The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-10
Stocks Showed Evidence of Firm
ness In Early Trading.
WEEKLYBANK STATEMENT
SHOWS A HEAVY LOSS OVER
PREVIOUS ESTIMATES.
General Prices Refused to Advance
On Wall Street During Week
Conditions of the Money Market
Have Caused Growing Caution
Downward Course of Cash Reserve


trading and up to the time of publication
of the bank statement. The movement
in railroad stocks was exceedingly mar
row and the selling movement. though
not very pressing was sufficient to bring
| the general level of prices below those
of last night. Tennessee Coal COMPOUNDED
the bears by soaring an additional points
! upward, and after reaching 312 recovered
TO within points from the top Colorado
| Fuel continued to show close sympathy
and was UP over points before the late
| reaction Added TO these continued
pathetic strength in Metropolitan and
| Brooklyn Transit and good gains in In
! teriational Paper, Union Bag & Paper
/ and Lackawanna. the points of extraor-
| binary strength in the market are about
! exhausted.
The London exchange was closed for a
! house cleaning and the recent decision
| from that source was lacking. Paris was
/ looked to for reflection of foreign SEN
timent and the view there seemed to be a
cheerful one. In view of the pessimistic
| forecasts that have been heard all week
regarding the bank statement, the bears
| had a feeling early in the session that
] the poor statement had been more than
discounted and were inclined to cover.
But the statement showed loss in cash
I of S2,0Oo,O00 over the previous estimates.
The comparison is the average total of
cash for sixty days with the average for
the preceding six business days. As the
totals have been on a descending scale,
| the average UNDERSTANDS the actual total.
The contraction of s6ol6, 700 in loans. re-
duced TO reserve requirements by about
S,5oc 600. Otherwise. the surplus above
legal requirements would be below 81. 600,
900. 1t is believed the treasury would
consent to leave on deposit with New
| York banks the payments for taxes next
week, but this would only partly relieve
the drain as the demand from the south
VIII continue and no increase in cash re-
serves would result from the measure it
I hat fha
process of loan contraction is to continue
for the immediate future
wall street started the week after Mon
! days holiday with disposition apparent
/ TO contest the depressing influence of the
| shrinkage surplus reserve in New York
bonds and the gathering war cloud in
South Africa. But the Ginning of the
! money rate and the selling of stocks sfor
London account proved efficacious argu-
mentS against an immediate further adj
vance in prices. General prices refused
| 10 advance at any time and remained in
! uifferent to the wide upward movement
IN industrial stocks whether the Wander
bllts. the Volatile specialties led by Ten
nessee Coal, or St Paul The movement
of st. Paul was based upon the publica-
| ton of the annual report and was most
influential in its effect on the general
list The large increase in nearly every
branch of the exceedingly varied traffic
or the great system. the extensive i'm
| provements. and the betterments effected
during the year and the large surplus of
generous allotment to the cost of i'm
provementS from current earnings made
most hopeful showing of the condition
OF the. transportation industry and
had an inevitable effect on prices of all
railroad securities.
The conditions in the money market
nave caused growing caution during the
past week. The downward course of the
cash reserve item of the New York clear
ing house banks has been made little of
Tor several weeks past. 1t has been
available which did not show in the
weekly clearing house. statement The
many new trust companies which have
been organized and the insurance COM
panles nave been pointed out as sources
of supply. which are indicated in the
clearing house statement. The facts that
bankS IN western cities which have been
bidding for mercantile paper In the New
York market were cited as evidence that
the interior was supplied with money to
move the crops and need not call on New
ork. deposits of western and southern
banks in New York banks have been
transferred on large scale to other east
ern cities. owing to the recently enforced
rule of New York banks to charge for COL
lections on outside checks and this was
expected to shift whatever demand might
come from the west and south for money
upon other cities.
And the conviction has been general
that gold exports were an available means
OF realization when it was desired to cali
home our foreign credits. There is ground
for the prevailing belief on all those
points. but nevertheless New York ex-
cnange at interior points has continued
downward and the shipments of currency
TO New Orleans have commenced this
week as usual at this period of the wear
me balance of the currency movement
mas been largely in favor of the interior
and the sub-treasury is still making large
lnroads on the cash resources of New
York banks on account of payments of
taxes. The banks surplus reserves al
ready low, are thus tending fast toward
the vanishing point. The sterling lex
change rate showed no disposition 70
yield until late in the week in spite of
the hardness of money here as the Lon
don market was preparing itself for the
increasing probability of war. If gold i'm
ports should be forced under these cir
cumstances it is certain that American
securities would be sent home to market
on large scale.
Ii will be remembered that the treasury
came TO the relief of the money marlet
last September by anticipating the re-
demption of maturing bonds and accruino-
interest and by increasing deposits Wiz
depository banks. 1t is the hope of finan-
cal circles that some such measures OF
reilef will now be adopted by the treas
ury. Otherwise the increasing dernands
on the New York banks will cali for =
considerable. contraction of liabilities on
account of loans. "a
The bond market has only been mod
erately active during the week and nrice.
nave not yielded as sharply as in sfoelSs
tnlted States old is coupon advanced IL
and the os declined Il per cent in the bid
price '-N
Bond Quotations.
U. S. Is reg. -. 1o01bM K. & T. As. qa,l
L. S. Is reg. .10S1a n. Y. Cent. Is. ii24
Y. > is coup. lUe1 e y. j. G. gen. 5s l20