The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-07-28
Buying Movement Caused BY Pros
poets of Peace.
DEMAND WAS SUPPLIED
MANY HOLDERS SEEMED WILL
ING TO UNLOAD.
Bad Break In Sugar Demoralized the
Market-Rumors That inside In
terests Are Unloading, With
View to Retirement - Continued
Demand For New U. S. Bonds.

New York, July 27.-Nearly all the
strength and activity in today's stock
markets were confined to the first hour.
At the opening there was a rush to buy
as a result of orders placed with COM
mission houses this morning on the an
nouncement that Spain had addressed the
United States government with request
for peace. This early demand was fed
quite freely by realizing sales, which held
prices back to within q small traction
above last nights and even dragged them
below the last nights level. but these Of
ferings were quite confidently and agrees
sively absorbed, and the demand was still
unsatisfed. The market was apparently
embarked on a sustained upward move
ment when Sugar began to pause, after
an advance of nearly two points, which
resulted in dislodging heavy covering or
ders. Very large blocks of the stock,
many of them of 1,OOo shares and up
wards, were taken on the advance. But
after touching 141 support seemed to be
withdrawn and steady. stream was
poured upon the market for the rest of
the day. Several times the price steadied
and rallied slightly, only to make re-
newed downward plunge. each successive
decline dislodging heavy stop loss orders.
The price dropped over four points from
the top and rallied only feebly at the
close. The slump was accompanied by
rumors of unloading for inside interests
with a view to retirement.
The decentralization in Sugar unsettled
the whole list and put stop to the up
ward movement for the rest of the day.
The decline in the general market was
desultory and was not accompanied by
heavy oerings. 1t was very obvious. how
ever, that professional traders realized to
a large extent at the opening on peace
news and they probably viewed with COM
placency the subsequent reaction, Offering
opportunity to buy back stock at a lower
level.
Declines from the best reached a point
or over in most of the prominent stocks
as a point. The announcement during the
day of the engagement of small amount
of gold in London for import had no ef-
feet. The transaction was regarded as of
a special character, exchange not yet be-
ing considered at the gold import point.
Sterling exchange, in fact, rallied II cent
in the actual rate today. Conditions in
the money market remained unchanged.
Railroad bonds continue to be absorbed
on a large scale. recent Issues of per
cents for reorganization purposes being
the fayorites. Total sales, $5195i0Oc.
There was a continued large demand
for new government IS today, when is
taken above 104. United States new As cou-
pom advanced l per cent. do registered and
the old As coupon y, the 5s coupon Il and
the IS when issued, Is per cent in the bid
price. vrr.
Total sales of stock today. 344. 900 shares,
including 1900 Atchison preferred, 3,2S7
B. & o.. 20.SS2 c., B. & O.. 4.465 L. & N.
Northern Pacific. 1918 do preferred. $50
Rock Island. 15.110 st. Paul. 1920 Southern
preferred, 17,4S0 Union Pacific preferred
$3.50 Tobacco, 7.4i0 Chicago Great Western,
6. $40 Peoples Gas, 101, 420 Sugar. 4.2S7 T, c.
& l., 10,455 Rubber. 4.479 Western Union.