The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-20
Prices Knocked In Every Direction
On New York Exchange.
GAINS WERE WIPED OUT
MARKET rs AFFECTED BY RE
PORTS FROM EUROPE.
Rumors of Conciliatory Attitude of
President Kruger and the Pardon
of Dreyfus STRENGTHEN Foreign
Stocks-Belief That the Money
Market Difficulties Have Passed.

New York, Sept lathe delicate tefi-
sion of the speculative temper was IL
Illustrated BIZ the course of today's market
which seemed to be going prosperously on
its way toward recuperation and recovery
in prices until the last half hour of the
trading. After that time prices were
bowled over in every direction ike SET
OF tenpins which had been set simply 10
be knocked down again. The selling move
ment was in fun force when the market
closed, and prices tending rapidly down.
ward. Some of the earlier gains wer9
held though in other prominent stocks the
notable advance achieved earlier IN the
day were completely wiped out. Inc
market gave every appearance OF having
thrown off the incubus OF the money
scare. The reports from abroad were of
q more conciliatory attitude on the part
OF President Kruger and the decision of
the French government to pardon Drey-
fus caused a rally in foreign markets.
There, as well as here the short interest
had been largely oNet-eXtended and FOUND
some difficulty in securing stocks To coNes,
short contracts. Professional operators
who had secured stocks at Yesterday
low level had turned bun and there Was
fair volume of buying in commission
houses. attracted by yesterdays late re-
coVeries in prices.
Prices were marked high at The opening
and trading was very active for time,
but on a descending scale. After prices
had gotten back 70 yesterdays close a
demand of substantial character pre-
vailed for standard railroad stocks. Some
specialsies notably the New York trac-
ton stocks, which have suffered violent
losses. were marked up rapidly Late in
the day a very bouyant tone carried the
coalers upward under the lead of Lacka-
wanna. which advanced an extreme llla.
Other members of the group rose from
2i2 to points. Metropolitan extreme rise
was 6l2. Brooklyn Transit was up at one
time rs. Many other specialties were up
between and 8 points and the active
railroads very generally showed gains of
from TO IL.
Such was the state of affairs when trad
ers began to fake profits in the coaiers
and Metropolitan Street Railway. II did
rot take the bears long to wipe out ali
OF the gains in Brooklyn Transit and the
course of prices turned quickly down
ward, the selling movement continued
actively TO the close. The advance III
prices was accompanied by professions
of confidence that money market diff
cLities had been passed. Call money ruled
ri . per cent and above during the day.
The banks are not losing quite as heavily
as last week either 20 the sub-treasury or
10 the interior.
But the outward movement of money
is more than sufficient TO make inroads
upon the legal reserve OF the banks. 1t
IS known that many loans which have
been called have been placed with other
borrowers or have resulted simply in a
shifting of eollaterals, while the loan was
marked up but was left otherwise un-
disturbed. Reports were in currency that
considerable money had been placed in
cali loans for account Of Canadian banks.
One New York bank took out additional
circulation in Washington to the amount
OF $1,000. which notes had already been
printed and made available for circula-
ton. Except in these cases there is no
evidence of any actual replenishment of
cash for the New York market nor is
any observable N the immediate future
Bankers express the opinion that money
vii continue hard at 6 per cent or above
one Of the Vagaries of the situation is
mat sterling exchange held steady to-
firm today with buying for London ac-
count of over 1900 shares of stocks, while
i dropped sharply yesterday in spite of
Lendon's selling of over 10000 shares.
gold imports until much later in the fall
Bonds showed gains and held better
than stocks in the late weakness Total
sales, par value. 81 100000 United States
bonds were unchanged in bid quotations.
Bond Quotations.