The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-01-06

Immense borrowings by the market
at the close Of December was one of
the chief causes in an advance in the
Bank Of England's rate of discount
The rise stopped the outflow OF gold
toward Paris.
The Statist. discussing the money
position, considers the possibility of OBJ
tanning gold in New York increased by
the very large sales of American Sc
cUrities made by London in New York.
The greater portion of American
stocks carried il London are for Amer
lean account and should the rate in
London be dppreciably higher than in
New York the stocks carried in London
with borrowed money may be trans
ferred to New York. The Statist thinks
that New York can easily spare three
or four millions of gold.
Looks on Home Development.
A long article in the Statist on Amer
ica'S changed international position,
concluded as follows:
1t is difficult to believe that the
United States Will be able to employ
advanta geOusly the whole of its new
savings to foreign investments The
reasonable probability that we are
about to witness a great outburst Of
new enterprise in the United States
Industrial companies viii be created.
new industries viii be founded and
now railways or combinations and
branches OF existing railways viii be
constructed. Thus there viii be a vast
outflow of capital at home while it is
not improbable the new colonies may
be developed on a larger scale than
hitherto. If the United States spends
immense sums at home and does not
buy commodities on great scale and
does not invest in foreign securities on
an equivilant scale, it is obvious that
the more the. trade balance turns in
favor of the United States. the greater
viii be its ability to take gold from
Europe Therefore the likelihood is that
money rates will rule high= in Europe
because there viii always De the dan
ger of American capital being with
drawn not only from London. but from
Germany"
Stock Exchanges Excited.
Money was in easy supply. being in
creased by the real ease of dividends
Discounts were easier in sympathy
The attendance Of the stock exchange
today was unprecedented for a Satur-
day. Interest centered in Americans
The stock exchange opened wildly eX-
cited, with large liatiOns. Amer
leans were much above parity and the
American department was so over
crowded that brokers found it difficult
to approach it. st. Paul made sensa-
tiOnal jumps. The stock afterwards
receded and then rose again Fries were
also a feature They were bought in
large lots by local spectators, but
chiefly for American account. AtchisOns
We're another favOrite stock Others
were about dollar above parity, ex-
cept Northern Pacific common, which
went below After the first announce
ment there was a general, moderate
reaction. At the lower level, buying
was resumed and there was a quick
recovery to near the top. The trans
actions were the heaviest known for
a long time.
a number Of prominent bears were
BADLY caught but there were no failures
At the close prices We're a tride easier.
II is expected that there viii be trading
in the street until late in the evening
The boom favorably affected other
departments, kaffirs especially harden
ing considerably. West Australians
we're better, recovering part of their
recent losses. on rumOrs that the Lon
don & Globe Finance corporation. linn
tied. had disposed Of its Interest in
the Baker et-WaterIoO railroad to
the Yerkes syndicate.