The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-01-21

.-.e- continues an enigma which any
r.-. rules Of Interpretation are uu-
as4ulL- .1 silNt Ayst9Iua4 8 Duslns %
.-n-E- was prompted 10y the expectation Of
F.. favorable bank statement The state
~4-r proved more favorable than TIE
r-.-r aIrguiua expectations. yet the mar
Es- I0s even the small animation il had
f-eu showing WAen the statement ap-
-ar-E Ul The tape The net changes in
-re.4 are without Significance. those OF
5-~ amount being restricted 10 Insight
F.7r- stocks. London reported a firm
and confident market but the confidence
E.f NOT extend 90 the point OF holding
American stocks up 90 parity level. and
ID. .9a.Ilg here was very ragged and ir-
r--ar. Ile lack OF any upward inn
ruu- from London and the utter indiffer-
ar.. manifested 90 the bank statement
offered O. poor market In which 20 realize,
ar lu- hy yesterdays buyers might
nav. been larger In the absence Of de-
uauH they seemed satisfied 10 keep their
FlII.r-s But there was no inclination
r1 sf. r1 them. The bank statement fully
reflected The expected rtLluE of uneln-
u.ored funds to New York. the total gain
ir cash being u0 less than Slla.b0o0. 1t
WAS not suspected that employment for
these funds had been found 10 as large an
.yrarl as indicated by the loan expansion
urer .y the banks. Wnicn laS been more
active during the week. VIII scarcely ac-
count LHr much of this increase, and cer-
u.r.E -0 operations ON the stock eX-
T.
Unless some special transaction Is dls-
s.a-aL CD explain it. i is probable he bus
ira-- of industrial combination and flota-
ton g beginning 10 avail itself again OF
rt4 easier money rates. The good de-
uaut for bonds continued to-day aud
prices generally were advanced.
The auliLess OF the stock market has
haan uurelieycl duriug the past two days.
except oy efforts OF professional operators
I'D induce moEemcuL OF prices IN some
of tho mysrery-eD slrpudeu InQustrtals-
ONLY 0n Monday ana FrIday did dealings
exceed 10000 shares. and on Tuesday they
fell below $4,000. a large proportion of
the small dealings of the week nave been
Iu sugar. Tobacco. Brooklyn Transit and
the Sew York traction stocks and United
States Leather. with no authentic INFORM
alton ON which 90 base operations. The
board room traders who are interested in
these stocks every day find their OCcupa-
tilg gone when prices come 20 stand
still. THE dealings IN the class or STOCKS
referred 90 represent nothing more than
the efforts of this class 70 earn a hFel-
me- evident approach of "a crisis in the
military situation in South Africa IS one
factor iu Ihe aWitiug attitude Of specuia-
tal. while enlightenment as 10 the future
of business ard industry as a whole is
awaited 90 gauge the future The parJicu-
lar influence Of The war upon the world
was The stoppaEa of its gold supply, and
this only because conditions had been ad-
iu=tad az the world great financial CEN
Ter iu London 90 the continuance or this
supply or 60 its short temporary Interrupt
ton. The readjustmRnt of conditions 70
an indefinite interruption 20 TINS supply
vas clearly tne lmpeliug cause of the
violent disturbances in the world money
uaTka. toward the close of the year. com
iUs as Is did, on a sensitive condition Of
eErea- 80 speculation commitments and
price initiation.
Eut the adjustment having been ef-
feetas DO is rot 10 be expected that the
lack of the gold output Of the Iransvaal
sd. permanently cripple the world COM
waree. considering its ratio 90 the world S
stock lr IS not so clear that the topping
over t1 the airy speculative fabric caused
hT the contraction Of credit. which was
induced by the IransVaal ls not 10 have
Interior effects The action of the money
market for some time past has clearly
enough indicated the Discrimination OF cap
i-aI TO Immediately rs-embark upon the
pe---ou@ sea OF speculation
The reaction i'm money rates IS now
reaching proportions and assuming
character 60 raise tho question whether
business and Industries of more subStan-
tlli forms are not 10 undergo retIench-
meut- A few weeks ago the Bank of Eng
lana While making concessions 90 attract
gold ON the one hand was according lib
eraI credits to the money market on the
other. with the object of tidIng over the
money crisis and keeping the money mar
ker ln easy enough condition to make
government borrowing for war purposes
flowing back 20 the banks in unexpected
volume and the money market is not only
paying off heavy loans TO the bank, but
tla interest rate Is falling into continually
greater ease, drawing the bank rate down
The European government banks show
am even more dbudanU refluX of funds into
reserves anu "a large reduction of loan ac-
counts with c0nst autly declining rates of
interest. I'm New York the return flow
ar funds from the interior has set In in
I-L and steady volume after having
u77n steadily away from New FORK all
through me usual autumn period of re-
TURN Wills money rates in New York were
soaring 10 sensational figures. A per
cent rate for call money inCites no desire
10 operate in stocks, and money lenders
snow increasing willingness 20 place time
loans. with the rate well below b per cent.
NeW York bankers are again bidders for
mercantile paper with no very abundant
supply lE the market The heavy ABSORB
Nal OF railroad mortgages well secured
. ,tF.a.rS per cent reflects the In
clstI- pressure of funds. Tire iucreas-
- ease 0f money keeps prices of stocks
I.iI. g.. spite Of the dulluess. ana railroad
rEal--s continue at q hign level in spite
.- som" decline i'm volume Of traffic on
-..H... HI HIgher rates. Concessions in
I.0.s nc iron and other metals and the
"-aaH 7 boz the wheat market awaken in
CREST D the stability Of conditions IN
,a1-a important branches Of the country 3
Business I'm bonds I'm contrast with the
-.-H.- NJ stocks has been impressive in
A...'.H ana at general advances In prices.
...t States new IS advanced 4. s. and
g. -- old ts coupon. q, and registered,
rs DO The bid price.
Bond Quotations.
$. -l02is n. X. * y. ss-..- 20
T.. r. Is r------- -lJ9as n. Y. C.. 1sts,... 1898
y. Is 1.r.....-llli1 i j. g. gen as us
.U." is reg-lI Nor, Pac. lsts.-.ll9
81. ...H As CON. Ial .\U. Rar ffar
= d.. IS --g.-ll4's Nor. Pac. 4s.....l 05t4
E.. r. OH. Ass euu..Ilf-s N.I.C.&S.i- A.. .105&s
d. r. .s -.-. .----li. n. * W. con IS. ga
.- .......lla-s \. & W. gen 6s .lZ5.
-..... His.--.lla ore. Nav. lsts...1l0
s- sen is-lola ore: Nav. 4s.....lel5s
U.s.. Nl7s o. S J.. 6s.,---.--l 295s
- 50. -I-..ltn ID. s l. con 5s- -ll2ia
- r--.----. 90 Reading Gen. IS. sass
-. ~ .. ......--ll5I2 *. O.. W. 1sts.... s5'l
. .-.-.--L+1 S.L-6eI.Ai. on 5s..11Oia
-. $50 .--..-.ll+ SLASH gn 6S.lI9
SET. .-....- s. ST. p cousOls---.l66
- T. o. .-..-.- li-aa St.P. Cap lists. 1855
r. ~. ....-. So SLPC.&P. 5s..-.119ls
@ ..,1. isis. .lHli2 So. Railway 5s.-I0Iie
r- IL .r.. 7-...--- 6iss stan. r. * y. S. 50
.e---- Isis. % Texas d p 1sts.112is
. .t ss-ll5 Texas 6 p. Eds. =
.. - a. -S-l-t ~. p. ts.------.-- 1883
. & "a -t~--35 Colo & So. 4s....S5
" .r.----lu Wabash lists Ills
". On. r'-LlI Wabash DDS -----1Gi
H....-. .~.--.lo West Shore IS. .1l2ie
.7.5.. f5-s Wis. Cent ISIS. glla
a. * -t. .s-- slf4 So. Pacific 4s.... Szs
... Stock Quotations.
.-.------ lsls Texas & Pacific 1873
p .. -.-.-- si.s Union Pacific O.. f7it
r.-r De 32.s Frelerred .....- s5ss
I. .--. s'-2. ~ at-ts1 --.- .,-- "a
t... ...--- -3l1. Preferred ...... p
U. ....---- SD " < J.. E.-.--.-- gss
b. We ls p preferred ... IA
N s. t-0E- raI Ls-.s