The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-18
Anxiety On Wall Street Regarding
Today's Bank Statement,
MARKET WAS IRREGULAR
PROFIT TAKING IN RAILROADS
WAS LARGE.
Especially Noticeable In Union Pa
cific and Southern Pacific-Late
Stiffening of the Call Loan Kate
Operations of The Sub-treasury-
The Chicago Grain Markets.

New York, Nov. 1.-THE stock market
had 10 absorb very large volume OF sell
ing TO take profits on yesterday ; rise our
ing the early hours of today; iraaine;
The tone of the market for the rest OF
the day was rather Lar. in spite Oh aSSisS-
sive Strength in a few prominent STOCKS
and advances by a number OF rather OBJ
scure stocks. The profit-taking was es-
pecially noticeable in Southern Pacific
and Union Pacific. and hsld those stocks
under yesterdays price for the greater
The buying in both of them was. never
theleSs on d very large scale, blocks OF
1,cO0 shares and upwards. OF Union faciIic
making their appearance frequently IN
the record. The most CONSPICUOUS move
ment of the day was in the Baltimore q
Ohio stocks, the preferred leadlng. Inc
extreme advance was rs, the closlng be-
ing nearly at the top. Inc common stock
added ia TO its price during the day. The
various metal stocks. had d period OF
Otherwise the market was rather ir-
regular, and disposed 10 reaction until a
late rally. which wiped ont, many pre-
vious losses The CHANGERS were CON
spicuous in the late movement, led by
Burlington. which rallied an extreme rs.
Isolated movements OF importance were
advance in the Bunaio, Rocnestert &
Pittsburg stocks Of points for the conn
mon and points for the preferred, the
latter reacting 35points Y. 5. Milling pre-
ferred fell an additional3 .. making 512 for
TWO days. and Mating preferred lost AZ.
The hesitating tone iofrthe market was
due to recurrent anxiety over the snow
ing TO be made by tomorrow bank ststie-
ment This was accentuated by z late
stiffening of the call loan rate to per
cent on demand from beiated bor-owers
to carry over until Monday. The carrier
rate had been per cent and fell as low
as 5 per cent The sub-treaSury today
paid out about 100000 for bonds Offered
for redemption and the sub-treaSury. s
redemption balance at the clearing house
reflected its payments fofsIhe same pur-
pose yesterday the amounting ne s3,ssol7 bs9
But these additions to current supplies,
coming late in the week. VIII have a do
unfinished effect on the cash showing OF
the banks, owing TO the system of aver
ages.
The net results of sub-treasury opera
tons other than these Is small. The in
terror money movement by express and
sub-treasury transfers has resulted in a
cash net loss to the banks of $1,O35,OOO.
The heavy loan contraction of the latter
part of last week, however. VIII be partly
reflected in this weeks statement, and
viii help to reduce the reserve require
inents
Apparently there has been some expan-
sion OF loans during this week by the
banks with the inflow of funds. The net
result upon surplus reserves Is thus very
difficult to estimate. Sterling exchange
made further progress upward today and
served to add TO the apprehension that
any actual ease of money al this center
would lead 10 a demand for gold upon 1t
from abroad. Discounts in London and on
the continent were somewhat easier and
the course of the interior exchanges in
this country was in favor Of New York
London sold stocks on balance in this
market.
and organization bonds continued today
at advancing prices. Total sales. par vail
ne. 81 600. L. 5. new is, regular, adj
vanced y in the bid price.