The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-12-06
A HARMLESS MESSAGE
Presidential Effort Feb Flat In Wall
Street.
NO EFFECT ON STOCKS
MARKET WAS HEAVY AND
; PRICES WE'RE LOWER.
Timidity of Spectators Over the
Opening of Congress-Pacifics and
!. Changers We're Dull and Heavy
Rumor That Spain Has Hypothe-
Gated Her Philippine Indemnity.

New York. Dec. 5.-There was much
interest and curiosity manifested in Wall
street today regarding the presidents
message. When it was published it was
found 10 be so free of matter calculated
to affect the value of securities that the
course of prices was left to the influence
of technical causes. The recent view of
professional traders mas been that the
message would prove to be a bull docu
ment. and they have bought stocks re-
Gently under that conviction. Upon the
publication of the message it was natural
therefore, that this element should sell
TO take their profits.
But the chief effect of the anticipation
in the stock market. This tendency was
emphasized by the absence of Geographic
communication with many points in the
country owing TO the storm. There was
not entirely lacking also the Droyerbial
disposition of stock exchange traders to
the feeling of timidity over the advent of
session of congress. There is some
thing of a prejudice in Wall street against
some of the measures which representa-
tives and senators assembled at Washing
ton design for the public welfare and a
desire to be let alone in methods for the
profitable employment of capital against
which congressional legislation is at times
directed. The prevailing tone of the mar
ket, therefore became increasingly heavy
as the day wore on.
There was a period of comparative
strength in the morning, especially in
last week. Metropolitan Street Railway
mounted strongly AZ points and then re-
acted 3la on realizing, upon the increased
quarterly dividend to an annual per
cent rate from a per cent rate. Pacific
Mail and the iron and steel stocks con-
unued moving upward but reacted sharp
y before the close, particularly Federal
Steel. Sugar huctuated quite irregularly
on the varying rumors concerning the
status of the competition in the trade
There is rather notable advance in a
group OF the gold stocks, and some of the
low-priced railway shares were also
strong. United States Express rose to 57$4
can Express dropped 5 points. The ma
1ority of the standard stocks We're how
ever, notably dull and for the most Fart
heavy. This was especially true of the
grangers and the Pacifics. There was
some firmness manifested in coalers on
the strength of the cold weather.
The bond market was decidedly more
maintained, though there was a reaction
from best prices in the late dealings.
A number of lately dormant issues were
brought into activity and moved sharply
upwards. Total sales, 5,305, 900.
Y. S. Is advanced Is in the bid price.
$50 eco. including 1919 Atchison, II 200
Atchison preferred, 3,175 Central Pacific,
z, 200 c. & O., ABS Burlington. q, 800 L. &
n, 1900 Manhattan, 1850 Metropolitan
Street Railway. ESQ Missouri Pacific, 9,265
NJ. Il. & 7. preferred. 4.250 Northern
Pacific. 1915 Union Pacific. 1900 Union
Pacific preferred, Il. $50 st. Paul 5000 Tex
& Pac., 4.2Oo Tobacco. 3.7S4 Steel. S.6Ss
Steel preferrde, 600 Peoples Gas. 1895
Linseed, 90 300 Pacific Mail, 1890 Sugar.
5f00 T. c. & l. 5.S22 Western Union, 4. 900
Chicago Great Western.