The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-03
Financial Prospects t.ause Depres-
sion In Stock Market.
SHORT EARLY MOVEMENT
PERIOD OF STRENGTH WAS OF
SHORT DURATION.
Advance OF Discount Rates On Lon
don to a Point Above Bank of
England's Rate Caused Appre-
hension-outside Banks Draw On
Their Deposits In New York.

New York, Aug. 2-Todays stock mar
ket like that of yesterday, had a period
OF strength in the morning, which gave
way before the day was over. The de-
preston WAS due 10 continued prospect of
hard money. The carry Strength nad lis
inception III the disposition OF London 10
Guy American stocks notwithstanding the
marking up Of the money rate Unere. ! ne
uelnand from London was especially
narkto Tor AtchlScn preferred, Louisville
q nashville ana Northern PaciIIc. Lon
don soiu Anaconda copper. and there Was
d smart upward movement in some OF the
Speclalties. Early IN the day sugar went
up ~. heporis OF the extraordinary earn
lnSs IN the iron ana steel INDUSTRY gave 4
urn tone 10 that group of stocks, ana
tennessee Coal had the additional dement,
OF report ihdt valuable property was
about 10 be acquired and that cams OF
preferred stockholders We're ia process OF
adjustment The stock in consequence
rose 3S4. The trunk lines Were fdvOraDIy
affected by ;he going into effect 81 the
higher freight rates on grain TO the sea
board. The tobacco stocks, the Local trac-
ton shares, General Electric, Cotton Oh,
People : Gas ana a few others gained
from individual causes.
The general appearance of strength thus
Impaired 10 The market prompted some
covering by The shorts VINO sold yeSCer-
day. thus helping on the advance. The
higher prices brought cut realizing sales
ana there was a sharp break In sugar
and Brooklyn Transit, me latter cropping
212 from the best. Lackawanna suddenly
tel away 80 points on rumOrS of Il pro-
Jected strike. The CHANGERS were weak on
bad crop news. The closing was dulI and
heavy, generally below last night clos
ing. The apprehension over the money
outlook was caused by the advance OF
discount rates on London TO a point above
the Bank OF England ) rate. The tail in
consoIs was evidence that the Bank OF
England was again borrowing from the
market to repel the demand tor gold made
probable by the recent downward course
of sterling exchange in New York.
There was not enough doing in sterling
exchange here today 10 reflect the influ-
ence OF this move but the sterlIng eX-
change rate at Berlin. whence London
continues to draw gold, rose pfennigs.
The bulk OF the caiI loans in New ork
were made today al per cent, and lend
ers showed themselves indisposed TO re-
new time loans at current rates. Prime
commercial paper rates ruled from TO
per cent Outside banks continued to
draw on their deposits in New York banks
for the purpose of making loans in this
market. There has been some outgo OF
funds from this center 10 Montreal on
account OF stringency there
There was activity and strength by the
Kansas City, Pittsburg * Gulf firsts.
Otherwise the bond market vas irregular.
Total sales, $2.OJs,6u0 nited States 5s
declined 4 in the bid price.
Bond Quotations.
L. :. Is lO012 NJ. III * T. As. 66l5
L. S. IS reg......10Sl4 y. Y. c. lsts..... 1874
L. $ IS cou.-.-.-ly o14 \. J. {. gen. 5s. ~
l.. s new As cou.l29 Nor. Pac. 5s.....ll3
l. ;. old IS reg. il2l4 Nor. Pac. IS. ga
L. S. old As cou.115 my .C.6S.L. Is. JOB
L. S. IS reg..-...1llhi n. * w. con. 4s.lJl$4
L. 5. 5s cou.-....llll4 y. * w. gen. 6s. 1864
District ) 65s....nl lore. Nav. lists. 135
Atchison gen 4s.lO0 ore. Nav. 4s...-.1l2
Atchison adj 4s.l02 o. S. l.. 6s........lOl12
Canada So DDS. S512 o. 5. l.. con. 5s--l32
Z. * O. 41.s......1u Reading gen Is. .lIZs4
{. * y. 5s........ 9712 r. q. W, 1StS.... ssh
N W. con 7s.....ll9 SLAIN. en- 5s.. 9S1s
n. w. deb. 5s....l43i2 S.L.&S.t'. gn Is .ll4al
Chic. Ter. l2212 St. Paul cOnsols. 124
ID. * r. q. lists. 1898 St.P.C.&P. lists .11Jl2
y. * r. q. 4s....lO6 St-P.C.&P. 5s..--l2l14
E.T. Y. &c. lists. 1884 So. Railway d. .l22
Erie Gen. 4s......luS Stan. r. x +. 6s 1912
+. W.&D. G. lists. 72S4 rex. * Z. lists. 95l2
Gen. Electric Is. Ise2 Tex. * =. IDS. lisa
Il. If. & :. A. Is Ito n. p. 4s.-........ 551e
II. II. * S.A. DDS. lle34 u p DIG. lists. .l051s
II. * T. Z. 5s....ll1 lC. * 5. 4s.......- SI@s
H.&TC. con IS. .ll03sI Wabash DDS Ills
Ia. Central lists. HOS .West Shore As. 1909
k.C.P. &c. 1sts..ll5 Wis. Cent. lsts..II5
L. * n. Tn. Is. lU6