The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-08
Money Question Still the All-absOrb-
ing Topic On Wall Street.
WEEKLY BANK STATEMENT
FAILS TO SHOW THE RELIEF
THAT WAS EXPECTED.
Speculation In New York Was Neg
lected Yesterday, the Yacht Races
Attracting All the Attention
Prices Declined Late In the Day
The Grain Markets.

New York, Oct. THE stock market
was much neglected today, the yacht
races proving the greatest attraction.
Prices moved narrowly except in few
industrials. and the small traders had the
market ali to themselves. They Dld w
prices after the opening in expectation ~
a favorable bank statement frlces &c
cIined when the statement appeared, Dus
there WAS no urgent liquidation ana the
bidding up OF Louisville to a point oNet
last night steadied the market Inc clV s,7
ing was rather Irregular Attempts ~ stlil
further deDress Brooklyn transit met
with resistance and The STOCK Sdlleu q
point Changes generally are very smau
and mixed but the ma jOrity were gains:
The bank statement failed to show the
large relief as d result OF expenditures ~
visitors TO the Dewey celebration Nhlch
had been much harped on by SPECTATORS
an the week Not more than Sl,000.O0O of
set TO the drain to the interior and TO the
ssIib-freastlfv can be detected from the
bank returns. The reduction IN the "
serve requirement by reducing loans
SO 800 900 was not sufficient to onset the
loss in cash and the surplus Tails TO Se4S
Todav's clearing house statement shows
the sub-treasury a debtor to that institu-
ton for 50 .0g1 800. Coupled with the re@
ceipt Of gold by todays incoming steam
e7s this had the effect Of commencing
TO a slight extent the anfaNorabie state
ment.
Prices of stocks arrived at a condition
OF stability during the week, as compared
with the violent fluctuations for some
time past. This condition represents the
adjustment Of values between the con-
fiicting influences of stringent money ana
PROSPEROUS business. What with unWlll-
ingneSs to sell at present prices and I'M
readiness to buys the market has been
remarkably dull. Ii has not been narrow,
though the number OF different issues
dealt in has increased and buying of or
dered lots has indicated the presence OF
the Observation-Disclosures. Pressure of liquidd-
ton has not been heavy, even when
money rates We're highest. The amounts
loaned al the high rates, which were 10
per cent on one day and 80 per cent on
another were a small proportion. ana
were caused by eager bidding of belated
borrowers who had been dilatory about
supplying their needs from the early
offerings, hoping for break in rates in
the day.
The problem for the future is how much
farther the demand for crop-moving pur-
poses will encroach on deposits Of interior
banks with New York banks and on call
loans Of interior banks placed in Nat
street With the Bank of England ON
cial rate advanced to ) per cent and weak
returns from the great continental banks,
no further hope is entertained of relief by
gold imports. Indeed. the conviction IS
general that any relaxation of the local
money rate will result in a prompt de
nand upon us by London for gold. The
movement of crops will continue TO absorb
money for several weeks to come, and the
United States treasurys surplus of reve-
nue. over expenditure Will continue to take
money from the open market unless
means are taken TO prevent II.
Bonds have been dull and have moved
I'm sympathy with stock. United States Is
declined Il new Is 3. 5s i, and old As
registered Is in the bid price.