The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-25

Vi a lew VI Tic 1llQuSlll dio anu a iAdiAQ-
full OF railroad stocks. The few con-
spicuous railroad stocks pursued an
upward course, while the industrials
were on down grade. The movement in
the railroads proved rather more in
fiuential on the general list than that
in the industrials. The undertone of the
market was Enthusiastically strong, and
in the latter part of the day the
strength became more general. Profit
taking before the close reduced prices
from the best.
In the body of the active list net
changes are surprisingly small, and
while the majority are gains, there are
important exceptions on the side of
losses. The Baltimore &c Ohio stocks
were the center of interest. The buying
of these stocks was large from the
opening, but as the closing hour ap-
preached the dealings assumed aston
ishing magnitude. Blocks of many thou
sand shares of the preferred succeeded
each other in quick succession. and
were deterIninedly absorbed en- a con-
stantly rising price. The buoyaney of
the stock carried it up an extreme 5%
points. and the closing was only slight
ly below that.
The net gain in the common was 17s
There was a heavy demand for Union
Pacific, but profit taking met the adj
vance above 81 and its net gain was
only slightly over point Dealings in
Pennsylvania were on a large scale, and
ii reached an extreme Ia, with a re-
action of u. There was feverish specu-
lation- in Consolidated Gas before the
announcement of the determination not
to advance the price of the product.
thus neceSsitating the continuance of
the destructive rate war. The stock sold
up ~ and then relapsed 5ls. and closed
at fractional recovery. The sensa-
tional collapse in Leather came after
the rise to IS. From that point the stock
sold down without an attempt at sup
port to 1SA. A fierce and stubborn
contest was weged around 10, from
which the supporters OF the stock
emerged triumphant after absorbing the
deluge of offerings. There were some
evidences of strength here and there
amongst the industrials. notably in the
iron and steel stocks and Continental
Tobacco. A considerable demand was
due to the efforts of the short interests
10 cover the approaching double holi-
day.
News of British successes in South
Africa were used with some effect by
the bulls, although London was seller
on balance in this market. ST. PauTs
statement showed an increase of nearly
$4,000 over last year. and other fav-
orable railroad statements had
Strengthening effect on the list, as did
the placing of Hooking Valley preferred
In the dividend list with the declara-
ton of the first dividend of IL per
cent.
The principal influence in today's
trading was the expe :tation that the
bank statement tomorrow will make =
strong showing. and thus give an inn
petus to speculation on Monday. The
sub-treasury operations for the week
show a gain by the banks of 1882 600.
As the loan. expansion does not seem
to have been large a very considerable
recuperation Of reserves thus seems as
sured
There was a good absorption of bonds
at advancing prices. Total sales par
value, 81 100, 600. United States IS and
new As advanced y in the bid price.
The average of prices is somewhat
lower than at the close of last Satur-
day, Notwithstanding sharp advances
in number of individual stocks. which |
are usually not prominent in the mar |
ket- Last weeks glowing anticipations |
of an abundance of money at cheap |
rates have not been realized. and the |
disappointment in speculative circles |
has led TO some marketing of holdings. |
There was narrow demand to absorb |
these holdings. The effects of the gov |
eminent bond redemptions on the /
stock market have nearly equaled the /
hopes of bull spectators. The volume i
of bonds offered at first in response to I
the treasury departments offer. en-
couraged the expectation of a marked
effect on the money market. But there /
were large holders of stocks who took
advantage of the strength induced by |
the bond redemptionS and the good
bank statement of last Saturday to sell /
out. This kind of selling on Monday
and a furry in call money on Tuesday |
hopes of rampant bull speculation.
and cautious methods once more came
into play.
The small effect produced on the
open market for call loans by disburse-
ment Of over 1000 600 for government
bond rede1nptions, is explained by the
character of the holdings that have
been redeemed. large proportion of
these has come from savings banks
The large absorption during the week
of the United States per cents of 1925
shows that a considerable proportion of
the redeemed bonds We're simply con-
verted into the new As with the pur-
pose of extending the period of the in
vestment. Such an operation brought
no loanable funds into the market at
all.
Besides the conversion into the Unit
ed States new As, the New York saw
ings banks used part of the redemption
money to acquire some of the New
FORK municipal bonds. which were is
sued this week. The New York City
government keeps its cash in depository
banks, so that a portion of the govern
ment redemption money has become
available 10 the market. 1t thus hap
pens that While the sub-treasury oper-
atoms have yielded upwards of seven
millions during the week and conf
fence has been felt that the technical
of the banks would be great
Y improved on Saturdays returns, the
increased available resources of the
money market were not abundant
Last weeks rumors of heavy hold
ngs of government bonds which would
he proceeds used TO lubricate the
wheels of speculation have been dissi-
oated. The course of the currency
has been obscure and un-
,ertain. The upward tendency of New
York exchange at interior points early
n the week has given place to renewed !
leaviness. indicating pretty clearly
hat the interest or demand is not sat
SIZED Such increased movement of
money towards New York as has taken
)lace does not represent idle money
eeking the low rate of interest al
owed on deposits. 1t is in settlement
# the, mercantile accounts due to the
Sew York wholesale merchants on
purchases made during the summer on
our months time. and which, like all
timer lines of business, were unusually
arge this year.
The foreign exchange rate, which
bounded upwards on the an !
IoIncement of the government bond
exemption offer. has sagged during the !
week. as the failure of the money mar !
ar m pm he. mo nil nd