The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-16
Treasury to Throw S25,0O0,000 On
Money Market.
TO RELIEVE STRINGENCY
SECRETARY GAGE DECIDES TO
BUY BONDS.
Show of Strength In Prices Yester-
day, Owing to Large Operations
By Professional Speculators-For-
eign Trade Statement Attracts
Much Interest-Grain Markets.

New York Nov. 15.-There was snow
of strength in stocks today, owing to the
large operations by professional speeuia-
tors in a number OF prominent Industrial
specialtIes. notably Sugar the Leather
stocks. some of the metal issues ana NV
York public utilities, all OF WnlcIl snOm
large gains There were strong advances
in New York Central on the announceo
settlement OF differences over the BoStoh
d Albany lease in Southern Pactic on
the continued large absorption by bank
ing interests. in Pacific Mali IN antlclpd-
ton of the action on the dividend, IN the
coalers on the good conditions in the an
Thracite trade. and in the Atchison stocks.
The level of prices on the whole Is nlSner'
but the activity was not very widely as
.tributed and the general disposition Vas
10 maintain a waiting attitude, pending
further developments in the money situa-
zion. There was no recurrence OF eX-
IRENE stringency in the local money mar
sket.
Secretary Cages announcement that
the treasury would buy Ss1OOO.Ooo OF
United States bonds at the price at which
they were quoted on the New York Stock
Exchange yesterday WAS not made until
after the close of the stock market; Inc
sterling exchange market was duil, out
inclined TO firmness IN response 10 lne
hardening of money rates IN London,
where there was special demand on the
market incident to the taking up OF gov
eminent bills TO provide for war expenses
There was continued demand from STOCK
exchange sources for time money, and Z
Der cent was bid for six months loans
where industrial stocks figure as coilat-
eral.
in connection with the outlook in the
money market, the October foreign trade
statement of the treasury bureau OF sta
ftistics attracted great interest. FROM TINS
IL appears That the slight falling OH IN
the October exports of agricultural prod
pcts compared with last year, due TO a
decline of over 30 per cent in the amount
of cotton exports. is more than offset py
the increased exports of manufactures, so
that the total exports for the month are
over $S.e00c00 in excess of those Tor last
year. These figures are the more slSni-
ficant in consequence of the large cur
rent demand for cotton by foreign buyers.
Taking the ten months of the year, Il
appears that the decrease OF S31O09.Ve0 IN
the value of agricultural exports Is more
than offset by the increase in exports or
manufactures, SO that the total exports
for the ten months are valued at over
Sil000.cO0 in excess of those for the ten
months in 1898
The increase in the value of imports for
the same period of Sl3000o.G09 leaves the
merchandise trade balance in our favor
nearly S90. 100000 less than last year. But
in the same period our net Imports or goid
have been nearly $l22. 600 coo less than last
year. As a net result the unliquidated
trade balance in our favor is $S253l. t9a
greater than for the corresponding period
of last year Add to this the recent buy
ing here for London account of securities.
Estimates OF shipments TO London OF
American securities by coming sallinss
have been placed in the New York mar
ket by foreign houses in the last week or
so. obviously with the purpose of defer
ring demands for gold on foreign mar
kets But the figures cited give the
grounds for the claims of foreign ex-
change houses that there must be a heavy
import movement of gold in the course of
Il short time.
There was moderate activity in the
bond market and price changes were
mixed Total sales, par value. 81 $4,000
United States bonds are unchanged in
the bid price.