The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-15
TransE2aE War News Causes Small
Buying Orders In New York.
WEEKLYBANK STATEMENT
SHOWS DECREASE OF OVER a
MILLION IN CASH RESERVES.
Public Keeps Aloof From Wall
Street and the Professional E1e-
ment Fumes and Frets Over ths
Dizziness Of Trade-Condition of
the Money Market.

New York. Oct. 14-Tne days stock
market reflected nothing more than a
contest of professional operators, and
those not OF very large calibre. There
were small buying orders at the opening
Cor London account on rumors of a, re-
verse for the Beers at tine hands of the
British in Natal which seemed 10 help
prices TO move upwards. The bear cam
paign against Brooklyn Transit WIS sue
cessfuRy prosecuted and the stock was
at one time forced 2s4 under last night
Metropolitan and Manhattan seemed to
sympathize but recovered the decline
with final rally Of 19i, Brooklyn Transit
Pullman has added three more points 10
its price and Great Northern preferred By
Gains were pretty generally wiped out
after the publication of the bank state
ment, but covering BY the bears brought
some prices q traction above last night
again.
The decrease Of over "a million in cash
reserves OF the banks was "a disappOint-
nlent, as experts had figured on an in
crease Of about that much. Had il not
been for a larger loan contraction than
had been looked for the surplus reserve
would have been wiped out. Extra dis
bursements by tne government during the
wsek on account of pensions has offset
me drain on account Oh revenue Day menus
50 that the banks have lost nothing to
The subtreaSury on routine operation This
Is not expected to continue next week ana
not much confidence lis felt that the gov
eminent interest to be paid on Monday
il anticipation of its maturity will avail
20 offset the drain into the SUbJreasury
on account of the surplus revenues.
Neither is there any hope of duplicating
this weeks receipts OF gold which
amounted 10 rather over s3.eO9,00o, with
foreign gold, a small amount from Cuba
G-ar -
look is for further depletion Of bank cash
and additional contraction of loans.
1he public mas kept aioOf from Wall
street during the week, and the profeS-
siOnal trading elegnent has fretted and
TUNED over the dizziness of trade and
their Inability 10 cause any movement Of
prices TO take. profits for a turn. 1t is
well recognized that speculative liquida-
ton is an that has afforded such rela-
ton in the money rate as has occurred.
and a renewal OF money stringeney-Wou
be likely TO quickly follow any specGla-
1--WE activity. The State of war which has
oeYeioped between England and the
south African republic was Of very little
erect anu seems 10 nave been 50 thor
ouehly discounted THAT the markets of the
whole world have adjusted themselves to
the conditions.
There was a. recovery in prices when
the announcement. was made that the
treasury department had decided 20 pay
IN advance interest for the whole fiscal
year on government bonds. but a further
study of the plan brought conviction that
IL offered no assurance of actual easy
money such as Wall street wants for
speculative campaign. The very merit of
me plan from the standpoint of IT'S pro-
jSctofs, THAT is, that il insures a gem
eral distribution the Of relief through the
money centeTs of the whole country mil
itates against ii from Wall streets stand |
point
Money markets from the rest of the
country have had money 10 lend in New
York thus far, when the call loan rate |
SCARED 10 20Q30G40 per cent A large |
part of The total customs and Internal /
revenue payments are made through New
York banks. and the direct drain thus |
made upon their resources would only be /
in3ifferently relieved by the anticipated !
interest payments al other points in the |
country. Besides the large amounts of 4
governments held elsewhere than in New
York. IL IS believed that some very large /
holders in New York itself VIII not be |
disposed 10 give up the required rebate !
" government interests and take the risk
vI replacing the money at advantage This |
IS notably true OF savings banks which |
are restricted 10 high-grade bonds for in
Inc insurance companies and the trust |
companies are also unlikely to avail |
themselves OF the privilege.
IL the general condition of the money
market in the country art large were ess
Strngent as New York doubtless Tho
proffered relief would be more generally
- sIl auNdIltaee Oh The treasury de
pal.tnenf. however. has given it 10 be
understood that ii Is not disposed TO take
special measures for relieving the peculiar
distress IN stock market circles, So long
as money Is to be had for commerciai
purposes at per cent.
bankers in New York view the condf
uen witAa equinimity. They are satisfied
y sec n good stiff money rate based ON
healthy business activity and are mot
sorry 10 be able to discriminate against
! ne more doubtful class of securities and 1
tnuS check unsound speculative Initiation 1
W I'm me activity and prosDeIitv in All |
lsneS or business, IL is not feared that reai
Nd1aeS VIII suffer on account of the dic
examination IN extending credits
The course OF the foreign EXCHANGES |
makes II evident that relaxation az fba
rate here would be followed nv an
outgo OF gold. Credits have been over
extended in the active Industrial expan-
sion IN Russia anu Germany and adilds
ING from the weeks Developments - J91sss
country. initial, The trade is active in
Great Britain, while the war in inc
ITllnsvaal cuts off the source 10 1S-i,ie17
London has looked for regular. ranle,,iej,
ment OF its gold supply. With a llnivnr
sal scramble among the great credit in
stltutaons OF the world toward recnrer-
at-o1 OF reserves, no point of relief from,
high money rates IS discernalle
fne tendency OF prices of ho,,Ss hoe
eeen uniformly downward Business has
been fairly active and well disfribDtp9
nited States p advanced 4 and old IS
registe Is. Tile IS declined y in tba
o.d price. o