The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-12
ON THE STOCK EXCHANGE.
In Spite of Strong Undertone, Market
Was Spasmodic and Irregular.

Was Spasmodic and Irregular.
New York, Aug. u.-Bradstreet' S
financial review tomorrow will say: A
rather bullish temper prevailed this
week in spite of the continuance of
narrow professional speculation. A
Slight relaxation of call loans rates
which, though by no means general,
nor to all appearances assuredly per-
manenr, resulted in quotations of 21aq
81 per cent toward the end of the
week, had good effect, and supple
mented the favorable conclusions of
Wall street about the crops and their
results in connection with railroad
traffic and earnings. There was dis
position to take an exaggerated view of
the significance of the secretary of the
! treasury's order to resume the issue of
gold certificates to the extent of $1O,-
/ 100000 The plausible view of this
matter Is that it is an experiment,
/ which, if successful in relieving the
demand for notes. will be followed by
a return to the more or less restricted
issue of the certificates in question. The
market, however, was Influenced for a
moment by unfounded reports that the
plans of the treasury included an in
| crease in the governments national
bank deposits, or other measures cal
culated to help the money market
while subjected to the pressure of the
crop movement, combined with the
augmented demands arising from the
activity of business.
In creased interest is shown in the
condition of western banks and in the
question of how far they can provide
money needed to harvest and move the
crops without any large demands on
New York for existence. the matter be-
ing emphasized by the fact that con-
i 1 IL frn,N
other cities are said to have been loaned
in New York this week. The further
decline in exchange referred to else
where, and the probability of gold i'm
ports as soon as the autumnal grain
movement begins, was an additional
reason for the increasing Indifference
with which Wall street regarded the
question of higher money rates as an
obstacle TO a further exhibition of bull
ish speculation. Consequently the firm
ness of time money, which has been
held at 1905 per cent, had decidedly
less influence, though in conservative
quarters the necessity of caution is
urged in view of the high prices for Sc
curities and the probability that money
will command permanently better rates.
London was hardly factor in this
market, except so far as the action of
its money market influenced the finan-
cial situation here. The foreign trans
actions in our stocks were about equally
divided between buying and selling,
and amounted to little. Activity on
the part of the commission houses was
restricted, indicating that the public's
share in speculation is rather impor-
tant, though toward the end of the
week there appeared to be some re-
newed buying from that source. Pool
operations in some of the leading stocks
and specialties furnished occasion how
ever, for nearly all the activity the
market exhibited. and in most cases
where efforts were put forth to advance
a stock, a following of buying orders
was secured.
In spite of its strong undertone, the |
market has been somewhat spasmodic |