The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-09-30
STOCKS IN THE EAST
Pears Are Defeated in a Slow
Market.
TRANSACTIONS ARE FEW
WEEK SHOWS VIOLENT FLUCTU-
ATOMS, WITH BULLS AHEAD.

,-ou, York. Sept. 29-The stock market
- a narrow and professional affair to-
- which ended with a show of anima-
ION and strength on account OF the ac-
i've demand from the short interest that
covered on the bank statement Th1S ell
,e,1t saw encouragement in the fact
~ the inrOad upon the banking surplus
- reetricted less than to $780, 100, while
much heavier depletion was expected
q ilu Ss,timent seemed not to be affected
the fact that a decline IN the reserve
-5s.,5irement of over 100000 Was reSpOn-
abIe for this result, which was brought
bout bv a contraction of 50, Sos, 400 in the
Outstanding loans of the banks The ac-
ma decrease in cash was slightly in e1,-
ass of that OF last week, as had been eX
,acfed Besides the LIQUIDATION ii the
Ptccs market. a large volume OF time
IONS is said to be maturing at this time
~ The proceeds of these the banks are
iir,ciined To hold for higher rates, as ex-
NAMED below. The prospect OF favorable
oger Sunday increased the disposition of
he hears TO cover and the recovery in
prices from the early low level ran be
tween l and points Tor me principal ac-
i've stocks. not a few OF which showed
1pt gains of a point or more. The early
selling OF stocks was encouraged by sell
- Tor foreign account and by rumors of
financial difficulties in Berlin. where the
avigpncies of a settlement caused jump
0f > per cent in the rate for short dis
coffnt bills The steel stocks were firm
throughout. limitations from officials Of
sayersl of the great trunk lines of an in
fentiOn TO provide for the year needs
forthwith at the present price of S26 for
Steel rails helped the group. Large re-
cef1fs Of raw sugars, doing away with
yor7a of the danger of a. shortage, held
sugar A feature was the further mark
j1f7 down of sterling exchange rates by
The exchange bankers, in spite of the
nominal character Of the Saturday mar
keL
Week Shows fluctuations.
Prices of stocks have shown some vio-
lent fluctuations during the week and
1.lgs Sat la tome
of the market has been almost wholly
dine 10 the difficulties in which the bear
0nerators became involved through their
too great sagerness to discount the pros
pect{va decline in prices. The unwieldy
PROPORTIONS to which the bear account
had been attained made 1t Vulnerable to
attack and when the probability became
known of a settlement of the anthracite
coal miners strike there was powerful
and influential combination of spectators
ready to take quick advantage of it and
help the upturn against the bears by
every manlpulatlVe ueV4Ge known 70 Ihe
professional operator. The ready rout of
the bears served to detract much from
the prestige of that party, as IT indicated
a lack OF confidence in their position lot
calculated to invite a large following.
Shrewd Move of Bulls.
Manipulation of the stocks loan depart
nent % the exchange played "a prominent
part I'm the weeks campaign by the bulls,
and stocks which have zen abundant in
the loan department on advantageous
terms were called in on q large scale,
thus compelling the shorts TO buy the
sr0CES to cover their contracts. Tens of
thousands of shares Of stock were bought
for this purpose, the bulls bidding up Wig
oruuSly III competition with the distressed
shorts and adding materially to their ali
ficutieS. The elimination OF so large
short interest has weakened the technical
position of the market to a. material eX-
tent. The money outlook mas been lost
sight of largely during the week, but
still remains the dominant factor in the
stock market outlook The downward
in efarIfr1cr eNph2np-nf as Under
the large offerings of bills against cot
ton anC grain exports has gwen rise 10
renewed conjectures regarding the posi-
b.Hty Of gold imports, but the London
continental discount rates have risen very
promptly in response, showing that a
movement of gold TO New York would lie
resisted. News on Friday of a shipment
OF Ag0OO0 in gold from Australia %
San Francisco suggested a source of ad-
ditiOnaI relief for the money market
Money May Be Tight.
The excessive speculative initiation of
last tall has no parallel in this autumn s
SOCK market But the conCensus of Opin-
ion among bankers points to an active
money market later in the season, ana
this prospect enjOins caution in speculat-
I've commitments. Bankers avOW their
Intention to give first attention to the
needs of their business customers, and
they expect time money to loan at per
cent Time loans now maturing are put
into cali loans to be readily available.
which gives an 1lluSOry ease TO. tae call
money market. The bankers arg lie that
much business held in allegiance until az
ter election vii lmake an active demand
for money at that time 1t is clear also
that the interior demand for money is
rather below the normal than above 1t, as
has been expected. This is due to the
higher prices of cotton and grains, max
Ing necessary large sums of money to eff
tegL the marketing OF crops.
The bond market was weak IN the ear
Ter part of the week. but TecOveries in
some issues made the mark irregular tat
or. Dealings were not large at any time.
L s new As, registered, advanced Is and
the old IS and IS declined Il in the bid
price.