The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-15
GAINS ARE WIPED OUT
Losses the Rule of the Day On the
New York Exchange.
PERIOD OF STAGNATION
DUE PARTLY TO THE EASING IN
THE MONEY RATE.
Wednesdays Upward Movement Re
duced to Its True Proportions of
a Bear Scramble to Cover Short
Contradictory Continues to
Move to the interior. M

New York, Sept. 1.-THE great part CT
the gains in prices which were established
yesterday and during the early part of
today were wiped out in the latter part
of the days trading. A period of almost
stagnation succeeded until the announce
ment of the fixing OF the st. Paul divi-
dead al the regular raIe. The large sell
ing of grangers induced by this news
was met by supporting orders which raj
lied prices from the lowest. Losses are
the rule on the day. however. which eX-
tend to d point in many active stocks.
The rate for money was not quoted above
The lower level OF yesterday and the re-
action in prices could not be attributed
TO calling of loans. IL was rather due 10
a reconsideration of the optimistic view
engendered yesterday by the easing IN
the money rate and the sentimental eff
feet Of the treasury departments de-
clsiOn TO anticipate the payment OF &c
tober interest on government bonds.
Yesterdays upward movement has been
reduced to its true proportions of bear
scramble to cover short contracts after
having oversold the market in the rush
of heavy liquidation on the proceeding
days. Estimates varied widely as to
whether the liquidation had proceeded To
sufficient lengths TO re-enforce the banks
against the present and future demand
upon their cash resources. Money con-
tinued to move to the interior and the
banks have parted with upwards of S4,-
100000 10 the subtreasury since last Fri
day. There was no evidence today of a
further urgent contraction of credit, but
The outlook for the future is that further
liquidation may become necessary. For
eign houses are reported to have put out
considerable sums in loans yesterday and
today and this may account for the COM
rarative firmness of the foreign exchange
market. Discounts hardened today in
London and Berlin in spite of the i'm
proved condition reflected by the Bank
OF Englands weekly statement, and Lon
don bought stocks moderately in New
York in contemplation of the fortnightly
settlement.
The failure to increase the ST Paul
dividend is accepted as an intim2tion that
the present prosperous conditions of the
railroads are not so well eSta bliShed but
that ample provision must be made
against a recession. The extreme de-
cline from the early high point ranged
from ] to . points very generally among
the active railroads. The grangers ana
trunk lines We're especially affected. In
ne specialties movements were wider.
Brooklyn Transit was under pressure all
aay and in the final dealings broke its
previous low record on the movement and
fell TO 94l4. at which point it closed ~
below yesterday. Tennessee Coal ranged
OF ,. Sugar, Tobacco, the local NUM-
cipal stocks, Peoples Gas and iron and
steel stocks We're all weak before the
close. A number of obscure stocks
showed wider movement than the aver
age. Pullman, Twin City, Rapid Tran
sit. Mobile & ohio and Pacific Coast
common and second preferred gained be-
tween ~ and points, and knickerbocker
ice dropped 51s. The United States mill
ing stocks continued their upward course
and gained IL each.
Bonds were only moderately active.
Total sales par value, Sl,9S5, 900. United
States bonds unchanged in bid quota
tons