The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-07-23
Business Transacted On Stock EX-
change During Past Week.
THE TIGHTNESS OF MONEY
CAUSED BY STRINGENCY AT THE
BRITISH CAPITAL.
London and the Continent Both De-
pending Upon the United States
For Relief - Strong influence OF
America In the Money Markets of
the World Demonstrated.

New York, July 22.-Today's stocl
market was unimportant, even an in
significant affair. London manifested
some continuing interest in American
securities, marking up prices rathel
above the point reached on this side
even on the opening rise. The opening
advance here finally succumbed to the
sympathetic influence of reaction on
sugar, which lost some over a point
HeaVineSS in other indUstrialS helped
to hold back the market, but the bears
were no more disposed to operate than
the bulls. The bank statement brought
a realizing movement which carried
prices off in some cases a point from
the best, Rock Island and a few other
stocks, which have been going up for
several days, being most affected. The
offerings were well absorbed and the
short sessions ended with quotations
not far from last nights prices. The
oppressive heat prevailing had some
thing to do with the extreme lassitude
of the trading Fort Worth and Den
Yer City first mortgage bonds rose Ia
on the requirement of traffic rights be-
tween Denver and Pueblo by the Colo
RADIO & Southern, which controls the
road.
Net changes in prices of stocks for
the week are mostly small and show
both gains and losses. There were
some sharp losses in the early part Of
the week, and the movement after that
was irregular. 1t was the smallest
weeks business of the year. Even
dealings by professional operators had
dropped to a minimum. Looking back
over a period of a month it is easy to
discern that the best judges failed to
correctly estimate the worlds needs
for money, and the release of large
which rOnfinkrTrlV eYnRptP1
after July, has been successfully de-
layed from day to day and from week
to week. Large loans were repaid to
the Bank Of England in the first days
of July, but before the week was over
the market was again a borrower
from the bank, and has been ever
since, at rates up to Az per cent, as
against the banks official minimum of
352 per cent.
Only in the last three days has there
been any remarkable relaxation in
money stringency at the British cap
ital. 1t has been obvious as the sit
uation developed that London and the
continent We're going to be more de-
pendent on the United States for relief
than was contemplated, and the con-
tinued hardness of money here has
aroused doubts as to the availability
of that relief. The situation is conciu-
sive evidence of the continued strong
influence OIL America IN the IlOilt5y
markets of the world The industrial
activity in Germany, especially in iron
and steel, and the speculation on the
Berlin bourse have kept money high at
Berlin. In Great Britain itself there
has been expanding trade and interior
demand for money beyond what has
been counted upon, and the call of
portion of the japanese loan pinched
the London market
In the face of these conditions, when
London say the money rate in New
York holding high and very slow to
yield, the speculation in securities came
to a standstili, not only in London, but
on the continent and in New York.
The street railway strikes in Brook
lyn and Manhattan bOroughs of New
York aroused some anxiety as a posi- !
BILE symptom OF general unrest among
wa learners. This has been an i'm
portant factor in discouraging active !
operations in the stock market while |
so many favorable conditions seemed /
to presage that rise in prices.
Dealings in bonds have been dull. /
and some issues fell away in price, but |
others moved upward on active de- |
mand. United States registered threes
and fives advanced Is, and the old !
Tours registered Il and do. coupons Y .
in the bid price.