The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-02
ON THE, STOCK EXCHANGE.
Money a Pre-eminent Factor In Spec.
ulation On Wall Street.

New York. Dec. 1-Bradstreet's
financial review tomorrow win say:
Money continues to be a pre-eminent
factor in determining the character and
| tendencies of current speculation in Sc
curities at New York. The favorable
bank statement which appeared last
Saturday. when the stock exchange had
adjourned out of respect to the men,
DRY OF the late vice president, had,
however, been expected and in part
discounted by the strength of prices
during the final days of last week.
The fact that some money had re-
turned from the west and that the re-
establishment of s6,000,000 surplus
over the legal requirement of the banks
in place of the deficit in reserves shown
by the two preceding weekly state
ments, was not entirely due to pur-
chases of government bonds by the
treasury had favorable effect on sem
! timent. Nevertheless. when the mar
ket reopened on Monday it became ap-
parent, not only that speculative in
terests which had been supporting
prices were inclined TO realize on the
stocks. but that while stringency in
the loan market was improbable. there
was still no likelihood of a return down
to quiet monetary conditions.
While money is beginning to return
from the west, the west is drawing
considerable amounts, and it was also
noted that foreign exchanges advanced
idea that gold might be shipped to
London. This tendency was checked
by the renewed and somewhat unex-
pected firmness of call loan rates, which
were only temporarily below 6 per cent
and particularly on Tuesday were as
high as per cent. The turning in some
of fairly large blocks of governments
extension of Secretary Cages offer to
buy bonds not purchased of the $685.
100000 offered until Dec. 90. had. how
ever, a good effect on the time of the
money market and arrested any ex-
pectation that the rate would be al
lowed to reach a higher level than is
needed to act as a preventive of gold
exports.
On Friday, when the market re-
opened after the Thanksgiving holiday
with an advance in the Bank of Eng
land rate in the meantime. exchange
was firm and money was held at per
cent, further disinclination for specu-'
lative activity being apparent The
action of money was. therefore, not
favorable to bullish activity, but the
market found a stimulant in another
direction.
Following the sharp advance in Bal
timore & Ohio securities at the close of
last week. there was unusual activity
in New York Central. and more partic-
ularly the Pennsylvania railway stocks.
The rise of the latter to over lao was
accompanied by reports of an agree
ment between the two companies just
named regarding the maintenance of
rates and the division of territory
where their competition is likely to
lead to disagreements. This view of
the matter was naturally made the
basis for more elaborate rumors deal
ing with the possibility of closer rela-
tions between all the trunk lines, while
one story which found its way into
print was that the Pennsylvania had
acquired a controlling interest in Bal
timore & Ohio. and that deal had
been consummated by which the Van
derbilt party acquired a majority of
the stocks of the Big Four and the
Chesapeake & Ohio roads for the-pur-
pose of consolidating these two latter
The reported acquisitions were denied
with considerable emphasis, but not /
before B. g. o. stocks which had at
first reacted made new price records, !