The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-06
Presidents Message Affects Prices
On Wall Street.
HIS REFERENCE TO TRUSTS
CAUSES WEAKNESS IN INDUS
TRIAL SECURITIES.
Principal Influence, However, Was
the Money Situation, the Rate
Being Within a Fraction of the
Geld Export Point-Banks Very
Near Legal Reserve Requirements

New York Dec 5.-Today's events in
the stock market brought additional dis
couragement 10 those who had been at
tempting to maintain or advance prices
OF securities. Liquidation was the order
OF the day. and many holders who have
waited for weeks on deferred hopes OF
the situation clearing up and the bull
market being inaugurated threw over
their holdings today. The weakness was
most apparent in the industria.S and
specialtIes, but the railroad stocks We're
very generally sold. There was some
buying of stocks last week on the pre-
sumption of speculative professionals that
the presidents message was TO be bull
ish document. and its publication today
brought profit-taking from those sources
in the natural order Of events. The para
graphs of the message bearing on the
subject of Industrial combinations was
the ground for special weakness in the
industrial department. Quite number of
these securities are from one to three
points lower on the day. A single lots OF
United States Milling preferred sold at u,
against pa, the last preceding sale. This
stock sold Sept. 10 at 49,.
But the principal influence in the days
weakness was the money situation The
spasmodic character of the selling and
The exceeding dullness of the intervening
periods reflected the operation of loan
contraction by the banks, the successful
calling of loans throwing blocks of secur-
lties upon the MARKET which found no
support awaiting them. There were Some
slight signs of firmness in the early deal
lngs especially in Sugar and some of the
railroad stocks. The trunk lines remained
comparatively firm throughout. but the
slight evidences OF strength elsewhere
gave way TO the general tide of weakness.
Call money reacted early in the day and
receded 20 per cent before the close,
but the easing of the rate did not bring
any strength to stocks in the general
outlook. Shipments Of money are still
being made to New Orleans and the New
York exchange rate al important interior
ccnters continues at a discount. NOtwith-
Standing yesterdays disbursement by the
sub-treaSury of over $S00,000 on account
of bond redemptions. that institution was
a creditor al the clearing house this morn
ing to the extent of over 100000 Its gain
from the banks since last Friday has
reached $l653e 600. The majority of the
banks being still very near or below their
legal reserve requirements. this shrinkage
in surplus is forcing still further contrac-
ton OF loan liabilities The tendency is
increased by the approach of the annual
preparation for the special demand for
money which viii be made by ii upon
the supply.
Sterling rates are advanced today in
New York, Paris and Berlin. notwith-
standing a further easing of the rate for
New York rate is now within a fraction
of the gold export point and it is palpa-
BILE that only a stiff rate for money in
the local market will hold it below that
point. The closing of the stock market
WAS generally easy and near the low
point.
Prices of bonds declined in sympathy
with stocks. Total sales. par value.
81 eco. United States new Is and old As
registered advanced Il and old As coupon
and IS Is in the bid price. The IS de-
clined u.