The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-07

New York, May 6--The weakness which
pervaded the stock market today was &C
centuated by a bank statement much
more unfavorable than expected. The
surplus reserve fell off over S6000,OO0 and
the loan account showed the largest ex-
panSion this year, increasing over $l6,vgO.
OlD. Speculation was very IeVerlSh, with
no important news influences save some
agitation over the possibility of European
complications over TransVaal affairs.
London figured very slightly In the day 5
transactins. The expressed opinion of
certain railway officials that some de-
creases in gross earnings for May might
be expected induced selling of the
grangers for western account and they
average declines of over point. The
cCalers We're weak. the maximum decline
being that of Reading preferred 2ll2. The
iron and steel shares were also weak.
Federal Steel and American Steel & Wire
being off about IL each. Manhattan,
Brooklyn Transit and Metropolitan de-
clined about a point.
The decline of over two points in Ana
conda was sympathetic with the weak
ness OF the when issued certificates of
the Amalgamated Copper company on
the curb. Consolidated Gas, which gained
10 points. being about the only feature of
strength i'll the list was bought because
of rumored withdrawal of the reduction
in prices by other companies. but il was
asserted positively that the reduced rates
would be maintained and that no change
in the gas situation had been effected
The feebleness of rallies and the seeming
absence of inside support discouraged
many holders. who threw over long stock.
and the market closed weak.
The outcome of the weeks speculative
contest was decidedly in favor of the re-
actionists. While the general situation
remained practically unchanged, with in
terror mercantile prosperity. the frequent
recurrence of unfaVorable incidents
)dampened SPECTATORS optimistic views
Perhaps the more important bear fea-
lures. were the possibilities of the Ford
franchise tax bill, the rise in sterling eX-
change, the jump in money, the local gas
war and finally the bank statement The
sale of securities, particularly copper
stock, for London account. and the pay
ment of Spanish indemnity of S29,OO0Oo
was responsible for a rise in sterling ex
change TO within a little less than point
where gold exports would be profitable.
When il became known that those in
trusted with transferring to Spain the
indemnity had already provided them
selves with the greater part OF the ster-
ling bills necessary. sterling exchange
eaSed off 10 nearly last weeks figures.
Moreover. the continued strength of
money compared with the London rates
showed that il could be more profitably
employed here. The general outside sit
uation gave confidence to holders of Sc
curities. but the bears laid stress on the
present high range compared with those
of recent years as discounting the favor
able features and took heart from the
subsistence of Il large buying demand to
depress values. There were but few ex-
ceptlOnS to the general Scaling OF values.
Minneapolis K St. Louis second preferred
gained 9 points on the supposition that
benefits would accrue from the retire
ment Of the first preferred stock. Local
traction shares ended the week 212 to ~
lower with Brooklyn Transit figuring for
The minimum loss and Metropolitan the
extreme.
The coalers suffered from to 81. the
latter in Reading first preferred. The
general industrial group dropped ) TO 69s.
the larger loss being in Sugar. with Ana
condas nearly as much. The Grangers
lost to 2i2 on the uncertainty of crops.
The other railways suffered from l to
points.
: The bond market during the week did
not fully reflect the extensive iicuida-
ton in stocks. many issues showing con-
siderable strength. Prices in the main
shaded off irresularly. with business con-
tracing on sales. United States IS reg
istered advanced i and United States IS
coupon and new As coupon Is in the bid
price. The 5s registered lost i per cent.
: The total sales of stocks today amount
ed TO az. 664 shares including: American
Steel * Wire % goo; American Sugar. IS
600: Anaconda. 1900; Atchison. 1900;
Atchison preferred $1,000: BROOKLYN
RAND Transit. .. 200: Burlington. 1880:
Burlington rights. 15.200; Consolidated
Gas. 1900: Continental Tobacco. 400;
Federal Steel 2OS00: Federal Steel pre-
ferred. 500: International Silver. $780,
Consolidated. Il. 400; Missouri
Pacific Q 700: Northern Pacific. 500; Pa
cific Mail. s 100: Peoples Gas & Coke. IL
COO: Rock Island. 1880; st. Paul. 1900;
Union Pacific, 500; Union Pacific pre-
ferred, 200.