The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-08-28
UNION PACIFIC RISE
Continued to Advance, In Spite OF
Bear Raids.
MARKET MANIPULATION
PRICES FORCED UPWARD BY
PROFESSIONAL TRADERS.
Bank Statement Shows a Decrease
In the Reserves, and Money Rates
May Advance-Scarcity of Green
backs May Necessitate Gold Ship
ments to the Interior.

New York. Aug. N.-The bears mani
tested considerable confidence that re-
action in the prices of stocks was due
TODAY and they sold at the opening adj
vance and carried prices at one time ma
terially below last nights close. They
had on their side a disposition by many
holders to take profits, but the demand
was so considerable as TO ABSORB al
offerings al the decline and the DeaIs
were forced to cover quite heaVlly, lit,
ing prices sharply above the lowest anu
in many cases above last night. Inc
drop in Sugar at the opening was an IN
settling factory and a determines uil ~ g :
112 from the price of that stock II was
evident also that there was an aounGane
supply of stocks of the grangerS ana Oh
Northern Pacific to be had on any c on-
siderable advance in prices. The opening
high prices were partly manipulated Ior
purposes of realizing, prices Oh Amer
leans having been advanced IN Lonooil
by cabled orders from New YORK A
number of prominent stocks showed
vigorous resistance to the decling mar
ket and were potent factors Ill erecting
the -rally. -,
Most CONSPICUOUS of these were the
Union Pacific. The common rose Us on
demand and sold down nearly point on
the reacting. The recovery carried IL up
an extreme 17s The preferred stock was
above last nights figures. Denver o.
Rio Grande preferred showed continued
strength, as did Southern Railway pre-
ferred, Erie first preferred, Norfolk q
Western preferred and the WABASH Sc
curities. The heavy decrease in surplus
reserve of the banks were an unsettling
influence in the late trading. The Closing
was somewhat irregular, some STOCKS
showing effects of renewed buying Wnlie
others suffered from continued proHt-
taking. Railway ponds were active to-
day and closed rather feverish at re-
actions in the speculative issues.
cfn
extensive process of liquidation OF prontS
during the week and has demonstrated
such a firm basis of underlying strength
as to have encouraged the re-entry INTO
stocks of many of the influential imam
cial interests who had sold out to the
public, after having manipulated the rise
to the extreme point they CONSIDERED
possible But the weeks events nave
showed that outside spectators were
waiting to take stocks at any marked
recession in prices. 1t also showed that
the profit-taking had resulted IN ING
actual digestion of large amounts OF
dividend-payipg stocks and bonds ana the
consequent reduction of the floating sup
ply in the market.
Today's bank statement shows that the
amount of the increase in loans has been
more than withdraw from the deposit
account. 1t has in fact been diverted 70
the United States treasury ana mere
have not been sufficient government
bonds available for the banks to oiter
security to maintain the government
money on deposit. The result IS a loss OF
cash amounting TO S9,590.S00. although
New York banks have had net receipts
in the interior currency movement during
the week The consequence is a decline
in the surplus of Sl.495,950
If the demand from the interior for
moving crops should rise to normal pro-
portions surpls reserves would have TO
be promptly replenished from some
source.
Z. S. seconds have advanced per
cent; the old As reg. have declined = per
cent: the new As a per cent and the sc
when issued q per cent in the bid price
Total sales of stocks today were 2Sl9OO
shares, including: 1886 Atchison pre-
ferred. SSH c. Is. & q, S.e5O D. q F: G.
81 $40 Northern Pacific, $3.50 Northern
Pacific preferred, ABS Rock Island, %
ia Union Pacific 1864 St. Paul, $3.50
Southern preferred. 1850 Union Pacitic
Chicago G. w, 1o.47S Peoples Gas, 3D.
100 Sugar, 4.757 Leather preferred.