The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-15
Money Prospects Continue Dominat-
ing Influence 10 Trading.
EASY CALL LOAN RATES
NO HOPE FOR RELIEF FROM
GOLD IMPORTS.
Prices Traversed Wide Range On
Wall Street Yesterday, Net
Changes Being On Side of
Losses-Healthy Tone of Rail-
road List-The Grain Markets.

New York, Nov 14.-Prices of stocks
traversed quite wide range during the
DAY throughout the list, but net changes
are almost all fractions, and the majority
on the side of losses. Money prospects
continued the ronlinant influence in the
trading. Tine events of yesterday had
turned all the traders on the bull side.
and the market opened with an upward
movement i'm prices which extended to a
large fraction on the average of a re-
dictionary tendency developed. There
was continued buying by London people
on the advance and there was especial
strength in the individual stocks. notably
in General Electric, which rose an ex-
dividend. and Consolidated Gas which
was up at one time points on a periodi-
cal rumors of settlement of the local
gas war.
There was a continuance of the heavy
absorption of Southern Pacific. which
gave a healthy tone TO the railroad list.
Profft-taking sales in this stock were
detected at an early period of the trad
ing, and had not a little TO do with Cheer
ing the general upward tendency The
decisive influence in starting prices down.
ward was the realization that yesterday $
easing OF the money rate was due 10 d
sporadic supply of funds and not TO any
considerable change in the conditions OF
the money market. A large portion OF
the break was attributed TO the cash de-
post by one of the railroads for the pur-
pose of taking up an old underlying issue
of bonds. This supply of money had the
effect of off-setting the calling in OF
loans at the banks. made necessary by
the depletion OF reserves and prevented
the stringency Of the money market
which had been feared
The effect was manifest as well as yes
jerday, the rate for call loans not above
Z per cent, and ruling generally below
that. But the sterling exchange rate
showed a quick response TO this easing
money rate and moved an additional
fraction upward away from the gold i'm
port point. This caused a cessation OF the
talk of Immediate gold imports. on which
was based the upward movement OF yes
terday in stocks. Thus the hope OF re-
lief by an inward movement OF Soid DdQ
TO be abandoned for the time being
In the meantime the absorption OF FUNDS
by the sub-treasury and the probable con-
tinuance of demands from the interior
have still TO be reckoned with. Dlscouf-
agement overcsme the operators for a
rise and they projected 10 sen out tn ..sr
holdings. wiping out the earlier gains ana
carrying prices below last night lever;
Considerable speculative activity Is ui~
Vorted 10 the cotton market. where the
DEVELOPMENT of a foreign demand lnul-
Gates The REIMBURSEMENT by foreign BUY
ers of their attitude of waiting for lower
prices AS bearing on the general money
situation II is important 10 note that
adViceS from the south report money III
abundance there, so that planters nave
been able TO obtain ACCOMMODATIONS Ior
holding their cotton for higher prices.
The largely increased supply Of cotton
bills in the exchange market slp the last
few davs with the movement In Cotton
will naturally result in the early release
of funds in the south and hasten the re-
turn flow of money from that region.
Prices of bonds moved somewhat II
regularly in sympathy with stocks Total
sales. par value. $20So.y0- United SiatsS
As and IS advanced t. in the bid price