The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-16
Engagement OF Gold For Export TO
Europe.
EFFECT ON THE MARKET
UNEXPECTED STRENGTH MANI
TESTED IN PRICES.
Hoped That Improved Conditions In
London viii Offset Any Inconve-
nienee That Might Be Felt In
This Country-Favorable Bank
Statement Looked For.

New York Dec. 1.-THE strength mani
-ested by the stock market in face of the
enga gements of gold for export by to-
morrOw's steamers was the feature of the
day. There was considerable hesitation
and some reaction in the early dealings on
the recurrence Of fears over the effects
of gold shipments. Yesterdays rally in
stocks. il viii be remembered. was based
on the hopes that gold exports had been
avoided for the time being. The fact that
apprehension over this development was
still apparent this morning. made the
strong advance in prices in the very face
Of the news OF the gold exports all the
more striking. The sterling exchange
rate today not only failed to recover. but
declined an additional fraction to $4.S13a
tor demand.
The shipment of gold at this level for
exchange demonstrated that considerable
advantage Is offered by the Bank of
England as an inducement for the ship
ment. 1t is known, in fact, that the Eng
lish institution allows interest TO the
shippers fol the period OF the transit 1t
hal also advanced the buying price of
gold, both for American Eagles and for
bar gold. Fer the former the price has
been advanced one penny an ounce in TWO
days. The trancation may therefore be
regarded in a certain sense as special
che.
Whether il was for this reason that
the local stock market took. small ac-
count of the beginning of the export
movement, Is a Stik3ect for surmiSe. The
IepoTleu eISaSeIneHt al 81. t0u.UJy IN gold
Tor export caused. 30 Stiffering of the
local money rate which ruled from 8 to
D per cent all day The incidents of the
day which served TO offset the gold ex-
ports were several In the first place. the
convection that tomorrow's bank state
ment would make / strong showing the
weekly losses 10 The Sub-treaSury which
loot up $4,i390O0, have been so far offet
by the receipts of currency from the in
terror and of gold from Canada that he
banks net losses in cash are figured at
less than Sl5G0,9Oo. Tomorrow's gold ship
meats, of course. do not figure.
Inc week extensive Liquidation in the
STOCK market with its consequent re-
auction in loans is certain TO have more
than offset its comparatively slight de-
crease in cash. A rise in the surplus re-
serve OF the banks Is therefore believed to
ne well assured. The arrival from Cuba
OF a United States transport. brings an
adcltion to the available supply of specie
or sl,29OOOo, assigned to 4 trust company.
ana of over SVJ. eco of postoffice funds
The absence of disturbance in the local
money market by the Withdrawals of
gold and the favorable effect produced
on the London market aroused hone that
the operation may prove beneficial to the
financial world at large in sufficient de-
gree to offset any local Inconvenience
A favorable effect was produced on the
stock market here by the baoyant tone
IN the bond market, arguing satisfac-
tory settlement of the difficulties threat
ening that market ubstantial- ssajnS IN
suits OF the day trading. late adj
vance of 1873 in the price of Pittsburg
Cincinnati, Columbus x St Louis was n
feature of the day.
Price changes in bonds were somewhat
irregular and were for the most mart
narrow Total sales. par value 81 sos. ODo
emit ed states new IS declined Il and the
5s advanced = in The bid price