The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-09-09
STOCKS IN THE EAST
Market Is Generally Dull and
Heavy In Tone.
REVIEW OF THE WEEK
ONE FEATURE HAS BEEN THE
STRENGTH OF SILVER.

ton of a. dabbling speculation in some
Of the speciaIties, notably Peoples Gas,
Sugar and Brooklyn Transit, no par
ticular interest attached to the Heal
ings The holiday in London aggrs.Vat-
ed the duuness. and the weakness of
the active specialties made the general
tone heavy. The impending strike of
anthracite miners had a depressing in
fuence on sentiment generally, though
the cOalers themselves were little at
fected. New Jersey Central recovered
most of its early decline and Reading
first preferred was not down more than
a fraction at any time. None of the
other stocks of the anthracite carry
ing roads was dealt in. The COMPARE
tive fiTmness Of the coaIers was partly
due to the recent large output of coal
from the mines and partly to a belief
that the strike might be restricted
within narrow limits. But the pros
pect of u controversy affecting so large
body OF laDOrerS and such large in
veStments of capital being abandoned
TO hostile methods for settlement
aroused uneasiness among holders and
operators in securities. Yesterdays re-
cOVery in Brooklyn Transit gave place
TO a relapse today and Peoples Gas
continued weak in spite of an effort 20
make it appear that the Chicago Gas
was cove ed by an understanding be-
tween the COntending companies. a
large demand from the shorts rallied
the stock and practically all the loss
was recovered. The weak bank return
failed TO affect the market. The move
ment Of currency to the interior has
evidently been larger than the prelim-
mary estimates indicate. 1t is evident
also that the banks have been obliged
to draw on their legal tenders to meet
this demand.
Review of the Week.
The stock market made a false start
again this week. after the three days
of idleness. and after a brief furry of
activity dropped back into it's lethargy
and prices sagged again to the former
level. The general investment or spec
ulative world was not a participant in
the dealings at any time, but there was
some evidence of holder and larger op-
eratiOnS of a professional character,
which was supposed to be due to the
entry of some of the larger leaders re-
Gently returned from vacations abroad
The board room professionals, who
have attributed the prevailing dullneSS
to political cause. expected that the
determination of the Vermont electoral
contest would lead to some activity
The London stock market was I'M
pressed with the same view and Amer
lean stocks were pushed up briskiy on
the London exchange on Wednesday
morning before the opening here. But
the local market eagerly awaited itself
of the London demand to unload some
were bought again in the hope that the
demand from London would be re-
newed on Thursday, but that hope was
quickly dissipated Thursday morning
and London clearly showed its disap-
DOintment al New YOTk'S failure 10
cooperate in the buying movement.
The disposition on the part of London
to buy stocks here was incr -aSed by
the marked ease of money at that CEN
ter and the generally more cheerfC'
view held of International politics. but
the vigorous measure adopted by the
Bank of England by large borrowings
from the omen market checked the
downward tendency and got an init
nation of knowledge of some future
demands to be made upon the money
market.
Talk of National Loans.
Suggestions are here heard of an ad
ditional British loan to be placed. and
the presence in France of the Russian
minister of finance arOuses discussion
here of means to meet the Russian de-
mands The London market hardened
in consequence, and at the same time
sterling exchange weakened in New
York under offerings Of cotton bills
brought on the market by the urgent
buying of cash cotton to tide over the
English shortage. This dissiDated the
homes Of London of d gold movement
from New York. It is considered prob
able that future British loans may
seek a AouSiIiSLL III -" I'iFN 49,
view to inducing further movement of
gold TO London. The constant receipt
bv New York banks of remittances ac-
count Of the KIondike gold and current
output of American mines are both to
he reckoned with in judging the ques-
ton of reserves.
A feature of the week was the
strength of silver on the demand for
remittances from China. The decrease
in merchandise shipments TO China on
account of the trouble there calls for
shipments of silver against merchan-
disc received from China. The apathy
Of capital toward securities has been
quite is marked ir the bond market
as IN stocks.
L. &. refunding IS when issued and
the rs advanced 4 and the old Is y
per cent in the bid price
Do,,J O,1o+a+io,1S