The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-08
WALL STREET.
Livelier Day Has Not Been Seen For
Some Time.

New York, Aug. wall street has
not seen a livelier day of trading than
that Of today for quite an indefinite
period. All of the favorable factors
that have been in force during the
week continued to exercise an inf1u-
ence, and there were added TO these
several causes that carried the market
up with a surge to a higher level all
around. Principal of these were the
Sensational jump in Manhattan Elevat-
ed stock, which opened with running
sales of I 900 shares al 1927 to los as
against 1914 at last nights close. Al
most Immediately the price rose further
to los and reacted quite violently, but
steadied again and closed at 1861, a
net gain of II. Probably the large
existing short in this stock was re-
sponsible for this sensational move
ment in part A story that the Metro
pOlitan Traction company had made
an offer TO purchase the elevated sys-
TEN, which offer was under favorabl
consideration, sent the stock up and
uncovered stop loss orders for the
shorts. The scarcity of the stocks re-
suited in the shorts quickly bidding up
the price on themselves. Another very
significant feature of the day was the
fact that London changed front and
turned buyer of American securities.
Prices of these securities were higher
in London at the opening and arbitrage
houses bought stocks for London ac-
count even after prices here had risen
above the London parity. Some of tie
stocks which London has most persist
entity sold Of late were the favorites
for purchase. notably St. Paul.
Another factor in the rise was the
further reduction by half a cent of
the posted rate for long sterling, bring
ing the price down to 4.S51k. The
grangers were leaders in point of ac-
tivity and showed sharp gains to new
record prices in period of several
years.
The market for securities during the
week has reflected decisively to con-
fidence Of capital that prosperous times
for this country have set in. The de-
velopments in the general situation
have justified the faith which began
to manifest itself in the tone of the
speculation three months ago, and the
strength of today's market reflects the
belief of still further improvement for
the future. There were about 1925 600
shares of stock sold on the local stock
exchange during the week. The par
value of the bonds marketed was $751;
&C., 600
These enormous transactions were
made on an almost constantly rising
market and at a level of prices that has
not been reported before in years and |
some favorite stocks never before. Yet
the faith of the outside public in a still
further appreciation of values has con- |
tinued undated, as witnessed by the /
constantly increasing in volume of the ]
commission house purchases.
The industrials were very heavily I
dealt in ali week. Transactions in rail-
way and miscellaneous securities were
IN considerable volume at improved /
prices, which reflected the marked con-
idence in the general situation. The
development of various favorable in
huences tended to accentuate the up
ward movement, which assumed con-
sidera BILE proportions. The low priced
and middle grade issues absorbed the
hulk of the dealings, with purchases
for speculative and investment account
by local and foreign interests and the
chief factor in the Improvement. The
aggregate sales were s1S,662 900, which
an extensive variety of is
sues.
s05 shares including: AtchiSon, 5000:
Atchison preferred. $50; Canadian
Southern, 1910; Chesapeake & Ohio,
Las; c., B. & O.. 20,250; D., L. & w,
J. 420: Erie new, $3.50: Illinois Central.
;120; L. & n, $3.50: Manhattan ?" sos:
Missouri Pacific, 1850: New Jersey
Central. 1927; New York Central. 5,295;
Northern racine preferred, 0,4fV, hedt-
ng, $500; Rock Island, 1000; st. Paul,
Z. 800; Southern Railway, 1850: South
IN Railway preferred. $3.50; Union Pa
ific, s. AS; American Tobacco, $40;
Say State Gas, 1850; Chicago Gas.
$50: Sugar $3.50: United States
leather preferred, $3.50: Western S
Union, $500; Chicago Great Western, $
$40. +
BOND QUOTATIONS.
J. S. Is, reg .. 97ls D. & R. G.. IS. III c
Is. As, reg ...-.1ilS4 Erie ends ....... ~ =
10 Is. coup ....-1121s y. J. c. gen. SIS .114 a
%. new As, reg. 1852 Ore. Nav. lists .I1ss
TO- do. Is. coup. 125l2 Do. IS ........... S9St .
10 IS, reg .l 1lS x Ct v. lists 5SA Z
. P. lists of 50. .101la Z. r. ISIS Of &C. .I002t \
J. 6, r. G. IS 50
STOCK QUOTATIONS.