The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-22
Bulls and Bears Unsuccessful In
Their Tactics In New York.
WEEKLY BANK STATEMENT
NOTHING TO ENCOURAGE Ex-
PEcTATIoN OF EASY MONEY.
Little Fear, However, of Renewal of
Stringency-Net Imports of Gold
For Nine Months Less Than Last
Year-Trade Balance In Our Fa-
vor-Grain Markets.

New York, Oct 21-The traders in
stocks were unable to induce any motto
able movement in prices during the two
hours of trading The bears were unable
10 attack the industrial specialties when
it became evident that the bulls were
not in an aggressive mood. Sales for spot
account were in evidence in the special
tics, some of which dropped off a point
or over. Realizing was also manifest in
Pullman and New York Central, but the
decline in prices brought out no large Of
ferings OF stocks and the bears had gem
orally covered their contracts before the
bank statement appeared, bringing prices
back to about last night 5 level. A NOM
inal increase in the surplus reserve WAS
seized upon by the bulls TO rush up the
price Of Sugar in an attempt to induce
following. They were as unsuccessful as
the bears and realizing caused a reaction
airy tendency in the whole list, which was
very narrow in its activity. The closing
therefore was easy at trivial net changes
either way.
The main features of the bank state
nlent were a repetition of those of last
week. There is nothing in 1t to encourages
an expectation Of easier money. but as
last week : similar statement LED TO no
renewal of money stringency. the stock
market was inclined TO the view that this
week = showing might lead TO no worse
result 1t is puzzing to account for the
greater ease which has developed in
money during the past week IN face or
The loan contraction reported by the
banks of SO 356, 600. The stock market
borrowers hope that money viii cease to
flow TO interior points during the coming
week. There are limitations of some
large holdings of government bonds by
fduciary institutions, the anticipated IN
uereSt upon which will be applied for
next week and so be made available Tor
the money market
The uneasy and undecided movements OF
professional stock operators have caused
confused and irregular movement OF
prices. AS the professionals We're still
largely committed to the short side. the
closing up of accounts has resulted in
higher prices. That the short interest has
been largely reduced as a, result of the
T7ele'S operations and the strength of
stocks thus technically weakened is q Sate
assumption. The bears have had their
professional opponents to meet who We're
quick to bid UP prices where they de-
tected a demand from a short interest.
The bears have sought TO facilitate their
movement by raiding individual stocks
and spreading alarmist reports in hope of
inducing holders to sell. The growing de-
termination of holders not TO Sell at the
lower level which prices had reached was
the source of the uneasineSS in the minds
of bears. Operations have been almost
entirely confined to these professional
maneuVers and the public had been a
factor in the market
In the bond market there was quite a
steady absorption of long term, well Sc
cured bonds at or below par. and of per
cent denomination indicating a pressure
for investment for capital intended for
that rate of return, in spite of the higher
interest rates on money prevailing. This
development in bonds gave a firm under
tone to the stock market, where the level
of prices in many cases at present d1Vi-
dend returns is inconsistent with the high
interest rates ruling.
In the money market also lenders have
shown some eagerness to get funds placed
on time at existing rates. This desire has
led to concessions for small periods. The
Central Pacific adjustment made very
large demands on the money market on
Monday and the fast that the demands
were met without creating q. furry added
TO the disposition of bears to cover con-
tracts in stocks. 1t was argued that the
insignificant volume of applications Tor
the government interest 0ffereu IN anu
cipation of maturity indicated that the
appearance Of money StrfnSency was
somewhat exaggerated.
The official compilation Of the Sept. Z
reports of the national banks of the whole
country shows that the loans which had
been called in by New York banks had
been put out again by other banks in the
progress of the countrys business ex-
panSion. The New York contraction from
June so to Sept. of S46 600, 600 Represented
speculation llquidatlon IN the STOCK mar
lIet. while the increase in loans of outside
banks of $50 900 goo indicated industrial
expansion. The exhibit cannot be called
unfavorable even from a stock market
standpoint If instrinsic values are con-
sidered rather than speculative boom
values. That New York loan contraction
since that date. which amounts to over
$40 900 600 has been diverted into the
same healthy channels there is no room
TO question.
The Incidental throwing out Of collateral
securities of millions of doubtful INDUS
trial stocks, has materially lessened their
possible power for mischief in case of
price collapse. With an active demand
for credits in business in which sterling
exchange Is lowering near the gold eX-
port point. there is no likelihood of money
declining 10 point TO invite active spec
nlation in stocks. 1t would be q striking
slomoly for gold to move outward AT
this season. which is the usual period for
imports in face of the most prosperous
pear in history for foreign commerce.
While the excess Of our merchandise
exports over imports for nine months
this year is about S16.0G0.000 less than last
year. our net imports of gold for nine
months this year are Sll3.630,9S0 less than
last wear. according TO the figures or the
treasury bureau OF statistics. The trade
balance in our favor unliquidated by gold
payments is therefore over SSI. 0J9
greater this year than last Gold exports
under these circumstances would mean
that in spite Of the world owing US the
largest debt for n year in our history. we
are stin the better supplied with money
and can afford to lend.
The market for bonds has broadened out
curing tine week and prices have i'm
proved. United States 2s and old As regis
tered advanced Il in the bid price.
Bond Quotations.