The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-08-12
STOCKS IN THE EAST
Several Securities Take an Up
ward Start.
OTHERS DROP HEAVILY
,vAsoNs FOR THE MOVEMENTS
ARE UNSATISFACTORY.

D-ou, York, Aug. u-There was a rise
.aEav in the price of St. Paul & Omaha
~ al, over that of yesterday on a single
.-,nractfon. American Tobacco gained
"a Renublic Steel preferred as much and
44Ilrrsu HI Lead preferred lost ~ IN
S5ifiOn TO yesterdays Az points decline,
attbout any news TO explain the move
,,snr beyond reports OF poor business.
Tbe common stock fell rs, TO the lowest
IL on record. Sugar advanced q point
= the morning on buying attributed to
lnnovering of important outstanding short
eccouut forced to cover by the operations
~ bull pool in the stock. Most OF the
In was lost in the late dealings These
e,,nrise the only movements worth indi-
T,iJnal mention on the days market.
The significance of the market continues
,,iraIv negative, the determined restraint
~ me speculation marking the waiting
Cor solution of the many points of un-
cer ,inty in the situation. The bank
ststpuneut cOnfoTmed pretty closely to eX-
nsctatlons, the exports of gold for today
jng iu the statement. The earlier exports
we're offset by the receipts of gold IRON
lie Pacific coast and the currency from
me interior so far as to bring the decline
an cash resources down to less than $780,
a0 id is of special interest to observe that
v-biIe the weeks fixture of American cap
ItaI I'm foreign Investment has been car
wing out gold in payment foreign money
markets. dIb sun diAAlAE " NtiC STUN VI
tbair floating Indebtedness to the New
York market, as reflected in the loan ex-
mansion, which is made on sterling eX-
change collateral
Further receipts of gold are. expected in
New York next week on account both OF
Kiondike and Australian receipts at San
francisco, but a heavy additional outgo
10 London is considered we'll assured. No
authorized announcements can be had of
shippers plans, but it is credibly reported
that tentative arrangements have already
been made for shipping at least S5,000,000,
and competent estimates are made that
The total will reach N0,0o0009. This leaves
any Paris demand out OF consideration.
he rise in the Bank of England's bid for
gold leaving a doubt whether any induce
ment remains to ship to France.
Market Dead For Week.
The market for securities in New York
was practically paralyzed this week. Dear
ings dWindled progressively until in the
latter part of the week the days aggFe-
gate Of shares sold dropped back to tig-
ures not reached before since the stagna-
ton of January, 1897. There was even less
life in the bond market, the daily average
sales having fallen considerably below 81
qDGO par value. Beyond the slight sag
ging tendency which is the natural result
of this inanatiOn there have been no i'm
portant changes in prices. 1t would be
possible to detail quite a long list of diff
ferent factors, all probably having some
thing 10 DO with the StagnattOn in stocks.
But these factors all converge in the mon
ey mGIAel, and it is there that the index
must be watched for which to point the
direction OF emergenCe from present con-
ditionS The week has been important for
the developments toward the equalization
Of International money market cOndi-
tons
As interest rates in New York at pres
ent are the cheapest in the world, il fol-.
lows that the process of equalization viii
raise the rates here, while relaxing them
elsewhere.
The bond market has shown some SYM
pathy with stocks all week U. S. As de-
cined q, the new IS Is, the IS p. the So
8. and refunding IS when issued a in
the bid price