The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-30
This In Spite of Conditions That
Were Unfaverable.
EFFECT OF PROFIT TAKING
APPROACH OF HOLIDAYS AND
EFFECT OF GOLD EXPORT.
Much Interest in Weekly Statement
OF Bank of acknowledgements
for Shipments of Gold to Europe
Tomorrow-Bond Market Strong
Dealings in Grain.

New York, June 29-The stock market
showed the effect of continued proit-tak-
ing today. The approach of a triple hoii-
day. coupled with the weeks sharp ad-
vance in prices was considered sufficient
reason for reaction. The lively buying
after the opening for London account
seemed for time to refute the position
of the bears. but later in the day. when
his demand had been satisfied and an
Improvement was made of a S2cJ0.Oo0
Sold Shipment TO go on Saturday, in spite
OF the low price for sterling exchange
the bears gained renewed confidence and
the market sagged away without much
interruption until the last.
The weekly statement OF the Bank OF
England shows that the bank has sue
ceeded in increasing its stock Of gold only
about SSO0OcJ during the week. while the
demands upon it by the money market
incident to the stock exchange settlement,
nave resulted in the meantime in an eX-
panslon in its loans of over So. 0JO, 600 The
PROPORTION of reserve TO liability is thus
reduced from 42.44 TO 31.59 per cent, q very
striking change in view of the widely
expressed unedSineSS in England over the
present low stage of the banks gold re-
serve The fall in British consoiS of 5-l6
was due to cash sales probably connect
ed with the state OF the banks reserve,
That the return did not have greater
effect upon the London stock market was
probably due to the reassuring opinion of
the British chancellor of the eXchequer,
reserve of the Bank of England.
The local stock market, owing TO the
sustaining effect of the buying for Lon
don account, Jared pretty well III spite of
the undoubtedly heavy profit-takins Incl
dent to the approaching holiday. the de-
pressing effect of the gold announcement
and the furry i'll call money an apprehen-
sion that the disbursements Of July divi-
dends and interest may not be reflected
in the money market for d considerable
period after July ].
The profit-taking was conspicuous in
New York Central and Manhattan. The
former shows a net loss of a point and
the latter nearly two. Consolidated Gas
rose at one time points on rumors of a
settlement OF the local gas war, but re-
acted again. The industrial specialties
Tobacco stocks and the City Traction
stocks. Louisville, Norfolk * W estern pre-
ferred Rock Island. AtchisOn preferred
and Denver & Rio Grande preferred were
among the stocks which showed the best
support.
i he bond market was generally strong,
the Erie and Colorado Southern issues
oeins> prominent Total sales par value,
81 $4,000. L. S. rs and IS advanced q in
the bid price. and the IS Is in the bid
Total sales of stocks today amounted to
49,. pa shares. including: American Steel,
g. 500; American Sugar. 40.l0O; AtchiSon, q
$50: Atchison preferred, "a 100; Brooklyn
Transit "A 700: Burlington, 5000: Federal
Steel. 3 400; Louisville q Nashville, Il 700;
Manhattan 1850: Northern Pacific 1000;
Peoples Gas. ;. 500: Rock Island, 80 4t9 St.
Paul "a 600; Union Pacific, $50; Union Pa
cffic preferred. $500 American Tobacco,
1 600: Consolidated Gas. 200; Continental
Tobacco $500: Denver * Rio Grande pre-
ferred, 5000: Missouri Pacific, 400; New
York Central, 1l.200; Pacific Mail, 300.
western preferred. 1890; Southern Pacific,
900: silver bullion certificates, 5,0O0.