The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-07-25

New York, July 24.-The foregone
conclusion that the new tariff question
would be settled today, and the cereal
and cotton crops continuing promising,
lent the stock market further strength
today, except in the final half hour.
when the short sales on realizations of
profits diminished the days rise to the
fractional, While trivial losses we've
suffered by Sugar, Lead, Chicago Gas
and the Reading shares. Commission
houses bought literally in the early
dealings. as did London, although il
was holiday there
High record prices have been the rule
rather than the exception for the week.
under the stimulus of the approaching
tariff settlement, and the combination
of good crops at home and shortage
abroad.
The general speculation was very
broad, and many long dormant shares
We'd with the recognized active stocks
in point of animation. Purchases by
inside interests were in evidence. and
reports of pool support were freely cir
culated Investment shares were Gag
erly sought. and the plethora of money
at the prevalent low rates encouraged
extensive purchases for long accounts.
The money market was somewhat
sitter at times, call accommodations
ranging up to- ~ per cent, although
business was generally transacted at
l per cent. Time loans were in better
request, with short proceeds in most
demand The commercial paper mar
ket held quiet. without essential change
from the current rate of 300 per cent,
according TO maturity. The fall for the
week of 11s for silver bars. and IS for
Mexican dollars. was in sympathy with
the decline in London. With the ex-
ception of Rubber preferred, which lost
34t per cent for the week, the indus
trials were strong in anticipation OF
benefits from the new tariff. Sugar
made q. net gain for the week of IA
per cent. Sugar transactions were on
an enormous scale at the opening this
week, and blocks of 1000 up to $500
shares were juggled about with uncon-
Germ bv the traders frantic to share in
the excessive profits they thought
would accrue to the company, owing to
the favorable treatment accorded 1t on
the promise of the sugar schedule.
The fact that the company had i'm
ported large amount of raw sugar,
which was. considered likely to yield
millions of profit, and rumors that eX-
ira dividends would be in order. were
icontributorY influences in the adj
the highest price ever attained by
specially The advance eliminated at
this level. and a recession followed TO
40 with a subsequent recovery to IA
before the close of the week. The pre-
ferred stock bounded up TO III, reacted
to IL, and closed at 49, a net gain OF
Az per cent. The activity in Sugar
subsidized as the week wore along, and
the Standard shares assumed the lead
<af in MT 0f
strength.
Purchases in the general list were
confirmed and the activity of the com
mission houses indicated an increase
in public interest, which had been lax
for some time. The continued dribble
on the market of foreign holdings was
explained by the unfaYorable comment
of the London newspaper press
change of tenor in these columns
toward the close of the week may nave
influenced the extensive London pur-
chases or they may be covering Oh
short contracts.
The bears brought about a reaction
about the middle of the week on the
assumption that the tariff Dill would
be delayed, but subsequent assurances
that it would be disposed OF this week
caused the best. prices OF the week 10
be recorded in the last two days. Elk
DHcJdJlOHS
would be effected in the soft coal diff
ficulty strengthened the shares OF
roads largely dependent upon this traf-
fc. The anthracite coal stocks were
steady on satisfactory trade conditions
The. exceptional strength and activity
OF railway mortgages indicative OF
substantial backing to the market ere
ated considerable enthusiasm among
the bulls, who We're sanguine OF FUR
Their marked enhancement in values.
The aggregate sales for the week
reached the unusually large total OF p
315. 700 shares. The bond market dur
ing the week developed marked ami
nation with notable improvement in
values of many issues.
The speculation was very broad with
purchases for investment account be-
ing discenraible in many instances. Tne
lover grade securities were quite gen
orally dealt in and were largely taken
for foreign account. The aggregate
sales were $15, 100000.
Governments bonds were quiet, but
generally strong.
BOND. QUOTATIONS.
TT c DC req 97Ib d. 81 r. G.. rs. .110b