocks
were notably affected, the common drop
piEE nearly S points and closing near the
lowest. while the preferred lost 316. The
IRON and steel stocks, as a group, also
weakened simultaneously, Steel & Wire
leading with an extreme decline of 234.
Others OF the group suffered to the eX-
tent of between I and 2 points.
This unsettled the bun movement and
helped out pretty much all -the gains
which had been established. Prices strug-
Eled upward in the final dealings 10 a
night, but the sympathy seemed taken out
OF the movement There WAS a warning
rally in the rates for foreign exchange
during the day which was not u~nheeded.
Signals of distress were in evidence in the
German markets. and sterling exchange
fell sharply at The continental centers, in
GLIDING Paris. Discount rates in London
responded with an advance. and exchange
rates here both on Paris and London rose
IN sympathy. Added to this the fact that
money is sull going to the interior in
considerable volume, that government
payments through the sub-treasury are
again falling off, promising a renewed
Drain on the money market on account of
revenue receipts, and that applications
for anticipated payments for
interest continue on a small scale and the
outlook Tor easier money is not promising.
IiiS consideration was sufficient 20 give
pause TO the efforts TO advance prices.
Inc bond market was moderately active
and prices improved. Total sales. par
Valle, S2Og5.OO0. United States bonds were
unchanged in bid quotations.