The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-07-18

New York, July 17.-Dealings on the
stock exchange were in fairly large
number, and the market was strong as
2 whole.
Liquidation in sugar worked a sym
pathetic reaction in the market f,or a
snort time, but the advance was re-
sumed before the close on account of
buying TO cover, and the last prices in
many cases were the best. The grang-
ers were notably strong, as being likely
To derive the most immediate benefit
from the promised abundance of the
crops.
Sugar was sold pretty steadily all
day, though not under severe pressure
and there were no violent fluctuations
traders having finally come to the con-
clusion that the situation sin the con-
ference was really still TO be adjusted.
It was not until after the market had
closed that the news of the agreement
OF the Republican members was re-
ceived and the belief that indefinite
delay was likely 10 occur was prevalent
The break in the wheat market on
reports of continental selling was not
without its effect on values in the
stock market and contributed to its
reaction.
The railroad bond market was very
active, and also strong, sharp gains
being shown by some of the speculative
issues.
The steady advance by slow stages
this week should crafty spectators
who may hope to market securities on
the anticipated rise when the business
of the country has settled down after
ascercainfng definitely the nature of
the pending legislation.
The weeks most noteworthy incident
was the rare combination of the extra
ordinary advance in wheat and at the
same time most favorable crop adviceS.
The buoyancy Of sugar during the
early part Of the week was a sustain
ing influence on most of the list. The
Outstanding short interest, becoming
nervous at sugars persistent strength,
Sought cover, carrying the price by
leaps and bounds to L37s, which is
above the record price. The suspension
Of a large brokerage house on the
wrong side of the market had but a
transitoTy depressing effect. Washing
ton rumors early indicated that a
schedule very profitable 10 the refining
companies would be agreed upon in
conference. Subsequent. advices showed
a deadlock with the house leaders in
sisting on the Ddngley schedule. and
sugar receded on the impression that ii
was certain the house conferees would
win. It had, however, recorded a net
advance for the week OF 45s.
The vast amount Of money awaiting
investment was accentuated by the
oversubscription OF a local street rail
ways $2,0000 goo bonds offered with APP
plicants for 25 times that amount
The bond trading during the week
was characterized by aggressive
strength on extensive dealings, which /
viii embrace a large number of usually !
dormant securities. Changes in these /
lines were usually attended by wide |
vibrations, more generally upward.
The demand for investment account |
was reflected in the rapid appreciation /
in values Of the gilt-edged issues, which |
is forcing more general purchases in |
middle ,STade and speculative mort
cages which promise a larger return |
TO capital invested. The plethora of |
funds at this center is evidenced by the |
increased animation in various outside I
properties ard the high prices realized
for municipal bonds. which are much |
sought for. The aggregate sales were
ST. OF, 600.
CSovernpents were moderately active
and exhibited decided firnness.
State issues were prominent and
generally higher.