The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-07
Movement of Prices Was Upward
On the New York Exchange.
BUT DEMAND WAS SMALL
LONDON BOUGHT HEAVILY IN
THE AMERICAN MARKET.
All Indications Point to Favorable
Bank Statement Today-Known
to Have Received 100000
From Cuba and Drafts On Account
of Klondike Gold Deposited.

New York, Oct. 6.-With the exception
of some profit-taking sales in the last
hour of today's market the movement OF
prices was upward almost without inter-
ruption. The demand was not large at
any time. but the supply Of stocks proved
small. even at the higher prices, except
in few cases, notably Southern Pacific.
which met large offerings at IS. The late
break was led by Brooklyn Transit, which
was pressed down under a-fiood of offer
ings to 81. an extreme decline of 5ss. The
profit-taking which was induced by this
weakness was most conspicuous in Sugar
ana Tobacco, which lost nearly points
each of the extreme advance. The initial
impulse to the rise came from London.
where the easier money conditions and a
hope that peaceful settlement for the
TransVaal difficulty induced large cover
ing by the bears IN al departments.
London bought stocks here 10 the eX-
tent of upwards Of 25,009 shares, and
showed a special desire for Louisville,
which led the active railroad list with a
net advance of IL after an extreme rise OF
points. The maximum rate for call
money was per cent today, against II
per cent yesterday. and 70 per cent the
day before. The rate fell to 4 per cent
in the late dealings. This progressive de-
cline in the money rate was an import
ant element in the strength of stocks
ard has awakened expectations of a good
bank statement tomorrow. the expecta-
tions TO be based on the fact that the
banks are known to have received $780,
600 in gold on account of postoffiee re-
ceipts from Cuba. and drafts from the
San Francisco mint on account of the
klondike gold deposited there. The gold
engaged last week in London also figures
IN the expectation, although il will not be
received until tomorrow, and will not
figure in the bank statement
As a matter of fact the New York banks
have lost to the interior movement so far
as known movements are concerned,
about $3,000,00G Operations at the sub
treasury indicate a further loss by the
banks of s.. SCI. Co., Allowing for the 5000
600 gold received the net loss in cash to
the banks seems TO be upward OF ~ O,O0o
The result may be complicated by the
effect Of money spent here by visitors to
the Dewey celebration. which is an un-
known quantity.
The easier rates for money are largely
due to offers on account of outside banks
which viii be Of no advantage TO the New
York banks in their weekly showing. The
relaxation in the London discount rate
today resulted in d decline in sterling ex-
the strong advance in the sterling eN-
change rate here. This is said 10 be due
TO covering by exchange bankers who
have sold bills in anticipation of large
outward movement of cotton and grain
The chartering of large number of yes
sells by the British government TO trans
port troops and the resulting rise i'll rates
for shipping, awakened rear that SNIP
ping of merchandise may be hampered.
The bond market continued firm, but
the movement in prices was upward.
Total sales par value, Sl.5J0,0D nited
States IS advanced Is and new is 4 in the
bid price