The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-07
Fears of a General Break In Prices
Were Dissipated.
EXPLAIN BANK DEFICIT
RISE IN CALL MONEY RAVE TO
IL PER CENT.
Belief That the Movement of Money
Is About to Turn In Favor of
New York-Elections Affect the
Stock Market to Some Extent
Grain Markets.

New York Nov 6.-The course Of the
stock maTke1 today effectually dissipated
The symptoms of weakness which were
sneendered by the Saturday bank state
ment. The course of prices was down
wand in the early dealings, but prac-
,ically all the declines were recovered
and some striking net gains We're estab-
lishec in a considerable list of stocks.
The downward course proceeded to the
extent OF l to points in a number of
tho prominent industrials and reached as
s1ucn as a point in some stocks, inciud-
ing the grangers. southwesterns, south
erns, coaiers and trunk lines. North
western dropped at one time 2ls. on the
leading industrtdls level Of prices WAS
subsequently established reaching gen.
era.ily d point above Saturday. The rail-
road group was not SO resilient, but its
downward course OF the morning was
net gains are the rule. In Southern Pa
cific the recent large and organized buy
irg was resumed after the decline had
reached =, and II was advanced rs and
closed there. The speculation in Leather
continued on an enormous scale. the price
being raised On running sales of 20,O01
shares al the opening from q below to y
above Saturdays price. Subsequently
the loss of Saturday was more than re-
covered and The price lifted to within a
shade OF Il. There was heavy realizing
in the stock in the late dealings, but It
was firmly supported at 10. The renewed
support by the speculative pool in Leather
udu no Small influence IN ulSclDdklflS luG
fears of more general break in prices.
There Were many soothing explanations
offered of the exhibit of a deficit in sur
plus reserves by Saturday bank state
ment. The favorable explanation among
spectators was that il was due to an
error" in the relation Of a single bank,
or rather TO the Tectification of an error
made in the previous weeks return. 1t
was this error. so it was said, which hao
caused the undE1y favorable statement
of Oct. Is, and the allowance for il which
made the showing of the deficit of last
Saturday and upset the stock market
The comfort found in this explanation
was somewhat disturbed by the rise in
the call money rate to u per cent and
the calling of loans by the banks. But
the conviction became general that Satur-
days bank statement was not fair IN
dex of the actual condition of the banks.
The continued hardness of New York
exchange at important interior points
aroused expectations that the movement
of money is about to turn in favor or
New York. The short contracts which
were put out in the morning were very
generally covered before the close. The
eve of the elections was also the occa-
sion for the covering Of some short con-
tracts which had been nut out on the
theory that this year election might be
The prelude to the unsettled business con-
ditions which are looked for in a presi-
Dental year The drop in the money
rate to per cent late. IN the day ac-
centuated the buying demand for stocks.
An incident of the day was a sale of
United States Milling at u compared
with "a for the last preceding sale some
time since.
from the early decline in sympathy with
stocks. Total sales, par value, 2.OIo00l.
United States old As coupon advanced
Il in the bid price.