The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-07
ON THE STOCK EXCHANGE.
Attention of Wall Street Devoted to
Money Question During Weak

New York, Oct. 6.-Bradstreet's to-
morrow will say of the New York stock
market: The attention os Wall street
was mainly devoted to the question of
money The extreme rates for call
| loans of 20 to 40 per cent recorded on
Monday and Tuesday last We're unnec-
I esSaly. In fact, there has been, some
I discussion as to whether such figures
were not the result of manipulation
| ct 1t is evident from the bank state
| ment published on Thursday. Sept. %.
Just before the market entered on the
two days recess for the Dewey recen-
| ton, as we'll as from the known move
ment of money to the interior, that the
banks were still losing cash and were
Obliged to contract the volume of their
call loans 20 the street. Tax PAYMENTS
in New York City and other October
disbursements also necessitated an ex-
ira amount of disturbance of loans. and
consequently there was not little pres
sure resulting in many borrowers being
forced to pay from 10 to 10 per cent
tor daily accommodations, while 6 to
10 per cent was the easiest terms OBJ
tainable.
Nevertheless, the market became less
disturbed as the balances were re-
adjusted, and by Thursday, ~ was the
extreme of the time loan market. and
lenders with unemployed balances had
atos beScontent to accept to s per cent
at the end of the day, and on FRIDAY
the extremes were 5 to per cent
Both the money and stock markets
nave been to some extent Influenced by
the rise in the Bank of England rate
to . per cent, which. with the fjrmness
of the London open money market and
the financial pressure which is shown
in Germany, render imports of gold
iT1yrOho hln If NOT
from this source being cut off. discus
sion of the domestic financial situation
does not develop signs favorable to The
restoration of decided ease in the New
York loan market. The activity of
trade and the prosperity of the coun
try, it is held, will keep money in cir
culation during the autumn and early
winter when, under ordinary circum-
stances, it would begin to return to
New York as soon as the crop move
ment was well under way.
1t, therefore, seems that the stock
market must resign Itself to a high.
if not stringent, money market, in
which per cent will be the minimum
for both call and time loans In spite
of this tendency and of the disposition
of professional traders to press the
well, and after a pretty general,
though far from severe, decline in the
early part of the week, dull. irregu-
lar recovery set in on Wednesday, This
was partly in sympathy with the
at London. 1t was, however,
that most of the purchasing
here was by the bears, and represented
the covering of their short contracts.
In fact one of the features of the
week was the failure of the high money
market to provide any appreciable
of long stock
Meantime, apart from the dearer
nearly all the circumstances
bearing on stock values continue to be
favorable, and the activity and pros
perity of trade naturally creates a GER
tain feeling of confidence in the future
of the market.
The volume of trading for the week |
has been smaller than usual, and the |
yacht race has diverted |
the attention of considerable section |
of the Wall street professional ele
ment from the market. On Friday the /
market developed a good deal of |