The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-09
Considerable Stock Unloaded AS a
Result Of War Fears.
MANY ALARMING RUMORS
LATER IN TEE DAY THERE WAS
A SLIGHT RECOVERY.
Exports Regarding the Outcome of
the British Cabinet Meeting
Cause Prices to Waver-Tightness
of the Money Market Unrelieved
Time Loans Were 5 Per Cent.

New York. Sept. S.-Considerable stock
was thrown upon the market today as
result Of the fears Of war between Great
Britain and the Transvaal, and the con-
dition OF the local money market was a
continued cause of uneasiness. The mar
kct took the offerings very well and SO
very wide breaches were made in prices.
First prices of number Of the interna-
lionals Were the lowest of the day, notable
Kansas * Texas preferred and orfolk *
Western preferred, which fell lss and i
respectively. Declines were not down to
the London parity as a rule and vigorous
support was forthcoming at the decline.
Kansas q Texas preferred and Norfolk <
preferred recovered their losses and there
was rally ali along the line. Near noon
there was renewed weakness on the cir
culatiou of alarmist rumors regarding the
outcome OF the British cabinet meeting.
on the first dip. There was a movement
to cover short contracts when authentic
reports We're received Of the better feSl-
ing engendered in London after the cab
met meeting. About the same time Man
haitian was taken in hand and marked up
over ? points Metropolitan Street Rail-
way. Sugar and Brooklyn Transit rose
simultaneously. The general level of
prices rose a large fraction, sufficient in
many cases to wipe out earlier losses.
There were some subsequent wide move
ments in special stocks but the general
market continued quiet and dull prices
We're not again materially changed. Ten
nessee Coal rose aggressvely to III in
the final dealings. and Manhattan touched
JIG. the specialties generally showing
some response. Pacific Mail suffered a
-oss of nearly points on the statement
of decrease in July earnings. but rallied
afterwards Other stocks to show acute
depression were Tin Plate. American
Hoop, the tobacco stocks. Third Avenue
Metropolitan West Side Elevated pre-
ferred and National Steel and among the
railroads Erie first preferred, Colorado
4 Southern first preferred, Northwestern
Omaha, Lackawanna, Hooking Valley pre-
ferred. Fort Worth and Rio Grande and
Pittsburg, Cincinnati, Chicago & ST. Louis
preferred.
The tightness of the money market was
unrelieved, the time loans were held at 9
per cent and call loans for the most part
ranged from and up to per cent. The
late fail in call occurred after the needs
OF most of the borrowers had been met
ana was without Significance. A further
decline in the surplus reserves in tonor-
rows bank statement is a foregone con-
clus1on. The movements of currency by
express indicate a net loss TO the interior
by the banks of considerably over S30OO,-
uvO and the sTb-treasury has gained from
the banks. including payments for taxes
and deposits for Geographic transfer TO
the interior. S5,536. 600. No set off is APP
wards of $500. 900. Sterling exchange in
New York fell sharp fraction this morn
ing in spite of higher discount rates in
London, but the bankers rates for de-
mand sterling partly recovered in the
afternoon. The recent f:rmness of sterling
exchange is attributed to a demand for
bankers bills to cover short sales made
against cotton bills.
The bond market showed a yielding ten
dency on a moderate volume of transac-
United States bonds. unchanged in bid
quotations.