The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-09-16
STOCKS IN THE EAST
Bears Have Things All Their
Own Way.
WEAKNESS is GENERAL
sTIFFENING OF MONEY RATES
IsA LEADING FEATURE.

at Yesterday afternoon s stock market
continued in force today and more
business was done during the two
hours Of the Saturday short session
that on any full day for months.
Liquidation was plainly in evidence
and the bear operators added their
eeIling to the burden of the market in
fbe confidence that lower prices would
enable them 10 cover at a profit. The
declines which they brought about in
this way uncovered many StOp-lOSS
orders which had been placed in the
market as a precautionary measure by
recent speculative buyers. The points
of weakness made it evident that the
liauidation was largely of Speculative
accounts
In PEOPLES Gas there is a large short
account already and the demand to
cover was large enough to keep that
stock comparatively strong until near
the close. Otherwise the weakness
was quite general and evenly dis
rr7buted The principal railroad stocks
are down from 1 to IL, the coalers,
grangers, Pacifics and trunk lines be-
ing the principal sufferers The steel
stocks and the leading specialties show
the same range of losses. These were
extended from 2 to 3 points in Sugar,
Tobacco, Metropolitan, General Elec-
tric Northwestern, Erie first preferred
and Baltimore & Ohio preferred. The
bear traders covered in some stock, but
I'm others the selling continued in large
volume to the close, which was active
and weak
Market Stagnant During Week.
The lethargy of the stock market was
unreleved during the week and the
limited activity and the narrow move
ments of prices were nothing rlOre
than ripples on the surface of a deep
and stagnant pool The puzzled brok-
signed cause for til tOrpidity elimi-
mated by events. while still the money
world abStainS from any dealings
I'm securities. Last week the Yer
mont election and this week the Maine
election were expected by the Sanglli0e
20 start the market. But on neither oc-
casiOn was any effect perceptible be-
yond half hour of professional trad
ing. Some positive depression has re-
suited from the declaration of the an
thracite miners strike, but the effect
on prices, even in the group of coal
carrying railroads. has been small.
While the possibilities of harm to
values threatened by the strike are
fully recognized there is an optimistic
feeling in Wall street that the disaf-
lection either viii not spread far or
will be adjusted before it goes to ex-
tremes.
Money Rates Stiffen.
some hardening of money rates in
New York and the tone is significant
ly firmer. Early in the week 1t be
came known that preparations had
been made By a member OF the British
loan syndicate to ship gold this week
10 meet the inStallment due on sub
Scorpions TO the loan, but the volume
OF cotton bills brought on the exchange
market broke the rate and frustrated
the intention to ship gold. Apparently
contingent or implied obligation TO
IaclHtate gold shipments and with
IuTther 1nstallments due or subscrip-
uons IN the middle of next month. and
u november there Will recur the pos
sbihty Of gold shipments. Later in
me week II was announced that New
'Ork bankers had subscribed to a new
German loan to the amount of $50. OOO.-
UuO. Experts estimate that the coun-
Try credit balance abroad is annie TO
meet such a subscription by drawing
exchange without gold shipments. but
II was assumed that the subscriptions
are to be paid in part at least in gold
as IN the case of the British eNcheduer
bonds subscribed for here the transac-
ton being in the nature of a special
contract to meet the urgent need of a
replenishment of gold reserves. This
SuTmlSe was strengthened by the fact
that the principal bank among the sub
ScrlDerS held upwards of SO 600 600 SIR
plus cash above the legal reserve and
10 per cent of its reserve was in gold.
As his banks ten million surplus
mas up that ration to 500. 900 600 of
me total surplus of all the siXty-three
gearing house banks the face of the
altered.
London Money Harder.
London also has suddenly awakened
% lne realization that the Bank of
England has acted with foreknowledge
IN us vigorous opposition to the policy
OF lenders in the outside market and
LoHton discount rates have turned up
wards, The new German loan has as
background the large Russian loan
seeking market and further Rritis,
EMISSIONS of some kind for military
expenditures Il is evident also that
NnIe New York banks have been ex-
IaHulnE their loans to foreign borrow !
VIC the demands upon the New York
market have been largely met nv in
error banks out of their abundance. SO |
lllaD now, with the movement of the
SS.uIs tne tall demand upon New York /
-u!dS are approaching the normal |
,peIallons under the refunding law
-Lo' practically ceased and with them
-, - eSuIlant benefit to the money
.lFel. The question Of a squeeze in I
5E rates in New York depends /
, c5-- ,AeSe factors and the further re-
--Fe0 OF Alaskan and Austria liam gold |
~ lAe mere existence of the question /
T .'.5.'-' el eitectually discOurages specu-
,,- -s-ll IN the New York stock market. /!
Dlg memories are still fresh of last ,
BNe- s. money panic.
al , nus nave lain practically dormant |
5,--geN United States new IS have
5-s, aa..l-a .. the old As y, the refund |
me D "he0 issued and the IS a and |
per cent in the bid price
Bond Quotations.
g VIII. M X & r 4s OF
issued reg ..IO4 X = - - 81,
issued - - Wn- 49,, y. }. @. gen. IS. 1929
T. r. p -lV4'2I No. Pacific IS - 65ss |
T.. S Is r-,- 80 No Pacffic IS ...10sik
~ = Dr. us reg..13f 4s - ~ L. TO-
T. o. - cup -,,. ~. 10, \. & W. con. Is 1O77s
T. . -es Liz Ore. Nav. 1s.IO9
T. S r. I I,Si4 Ore: NV. 4s-...1O2I4
T. y e. t.------AIst2IO o. $. L. 6s......I27I |
D. oh d., - q O S; I. con. 5s. ia
Afclfsl7 o. --i az, tSead. Gen. IS. S7Ik |
Atchi-r- a. sS-lVls4l K G. w. Is 49, gS |
C.r. -. - IS st. l.. 81 L NJ
Is. q d 11t'--'Loe99,,fl con IS --.-..,.. 1122t |
G.. & o. =.-s.-'- 7 sS52l St. l. & S. f.
e GE ~ -l-'1e gen. IS --..... 1871 !
- i" ~ st P consols 1871 |
G. a. y w G -lfV st 7. g. & p. 1s.1f7sS |
deb IS -,ao- st I. 9. & L. 5s.1J9Ik /
Chi Ter LIZ So Pacific Is -. 7S7z |
Colo 50 a. 900 - So Railway SIS -1OS7k |
a. x r 6. Is. I02sz r = = o. Il u.s.. %
Erie Ge,7 =, = --- SGT. c. F. 2s- $