The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-08-16
Heavy Sales ard Upward Tendency
Throughout the Day.
ACTIVITY IN ST. PAUL
WAS THE CONSPICUOUS CENTER
OF THE MARKET.
London Has Liquidated Its Holdings
and Powerful Speculative
Clique Gave the Stock a Boost
General Conviction That Peace
VIII Bring Better Conditions.

New York. Aug. 15.-The market for
stocks was remarkably active and buoy
ant today. There was an occasional halt
in the upward tendency when the price of
some leading stock was advanced to a
level which invited unusually heavy Of
ferings, but no volume of offerings SEEM
ed sufficient to check the steady upward
tendency of the market, and everything
was absorbed with eagerneSS. 81. FauI
took the lead Of the market with a rise
of 3I2 per cent, and the total tranSac tons
of the day footed up $500 shares. rms
advance was undoubtedly due 10 the
movement of large combination or spec
ulative interests and was based primarily
on the fact that the advance IN the Priics
hitherto has been incommensurate Win
that in the other prominent grangers. me
reason for this was probably that the
stOckt has been more largely held abroad
tina nthe other granGers and Lon6on mas
been persiStenly hquidatinS its holdings
of American stocks. EnSland'S unfaVor-
able trade balance and the strong market
presented in New York for profit taking,
of course. have been the motives for this
selling, but 1t was nevertheless effective
in holding back the price of s.. Paul. 1t
is now said that these London offerings
have been steadily absorbed by the pow
erful speculative clique which started the
present ball movement in Burli- gton and
which has now shifted the leadership TO
st. Paul. The buying was accompanied
by rumors that the next semi-annual div
ldend of per cent will be supplemented
was bid up So per cent today. and the
high grade bonds of the company were
also very strong. St. Paul was the con-
SpicGoCs center of the market and the
other grangeTS were uniformly strong.
The buying of Northern Pacific continued
very large and aggressive. The strength
spread from the leaders as the day pro-
crossed and embraced a continually grow
ing list OF stocks, most of which show
gains of between one and two points and
many of them in excess of that Sugar
and Manhattan were depressed through
out
There was no special news to account
for the rise. which was rather due to the
growth OF a general conviction that the
conclusion of peace will give full scope to
the extraordinary favorable conditions in
profitable prices. easy money conditions
and continuing favorable trade balances.
Business in bonds was on q somewhat
reduced scale, and there was q tendency
to reaction at some points in the list,
pro ably due TO The div ersion of capital in
TO stocks Total safes. $5.6Soe0O. [. S. ) $,
when issued. advanced Is in the bid prices.
Governments were otherwise unchanged.
Total sales of stocks today were 55S 800
shares including: Atchison preferred, 49,
800; c. x O., sos; <. y. - ~, zl2uy; Lii
nois Central. 1920; L. * n. $50; Manhat-
tan. "A $50: Reading preferred, $3.50. Mis-
souri, Pacific. 1870; Northern Pacific. q
90; Northern aciflc preferred. 2t.55l;
Rock Island. 2 y; St. Louis & San Fran
cisco 2nd pref u, 1872: St. Paul, c.. 80;
Southern pre- red. 1920; Unian Pacific,
Illinois Steel. SEQ; Sugar. ., $50: T. c. &
/. 5000; Leather preferred, 1888; Rubber.
1870; Rubber preferred, ITO, Western
Union $500