The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-10
Weakness Was Generally Distribut-
ed On New York Exchange.
BULL ELEMENT SELLERS
ATTENTION WHOLLY CENTERED
IN MONEY OUTLOOK.
Continued Demands On New York
Banks Regarded AS Foreshadow-
ing Further Decrease In Proper
ton of Cash Reserves In Next
Bank Statement-Grain Markets.

New York Nov. "A general disposition
to liquidate in speculative holdings was
manifested in the stock market TO-DAY
Early in the day some general strsngtn
was manifested. which WAS due primarily
10 the high quotations cabled from Lon
don and which was aided by strength IN
special stocks. but the growing stiffness
OF money and the total absence OF any
outside buying demand discouraged the
bull element and they were sellers of the
whole list as the das- advanced The
weakness of stocks was very well distrib
uted. except for the special collapse in
Leather and affected all departments OF
the list. Declines in the industrials and
Specialtses are rather greater because the
commitments for the long account in
those stocks were largest. There was
heavy selling throughout the railroad Inst
and a large number of prominent stocks
in that department show net declines OF a
point or upward. In the specialtieS the
average runs between and points for
the lea ding stocks. An exception should
be made of the iron and steel stocks, sew
eral of which offered good resistance to
the decline. Steel & Wire and American
Hoop were examples.
Attention was almost wholly centered in
the money market outlook The continu-
ing demands on the New York banks are
regarded as foreShadowlng StlH further
decrease in the proportion of cash re-
serves in the s,ext bank statement. The
emphatic jtterances of the treasury Off
Gals against any further measures OF re-
lief by the government disslpaJed the
hopes that were prevalent in Wall street
yesterday. AS the banks have lost already
to the sub-treasury some. hing like 5000.
900 since last Friday, the attitude of the
trade is important. Shipments by the
New York banks TO their interior cor
respondents are reported to be on as large
a scale last week. New York exchange
at Chicago fell again today 10 10c dis
count, compared with lOc premium at the
opening of the week. The continued eX
Dansion in the interior need for money
and the absorption by the treasury by
means of the surplus in the revenues is
met by the calling in of loans placed in
the stock market on stock collateral.
There was sharp fall in sterling eX
change today. partly due to the firmer
local money market and partly to an in
creased supply of cotton bills, which are
row coming forward in larger volume.
But the weekly statomsnt of the Bank of
England. showing a progressive decline in
the proportion of reserve to liabilities,
precludes the hope of relief from that
quarter. The recuperation shown by the
Bank of France in its weekly statement
relieves the apprehension of an immediate
rise i'm that institution rate of discount,
but this is a small paliiation of the gen
eral hardening tendency of the worlds
money market
The closing of the stock market was
easy and near the low prices of the day
for most stocks. An incident of the day
was the demand for silver certificates at
a sharp advance.
The bond market was weak, in sympa-
thy with stocks. Total sales. par value,
s., $50 600. United States old As advanced 4
and the new Is. IS and IS registered Is in
the bid price. The IS declined Il.