The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-07-16
Movements Of Prices of Little Sig
nificance In New York.
NARROW AND STAGNANT
WEEKLY BANK STATEMENT
WAS UP TO EXPECTATIONS.
Favorable Showing of Gain In
Cash-Money Market Worked Still
Lower-operators On Wall Street
Watching An Opportunity to En-
bark On the Long Side.

New York, July 15.-Today's short mar
ket was SO narrow and so nearly stag
nant that movements of prices were of
little significance. There was a perceptible
tone of firmness, however. which was
emphasized after the appearance of the
bank statement by the hasty covering of
some small bear contracts in the grangers
which had been put out just previous to
the appearance Of the statement. Prob
ably The greater part of the days business
was given over to the closing out OF short
contracts by the bears. This contingent
has been particularly active in Brooklyn
Transit during the past week, on the
persistent talk OF a pending strike. Their
buying to cover today made that stock
the most active on the list and moved it
up points from the opening decline.
Sugar was largely bought and rose at
one time IL over last night. Peoples Gas
recovered sharply from yesterdays
prices. Oregon Navigation preferred adj
Vanced ~ on the discharge of the voting
trust and the implied guarantee of pre-
ferred dividends TO the amount of 10 per
cent in yearly installmentS. Cotton Oil
rose over u point. Manhattan and the
southwestern railroads were also inclined
TO strength.
The bank statement was up to expecta-
tons in the item Of loan contractions and
the consequent reduction in deposit LA
billties. 1t was Unexpectedly faVorabl
In the showing of a gam in cash. cOnsid-
erinS the payment of S2,500.O00 TO the sub
treasury on customs payments during the
week. The local money market worked
still lower today, but demand sterling ad-
Nanced small traction and London dis
counts were also harder. Sterling eX-
change at continental centers also rose
Sharply, tending to point the note OF
financial publications over the immediate
future of the London money market.
The week in Wall street has offered evil
dences that an eager speculative contin-
gent is watching for an opportunity to
embark on the long side of the market.
There is evidence also that a large pOr-
ton of the contingent was not possessed
of abundant funds and the continued
UghtneSS of the money market and the
successful Vaccinations of the bears have
checked the bullish enthusiasm, wiped
out margins and precipitated consider
able speculative liquidation. \ number
Of individual stocks. however, have shown
aggressive strength on large buying and
have sustained the general list. The ac-
tivity of the market for call loans on the
STOCK exchange, even at the nigh rates
also indicates confidence in some quar-
ters in the early clearing of the situation.
The extended period of the hardness of
money after the July l period. upset the
calculations of many observers. and last
Saturdays bank statement, showing sur
plus reserves down to near 5000, 900 and
lower than since the panic Of 1893. caused
something like alarm. There were large
orders to sell at the opening on Monday,
as it was certain that many loans would
he called to reduce deposit accounts of the
serve limit.
The acute phases of the Transvaal situa-
ton interfered with values abroad and
emphasized the money stringency in all
foreign centers, with the result that Lon
don offered large amounts OF stock for
sale in New York. Finally. there was
acute weakness in New York traction
stocks on fears OF strike, and in Peo-
pies Gas on reported plans for an OPP
position plant. The combined effort was
/. violent break in prices through most of
the list and an active selling movement
The almost complete recovery on the fol-
lowing day on only two-thirds the vol
ume of Mondays business, demonstrated
that the precipitate selling had been well
absorbed and the amount of stock for
sale greatly diminished. The technical
position OF the market was thus much
strengthened by the shaking out of weak
holders It came TO be better understood
that Saturdays nank statement. being
based on averages OF the totals for each
day in the preceding week. did not fair
" reflect the actual condition Of the
banks on the date when il was made. At
the same tine II became known That
some very large loans made on account of
an organization Of the tube industry and
TO the New York City government pend
ing its sale Of new bonds had been liQui-
dated and that funds diSbursed on July
for dividends and interest were. coming
back into the deposit accounts OF New
York banks.
But the relief offorded on this account
gave way to renewed uneasiness when 1t |
was perceived that the rate for demand |
for money became easier II was feared |
that the continued urgent needs of the |
London money market would cause a fur |
Their drain of gold from New York and |
keep the local rate high for a considerable |
time to come. The downward tendency of |
long sterling under offerings of futures !
against merchandise shipments partly an |
swered the fears on this score.
The bond market was moderately active |
and rather irregular. the southwestern
railway issues moving up in sympathy |
with the strength OF the stocks. L. 5. |
2s and old Is registered have declined 4 |
IN the bid price.
The total sales OF stocks today amount |
ed to $50 shares, including American !
Sugar 1850; Anaconda. 400. Atchison |
preferred. 96O0; Brooklyn Transit 10 400: !
Burlington, S. 600; Manhattan. $500: North i
ern Pacific. 46oO: ST. Paul 500; c. d o. !
5000; Missouri Pacific. 700.
Bond Quotations.
L. S. Is .10ll5 Louis & n. L.
L s IS rex. l0Si. As - % !