The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-28
Prices Opened High, and Heavy Sell
ing On Wall Street.
STRONG BANK STATEMENT
BAD THE EFFECT OF STIMULAT.
ING THE MARKET.
London Depressed Generally On the
Rise In Money Rate and Sold
Stocks Heavily-Heaviness Wide
~ Disseminated As Day Pro-
gressed-Chicago Grain Markets.

New York, Nov. 2T.-People who bought
stocks Thursday and Friday found the
expected market for them this morning
and awaited themselves of the opportun-
ity 10 sell out TO a large extent The sub
treasury operations last week made It
sufficiently obvious that strong bank
statement would be forthcoming on Sat
urd3y and the new strength in the mar
het on account of Saturdays bank state
ment had therefore been discounted
Prices were opened high and the ad-
vance III Americans in London had the
appearance OF being manipulated from
New York for the sake of influence on
the opening here. AT all events the Lon
don market was depressed generally on
the rise in the money rate and sold stocks
here from the opening until long past the
usual hour for cabling. Pennsylvania
was exception and was eagerly bought
by London. This demand was largely
responsible for the stocks rise of Az over
Friday. during the first hour. 1t subse-
s-quently reacted and saved only 2Si of net
gain The high prices at the opening
were the signal for very extensive reaiiz-
ing, which was most marked in the Bal1
more & Ohio issues. The opening price
down to S3Si There were occasional rallies
in these stocks, but the pressure OF profit
near the lowest. AT iief LOSSES of II and
rs respectively Union Pacific showed
the effect OF profit-taking. and Sugar was
obviously. weak from the start. There
the general course of the market down.
ward. The heaviness became quite Wide
ly disseminated as the day progressed,
aad many net losses of a point or over
will be observed. While The general course
of the market was reacGonary some
points of strength persisted; Manhattan,
Federal Steel. American Hoop. Chesa-
peake & Ohio. and Peoria. Decatur q
Evansville rose from ] to 2 points without
maintaining the full advance. Leather
continued very erratic over a range OF
5I2 points be.ow Fridays close.
The late break in Sugar to 1854 and the
St Paul statement for October. showing
a decrease in net earnings of nearly s25o
900, emphasized the late weakness. st.
Paul's Increased operating expenses or
improvements charged to that account
have now wiped out all of the INCREASE in
gross earnings since July ], and estab-
lished a net decrease for that period of
money market was greatly. affected by
the improved showing of the banks On
Saturdays statement. The fact was
pointed out that while the statement of
all the clearing house banks showed
decrease in loans of So. l5Sg0. and an In
crease in cash ieserNes OF ss'AS4' - q sll'sie
link in the association reports a decrease
in loans of S41s6 80. and an increase IN
cash of IS 229 COS With this single IN
stitution withdrawn from the showing
the average condition of the remaining
banks. therefore. has not been changed.
The majority of the days loans were
made. at per cent and the rate for sterl-
money pressure II London
There was a good absorption of railroad
bonds and prices advanced Total sales,
par value 81 ee0. 100. United States 2s ad-
vanced y and the SIS and new IS Is in the
bid price; the IS declined Is