The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-13

New York, Aug. 12.-Today'S stock mar
ket started lower on London manifesting
an anxiety as to the future of the mar
ket. The local bears fostered the depres
sion, trying to make capital out of the
situation in France and predicting a
southwestern freight rate war. The strong
bank statement, however, changed the
tone of the market and the close showed
net gains in the more active stocks. In
the early weakness the grangers and
high-priced specialties were the principal
sufferers. Sugar, Brooklyn Transit. Peo-
pies Gas and American Steel q WIRE de-
clined a point each The bears were as
posed to cover at the decline and prices
rallied rather quickly, but remained be-
low last nights level. The dizziness and
hardness of the market which succeeded
continued until the bank statement made
its appearance on the tape, when the
market Immediately burst into activity
and developed surprisingly buoyant tone
at some points. The stocks which had
yielded most easily in the early transac-
tons came back most readily and as
rule they showed the gains for the day.
The shorts were in a scramble 10 cover
and bid prices on themselves. Chicago
Great Western debentureS SCARED upwards
by successive jumps. selling at 1852 at
last, 5A above the lowest and IA net ad-
vance. The preferred stock of this COM
pany made net gain of rs. tennessee
Coal also made a very vigorous advance
TO Sc net gain of 34. The closing OF the
market was active and firm at about the
top.
dull week in the stock market turned out
to be a more active one tnan 1or some
time The strength has been largely in
spots and groups. and has been not d
little due to heavy covering operations Dy
large bear traders. At some points IN the
list there has been realizing gong on AZ
the same time, and the readiness with
which this was absorbed helped TO lessen
the bearish sentiment; For the present
money has become slightly easier ana TINS
has been a large factor in the strength OF
stocks of companies in the metal INDUSTRY,
particularly the iron and steel industry
This was a logical response TO the extra
ordinary conditions prevailing IN jhat
trade where orders for delivery in IsOO at
the present high level of prices are IN
creasing, showing a growing confluence
in the continuance OF the eager ueIldhu
for iron and steel products.
There has been special strength IN other
industrials, the causes OF Whlch nave
been left to gueSswork by the genera
public The approach TO the END OF the
period of anxiety regarding the crops mas
led to some buying of the railroads. IN the
grain market the conviction having De
come general that no setback to the coun-
try's prosperity will arise from the year
results to the agricultural industry. me
outlook for the anthracite trade mas leu 10
strength in the group OF raliroaus lll'e ~
that trade A number of railroad stocks
have enjoyed large gains from lndlVlduass
causes such as prospective increases oL
dividends or settlements or competltlye
traffic disputes or movements TOWARDS
absorption by more powerful companies.
The financial centerS of the world nave
continued to pay large attention TO the
development of conditions in the money
market i'm this country. and the foreign
Exchanges at New York have moved
strictly in response to the tone OF the
local money market, without regard 10
foreign money centers. Thus the rates
for both sterling and continental exchange
fell on Tuesday TO the lowest lever OF the
present movement, notwithstanding
iump of - per cent in the private dlS-
count rate at Berlin on Monday and hard-
ening of a shade in the LONDON rate on
Tuesday When the New YORK money
market began to tend towards greater
case later in the week there was a sig
nificant hardening in the local rates Tor
foreign exchange and the Bank OF Eng
land refrained from marking up It's rate
of discount on Thursday.
The treasury's payment with drafts on
the New York sub-treaSury Tor gold ue-
nocits at the San Francisco mint has peen
an appreciable factor in the easing OF the
money market The principal cause was
the offering Of funds in the New 1oI If.
market from domestic centers Inc only
affect ON rates was on those for call loans,
lenders ON time and bidders for CONNER
cial paper holding out stiffly Tor the pest
rates and showing no anxiety TO place
loans al present rates. There Is not SO
mich aDprehension as recently OF money
enueeze. but there is no general eXpecta-
tion that money rates will work lower.
Ronds have been rather quiet ana prices
irregular United States new As nave ao-
vanced y per cent in the bid price