The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-08-20
Furiously Active Buying Movement
Absorbed All Offerings.
ST. PAUL THE LEADER
BLOCKS OF 1000 SHARES AND
UPWARDS CHANGED HANDS.
Other Changers Followed Suit
Heavy Buying Supported the
Market and Bears Became Dis
couraged-An Early Gold Move
ment to New York Is Inevitable

New York, Aug. 19.-The recovery from
yesterdays reaction in the stock market
was decisive and complete before the end
OF The day. and the closing showed a fu-
riously active buying movement in force,
which was absorbing all offerings at adj
VancIng prices. Some Of these offerings
were neaEy as Il result of the attractive
level OF prices attained and numerous in
dividual blocks of 1909 shares ana up
wards OF 81. Paul were soon snapped up.
St Paul resumed the leadership OF the
market and was well taken and firmly
held all DAY, but ii was not unul the last
half hour OF the trading mat II was taken
oeclSlVely ii nand ana rushed up rom
about 1lU12 10 iI212. 4ne other granSers
followed suit. though az less lively rate
and with nowhere near so large volume
or business. Burlington recovered its l12
dividend and &c besides. Tne Garner part
or the day showed a marked falling OIL
in the anlnlatlOn OF the market and the
conspicuous movement III prices confined
almost entirely to the industrial special
ties. It became evident at the opening
that there were supporting orders in lead
ing stocks which offered a barrier to
further declines in them. There was, in
addition, 1t continuance of the outside de-
mand 1or stocks through commission
houses.
Some of the industrials showed a buoy
ant tone and served TO sustain prices. Al
though there was some realizing during
the ilr5t hour, it was so well absorbed
that the bears became discouraged and
aeslSted from their efforts 10 break the
market. When il was announced that
the STOCK exchange would be closed today
until Monday il became evident that the
shorts were the ones who felt timid about
leaving commitments outstanding.
The rise in St. Paul was 31S; Lake Erie
&, Western, 5: Lake Erie q Western pre-
ferIed, ~. and Pacific Coast Improve
ment, 3I2; Pacific Coast Improvement pre-
Ierred 2nds, 5.
Reports by the Trade Journal and from
other sources tell of some expansion Of
business as a result of the terminat ton Of
the war with Spain. New York banks
are shipping gold to the interior Cor cir
culating medium. An early gold movement
from abroad 10 New York seems inevita-
bic. and there is eager demand by nation
al banks for the new government bonds.
a. fast as they can be acquired they will
be used undoubtedly for expanding the
bank circulation.
Total sales of stocks today. 4S0. 500
shares, including p 40 Atchison preferred;
3,655 {. d O.; l7.62S G. b. X q, l40SV Lake
Erie &t Western; 6.402 Lake Eric a. fTest-
era preferred: $50 L. * N; l6,520 Manhat-
tan. $500 Northern Pacific; g. 40 North
ern Pacific preferred; I5.220 Rock island;
$50 Union Pacific; 7.l50 St. Paul; 5.12O
Southern preferred: 13 120 Union Pacific
preferred; 1910 Cotton Oil: 10 920 Tobacco;
1850 Chicago Great Western: 1880 Peo-
pies Gas: 1855 Illinois Steel; IS 100 Sugar:
.229 J. c. & L; L,S20 Leather preferred;
$3.50 Rubber