The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-03
Net Changes Beyond Fractions Only
In Rare Instances.
TRADING AT A MINIMUM
YELLOW FEVER CAUSES WEAK
NESS In RAILROADS.
Whole List of Stocks Has Shown
Disposition to Sag During the
Week-Earnings of Railroads
Continue to Show Unprecedented
Results-Condition of Money.

New York. Sept. 2-Tbe stock market
was intensely duh throughout today Is
short session and net changes extended
beyond fractions only in rare instances
AS the bears had sold the market short
in anticipation of the bank statement
the evening up Of their contracts wher
it appeared, closely conforming to esti.
mates, created a demand relieving the
market of its early depressions and bring
ing prices in most cases above yes
terday's level. The fact that Monday is
a holiday had the effect of keeping stock
transactions at minimum. The report
of a death from yellow fever in New Or
leans and the Texas guarantees caused
weakness in the railroads in the south,
notably Illinois Central, Brooklyn Tran
sit and Tennessee Coal. Republic Steel
stocks and American Tobacco led a rise
before the bank statement came out. In
contrast to the sudden outbreak yester-
day of activity in yanderbilts there was
only u single sale in the first hour of
Northwestern and Omaha, the latter AT
gain of point. New York Central
did not appear on the tape at all until
the second hour. Kansas & Texas sec
onds became active in the late dealings
and advanced / per cent.
The stock market has shown the ef-
fects this week of profit taking by the
organized pools, which were active last
week in advancing the prices OF certain
railroad stocks. Those stocks have suf-
has shown an increasing disposition TO
sag. Early in the week the pools were
sharply MANIPULATED in the industrial
specalties to sustain prices and cover
the realizing going on. The short inter-
est in some of the industrials was sensi-
tive to the upward movement and was n
clined to cover helping the strength. The
various professional manouvers We're the
surface indications of the elimination OF
the recent bull movement and the market
lapsed into dizziness and neglect after
they had been concluded. There was no
heavy liquidation in evidence outside the
speculative profit-taking, and the market
took on the condition of slugglshness
which indicates the contentment of the
mass of holders of securities and the I'M
Willingness of buyers to raise their BIDS.
This did not prevent the rise OF railroad
stocks here and there from Individual
causes. Earnings OF railroads continue
to show unprecedented results. But there
is no change in the cautious ana conserV,
alive policy heretofore shown by railroad
managers. They have continued TO MAKE
extraordinary OUTLAWS for betterment ana
IN many instances are inclined TO pie up
a surplus against future contingencies, or
TO put the surplus earnings into perma-
ment improvements designed TO cheapen
the cost of transportation. Present high
prices of railroad stocks have thus an
ticipated increased dividend disburse-
ments which in many cases nave not :
come The persistent increase of rallroad
earnings makes the higher dividends in
creasingiy probable. But the actual de-
claration has been in many cases more
than discounted.
The stocks of iron and steel companies
on the exchange very obstinately refuse
to advance, owing to a feeling that the
present conditions in iron and steel are
abnormal and necessarily transltory-
Even the buoyant tone of one sto4k IN
this group elected little response else
where. The evidence OF uneaSlness, IL not
actually Of distress, in foreign financial
centers on account of the heavy bills they
must pay to this country are accepted by
the bears as a symptom that easier money
will be sought in future to satisfy their
needs.
cerned, money conditions are favorable TO
the decline in prices of securities: The
surplus reserves of New York banks are
Internationally low for this period or
the year Even If interior money mar
kets are able to supply funds TO move
the crops that will involve curtaiip n4,,
of supply at source to which New
York has applied quite freely of late for
relief The constant recuperative process
OF the Banks of England, France ana
Germany for many weeks past has put
those great centers of finance in mucn
better position to meet an imperative de-
rnand from New York for gold. But 1t is
still quite obvious that only a high rate
of money here would induce shipments OF
gold 10 New York. The government
revenues are running far ahead OF last
Years corresponding period and the out
leaving on deposit with the National City
bank of the 100000 paid by that bank
for The old custom house and site IN New
York the New York money market would
likely have been seriously pinched this
week. =,
changes irregular. United States new IS
rsd IL in the bid price.