The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-05-26

Trade is Quite Large For the Sea-
sOn-CIearing House Returns.
New York, May 25.-This was a bull
day on the stock exchange and the re-
suit Of the days trading is that with
one or two exceptions the active list
shows ar advance in prices as compared
with the final sales of yesterday. ranging
from Ad2495. Chief among the infiu-
ences which brought about the apprecia-
ton in values, were the agreements to
maintain rates entered into by the rail-
road managers at Chicago, the easier tone
of the sterling exchange market and the
consequent cessation of gold exports.
The covering movement by the shorts
was quite pronounced in Sugar, the Gran
gers Chicago Gas, General Electric Mis-
souri, Pacific and New York Central.
There was good buying, too, for the Lon
don account in St Paul and New York
Central, while Boston houses bought
Burlington & Quincy and insiders were
purchasers Of Western Union.
The fluctuations in Sugar were very fire.
ouent, the outside ranges being 1872 and
1925. After an opening rise of 4, a de-
cline Of ~ was made, followed by an ad-
vance cf 39s, a decline of 2ss. an i'm
provement Of S54 and final reaction of
u, leaving a gain on the day of 2A. OF
the Changers st. Paul and Burlington
We're IN most demand. The general mar
ket opened firm, and a shade higher,
and during the hrst hour the trend of
prices was upward Then came a frac-
rional rally, after which the speculation
was fairly steady until about Il 30 o'clock,
when National Cordage preferred broke
1870 and Buffalo. Rochester & Pittsburg
"a, neither Of which stocks made any
subsequent recovery. Before noon, the
i
but q reaction soon took place, which
was, however, but Of brief duration. Dur
ing the rest of the afternoon. the trad
ing was strong in tone, with only a
slight reaction, closing prices being at or
near The best OF the day.
The bond market was firm in tone all
day.
Money on call easy at 20; last loan l.
closed l96. Prime mercantile paper, 219Q
z1ab.
Sterling exchange steady. with actual
business in bankers bills at 4.sS$4G4.S9 for
demand and 4.S7l464S7jh for sixty days.
Posted rates, 4.SSlsq4.90; commercial bills,
4.S5I4 G4.S6S4.
Silver certificates. 64a65. ..
The totale sales of stock today were
2S5,So7 shares, including: Atchison, $500;
American Sugar 9S,S07; Burlington, 1880;
Chicago Gas, 90, 400; Distilling. 500; Cen
eral Electric, II 800: Missouri Pacific, H.
500; New York Central, $500; Northern
Pacific preferred, $500; Rock Island, 9, 400;
St Paul, $4,000; Western Union, II, zoo
Government bonds steady; state bonds
active.
Petroleum. strong; Pennsylvania oil
sales none; June option sales none, closed
81 bid Lima oil sales none
BRADSTREET ON FINANCE.
New York, May 95.-Bradstreets Finan-
cial Review will tomorrow say: The
short interest in railway stocks and the
manipulatiye influences in charge of the
industrials, furnished nearly all the spec
A.
renewed depression. which set in last
week, produced a certain amount OF liqui-
dalton, it was apparent this report rep
resented closing out of speculative ac-
counts on the long side of the market
and that the main stocks are firmly held.
Meantime. operations for the bear ac-
count had increased in volume and the
share interest, by last Wednesday, was
ripe Tor an upward move. Occasion for
this was furnished by the tenor of dis
patches from Washington indicating i'm
proved prospects for the speedy passing
OF the Senate tariff bill, and by the ac-
ton of the western railroad presidents
in harmonizing differences and forming a
new organization for the maintenance of
rates.
Rumors that a settlement of the coal
strike was at hand also had a share in
creating a bullish temper in the market,
and rapid covering movement enSued,
carrying up prices OF railroad stocks and
affording opportunity for manipulative
rises in Sugar and other industrials.
London also helped the movement along
by purchasing a. fair amount of its
specialties, and the market momentarily
assumed an appearance of decided
strength As soon, however, as the short
interest had been sufficiently reduced the
advancing tendency disappeared and the
market reverted into dullness, followed
by an attack of the bears. though on Fri
day, after vigorous attempts 10 break
various stocks, the market rallied on
short covering induced by the small
amount of gold shipped to Europe and
by Washington rumorS that the amend
ment to the Interstate commerce act,
permitting railroads to form pools, would
be adopted. Railroad earnings continued
10 play a part in the market. Reports
of gross and net, which show light de-
creases in the latter by means OF sweep
ing reductions in expenses are no longer
favorably received. The feelings on this
subject is that in many cases the roads
must suffer in such a process Such wES
the reception given to the St. Paul state
ment for April, showing a loss of S531 600
in gross and Of only S97. 900 in net, finally,
the Pennsylvania, in its figures for April,
showing a loss OF 81, 13l, 416 in gross, the
net declining SOS, 2S2 This tendency of
trunk line earnings seems responsible for
the decline of New York Central, which
was based on reports of a heavy shrink
age in earnings for the current month
and on renewed intimation of a reduction
in the dividend. Short selling and hqui-
dalton Of q block of long stock seems to
have contributed equally to the decline,
which carried the Price from 9S to 94A
with a rally to 1914.