The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-11-13
Wall Street Speculation Continues
On An Enormous Scale.
PRICES WERE HIGHER
SUGAR SCORED AN ADVANCE OF
EIGHT POINTS.
Bond Dealings For the Past Week
Broke All Previous Records-Bank
Statement Shows Further De-
crease In the Surplus - no Ad-
vance In Money Rate Probable.

New York, Nov. 12-The process of di-
gestion OF railroad and corporate securi-
ties was continued on an enormous scale
at today's short session of the stock eX-
change. The public We're in the market
again as buyers at the opening and very
heavy orders placed with commission
houses were executed throughout an eX-
tended list. At the same time recent
buyers who saw an inviting prospect to
secure profits at the present advanced
level of prices We're sellers. The result
was a very active and broad market, the
constant exchange of securities going on
in the first hour and resulting in rather
unimportant changes in prices, except in
q few cases. With the completion Of the
buying orders, the realizing offerings We're
in a way to exceed the demand in the
second hour and prices showed q sag
ging tendency. But the violent advance
IN sugar to 1884, or almost s points net
caused q sympathetic hardening in prices
and turned the traders to the bull side
and induced the shorts to cover hastily.
The result was strong close, notWlth-
standing the final slump of over points
in Sugar, the net advances reaching a
point or over In many cases.
The important movement in the Atchi-
son securities was continued and gave
tone to the whole market. The princi nal
activity in the movement showed a asn-
dency to shift from the preferred to the
common stock, which advanced rs on
the day. The preferred stock and the
bonds continued in large demand, the
former closing at a net advance of 1%.
Other securities in which the lead in
the movement is interested were also
notably strong, including Peoples Gas,
Rock Island and Brooklyn Transit and
the Federal Steel stocks showed halt
ing tendency. The strength OF Louisville
and Southern Pacific was due to the eX-
ceilent traffic returns of the two roads
for the first week in November. The
bank statement. which was unfavorable,
was disregarded.
The business in bonds on the stock ex-
t11a nr1lxy
four full days. and today short session.
exceeded all previous full week records,
with total sales of par value approx
mately $34 Q0O,000 against the previous
high record of less than 100000. On
Thursday the sales of bonds exceeded in
par value $19000,G coo against the best prev
ious days business of $7.500000, and on
Friday the days business nearly ap-
preached Thursdays record
In the total number of shares and
stocks dealt in the weeks record has been
many times exceeded, but in the number
of different issues in which 100-share lots
have been dealt in, the week S record has
never been surpassed, thus indicating the
breadth and uniform interest in the mar
ket The orders through commission
houses for the three days have been larg-
er than at any time since August. re-
hecting the growing outside interest in
the market. Many of these orders have
come from the west and south. where the
strong business conditions and the large
earnings of the railroads gave confidence
in values. Buying for foreign account
has also been a conspicuous feature of
the weeks business on the stock eX-
change, not only through the national ar
bitrsge channels but BY banking houses
with foreign connections.
1t is evident that the outburSt of activ-
ity and strength on the stock exchange
has only been repressed for some time
past while awaiting the settlement of
election uncertainties. The undertOne of
strength in the market last week was
due to quiet accumulation of stocks by
large interests, who appreciated Tie I'M
DERIVING strength of the commercial in
dustrial and financial situation. There
by operators of this glass all week. but
the public demand astabsorbed ali these
offerings and kept prices moving up
ward.
Uneasiness over Responsibilities of EN-.
broilment with European powers. notably
! pine settlement, is allayed by confidence
! that Spain is bound to come to terms
| The weeks unprecedented business In
! bonds has resulted in higher prices al
! around. the middle and lower grade is
/ sues showing the most pronounced eff
| fects.
I. S. As coupon advanced x. U. S. 4.
'registered r. the old As registered 81
and the IS coupon. the old As coupon ant
the 5s Is in the bid price.
The total sales of stocks today wer
$6l,5oo shares, including at AAtchlson IS ,Sov
500; D. & r. G. preferred, 3,345; Man
haitian, 4,5O0; Northern Pacific. 1857
Northern Pacific preferred, 1868; Rocl
/ Island, 9.752; Union Pacific, 1850; Unio
Tobacco. $50: Bay State Gas, 1890; Fed
eral Steel. 5.215; Federal Steel preferred
1857; People Gas, 1880; Pacific Mai
4,503; Sugar, 5000