The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-28
ON THE STOCK EXCHANGE.
Fair Activity and Enlargement of
Public Interest In Speculation.

New York, Oct 27.-Bradstreet's
financial review tomorrow will say: A
fair degree of activity and an enlarge
ment of public interest in speculation
accompanied a further, though irregu-
lar, rise of prices this week. inns
movement was partly based on the re-
| covery of the London market, which in
| the early days of the week discounted
the possibility of a speedy ending of
the Transvaal war by a sharp advance,
in. which American rails shared the
honors with Kaffir mines. The some
what easier tone of money also 1nt1u-
enced speculation, and considerable re-
lief was shown when it became appar-
ent that the re'ceut rise in foreign OK
change rates was due largely to eXcep-
tional transactions in securities, that
no gold was likely to be shipped to
London, and that the Bank of England
and the London money market recog-
nized that it would be unWise to create
any extra pressure or disturbance in
the financial situation here.
Freed from this apprehension. and
meeting. for. some days at least, with
increased demands for the shipments
of currency to the interior, the market
for call loans yielded somewhat, the
rates quoted on last Monday being 6
per cent or less. The increased activity
and advances in stock prices son the
succeeding days were, however, accom-
panied by harder tone in the loan
market, the rates for call money
promptly rising to above 6 per cent and
on Friday afternoon touched 10 per
cent This was accompanied, moreover,
by continued evidences of discrimina
ton against Industrial collateral by the
banks the copper stocks in some 1r-
stances having, it appears, been re-
jected in bank loans, which can be
readily understood in view of the weak
ness of that class of securities.
Yet the stock market was, to, all APP
pearances. more impressed by the talk
of a speedy return of money from the
interior to New York, and it might be
observed that large bids were received
for the $500, 900 of New York City 3la
per cent bonds which were offered this
week, the average of the bids being
over 107.
The money situation was also inHu-
enced by the favorable statement of the
Bank of England and the further de-
cline of discounts in London. The in
terest rates, therefore, did not materi-
ally check the bullish feeling, though
the industrial stocks were held in
check by the restrictions which the
lack of facilities for carrying them i'm
pose. At the same time Wall street
fully recognized the Importance. from
an industrial standpoint. of the placing
of contracts for 100000 tons of steel
rails at the recent advanced piices, de-
liverable through the year 1900. thus
insuring the activity and profitable
character of the steel industry Of the
United States for another twelve
months. ssf.
There has been not little fresh out
side buying of stocks, even ins the bet
ter class of industrials, and commits
sion houses We're more OF a factor in
the market. At the same time the up
ward movement seemed to depend for
purchasing power on covering by the
short interest. supplemented by some
renewed London buying and by the
bullish manipulation which pools and
large operators carried on in various
parts of the stock list.