Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-01-16
WALL STREET
BOUND TO WIN
Providing It Can Keep Up the Pres
ent Movement,
LONDON TIMES ON SUBJECT.
Last weeks Hattie ticiwocn Money
aud Discount Rates L. Reviewed In
the Conservative Paper.

New York. Jan. ia dispatch to the
Times from London says
\ rapid transformation has taken
place In sentiment in our money mar
kct this past week. We began It In
trcpldatlon lest you should take away
too much OF our gold. for There were
orders In our market Tor Sew Nprl. ae-
count. 20 bill brokrn aaii. aud N fear
u this they tried To screw the diFcuunt
rate up to "a. per cont
The Paris rate Of exchange tDo. was
dipping omlnuuly near the sold Ok
uortlng point and we could not be- at
all sure but that Berlin might ttili de-
vriop o. crisis " its own al TIM
loans from day to day or from week Co
week were growing cheaper and cheap
rr, until the banks had to accept "a
per cent FOR seven day money.
This struggle between munoy rates
ana discount rates lasted until Thurs
day morning when improved exchange
quotations both on your side un l nn ne
continent weakened the hil mnrk.t
even before the Bank uf England rrturn
appeared After that came uut there
was nn cndcnvor 10 maintain ,he dis
count
~ ne iANNk OF lsNhlNNu " iNh fiNN w
any means, but it, market balances
were shown by the return TO boz g. 900. -
000 larger than the week before. % sum
quite sufficient. other changes being Ia
Nuruhle a. Induce ease IN loan rates at
least And discount invariably follows
money down when immediate 9rnapcctH
do not forbid.
We end the week then. with BIN rates
falling rapidly toward per ,"nt with
4 LA F4r a IHIaNl a.
INK into the bank instead ~ leaving I
ana with the prospect thus cHtahll shed
that the bank rate next 1nufalty VIII
be- lowered at least az and pfunably to
. per cent,
For the bank 10 resist the currcut H.
useless because nt least n month must
pass before the ingnthrring NJ nv fnuc
places ~ IN position once NOR" To- die
tate to the open market ON this hiHi-.
cheap money II destined Ia cndur' fur
some weeks.
Politics on the continent apart. I
therefore look for considerable develop
mcnt In the stock exchange Hper ulntiun.
Thus Ear market activity with M has
been rather frnthy description. We
have had an immense amount u noise,
not only IN the department ~ stocks
devoted 10 American securities. nut also
elsewhere.
nnd. however. that tho most hnpirt-
ant class OF stockholders ana niFo
dealers IN the stock exchange have not
been doing much. investors holding
aloof or come To- the market e. sell.
The impression In Throgmprton
street. M 10 nov. " that Wall street
has been going too fast. The tired out
holders 81 AtchiHun. Heading. Erie.
Northern Pacific and similar classes
N stocks kept selling ~ you drove
prices up and they have not yet "a,
their money back into other American
railroad securities ~ the better class
buying goes on undoubtedly. but II Il
buying Of the curbrtone puntnr. who &.
In one moment NJ the day and ont the
next. For this reason the great up
ward movement IN your side has. M
10 the present. had mn other conar-
uuence than 20 keep M our exports 81
your securities.
a feeling that our stocks have rcru,
lated tho pace ~ your rise whicn 'miy
mean mis-, hlef later on, holds back the
nuieter sort ~ spectators hcre. liut
this reserve may disappear any day.
Indeed. " Wall street can keen The
present movement up for little time
longer Il IN bound Ia win hrcnusr u
multitude can no moro resist the ut
traction ~ advancing markets than the
moth can cachcw the candle.
Given peace ANA cheap money nrd
with prices rising NJ hroakncck tnce1
I foreHeo such an outhurrt ~ Hpccu-
intivc activity on this side NJ well
match yours. Iiut you must keep On
buying Try 10 sell now and our gold
fears viii revive worse than ever,
bringing depressed markets with them,