The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-11-20
POOL WENT TO PIECES FOR a
PURPOSE.
Failure to Agree Was For the Pur-
pose Of Evading the Supreme
Court Decision-Drop In Union
Pacific, Due to Conditions Abroad
Favorable Bank Statement

HUG IWILI-I
! to 4 points in the Federal Steel stocks
on the reported failure Of steel rail inter-
ests TO pool. Opening prices were, now
ever the lowest for strength developed
at points which served to sustain the
weak spots and finally in the weak stocks
themselves. In Manhattan, Sugar. Pe-0-
pies Gas and the Coalers, all moved up
ward
The quick rally in Federal Steel on the
large buying at the decline prompted the
suggestion that the failure 20 agree, as
reported might be III as purely plchwlck-
ian sense and prompted by the discreet
purpose to observe the letter OF the JOINT
traffic decision OF the. supreme court Inc
opinion of high officer IN the company
that there was a, disposition TO MAINTAIN
prices is c0nilTmatory. In northern
Pacific il was net only evident that there
was inside absorption of the inside OFFER
ings. but the recovery in prices OF otner
roads affected by the diSsension suggested
revival of efforts to patch II up flnal-
", the Unexpectedly favorable b2nk state
ment routed the bears efectually. OF the
81 Oh, 500 increase in cash, not much more
than a million can be accounted Tor by
the sub-treasury operations and the IN
terror movement. The source OF the bal
ance is as much a mystery as was the
sudden decrease of $5,0c9O0O in the return
for November.
The continued ease of the money market
during the week II the face of large clear
ing house operations is, however, ex-
Notable strength was shown by Atchi-
son preferred, Northwestern, Omaha,
Baltimore & Ohio. and number Of
other stocks.
The stock market has shown in all the
variety and irregularity during the week
that are usually characteristic OF q mar
ket in which the speculative and invest
menL public is taking a large part. "A
large appreciate Of individual small trans
actions bore the market up INTO lrreSH-
lariuy inevitably, and takes IL parity out
of the hands of the professional cllques
and pools which are able to manipulate 1t
easily in time of dullness:
NJ e he. rznrNl n
manifested by the volume OF business
coming to the floor of the exchange
houses, which have been crowded with
customers all week. Apparently many OF
these We're waiting for q reaction in prices
in order to get in ana when the sharp
break came on Wednesday, the buying
from these houses was Very heavy ana
rallied the market easily and efiectua4iy-
Prices have shown a prevailing disposition
to go up, but hive been held back at IN
terValS by one or TWO causes. Al the
opening of the week the sharp fall IN sur
plus cash and sulpius reserve shown by
Saturdays bank statement was shadow
On the speculative mind. The known
stringent conditions of the Berlin money
market and the measures taken Tor pro-
tecting other financial centers made II
doubtful whether relief could be mad
prcmYtly by gold imports, in case OF a
local squeeze. or without sharp competl-
ton in discount rates, in spite OF the
heavy outstanding balance to the credit
Of this country IN the Woru money
markets II is highly significant that the
easier condition of money in LONDON was
brought about perty by a resumption OF
the holding back of sterling exchange
bills coming forward TO New York Tor
/ grain and cotton and with money ia New
1 York distinctly working toward an easier
= basis. As the week advanced, even in the
u face OF enormous clearing house opera
: lions. One reason assigned for the weak
ness of Northern Pacific also has been
the low ratio of its operating expenses,
which have aroused fears in some quar-
tiers of stripping of the property. North
ern Pacific has suffered chiefly, however,
from the belief that projected new lines
in the northwest foreshadow the break
ing up of the entente cordlale which has
existed among railroads in that country.
The liquidation in Northern Pacific has
had an Influence in checking the general
advance liz the latter part of the week
There has been large business in bonds
during the week. though by no means up
to last weeks high record. The market
has shown the same irregularlty as that
for stocks. United States new As coupon
and the IS coupon have declined Is in the
The total sales of stocks today were
237 200 shares. including Atchison pre-
ferred. 21eS5; Burlington. $500; d. & r
c. preferred $50; Manhattan, SIS;
Northern Pacific, 16, 450; Northern Pacific
preferred. 5.145; Rock Island. 500; Union
Paciilc. 500; ST. Paul. 10.3S5; Northern
Pacific preferred H. is; Tobacco. 4,2S0
Federal Steel, l.l3S; Federal Steel pre-
ferred. Sc. 445; Peoples Gas, $3.50; Sugar
10. z05; Chicago Great Western, 4.S00.
BOND QUOTATIONS.
Y. s. new 3s... .1053slNor. Pac. 1s.....u7
Z S. n. IS reg. .127l4 Nor. Pac. 3s..... 66l
L. S. n. As coup. .l27a4 Nor. Pac As. .10l1
L. S. IS reg......1l1s4 n. Y. c q st.
L. S. IS coup.....ll3 l.. Is .-..-.-..-..1 1888
L. S. IS .......... 961zN & w. ....122
I. 5. IS reg......ll2sg NOrthU. consols. 142
Z s. IS coup. .ll2ls Debenture 5s. III
District 65s.....llS Ore. Nav. 1s.....114
Atchison 49,. 973s Ore. Nav. 4s.....101
Can. south. Is. 109j5 o. S. L. IS, t. 7. 1853
C & Q. 45ss...... IS Pac. 6s of So. .l025
Chic r 4s........ 9lj4 Reading Is 49,. 81
c. 4 O. 5s...--..-1l6 r. G. w ls...... 90
c. II. & D. 4Jas .104Ss ST. /. & Iron NJ.
D. & Il. G. Is. los Con. 5s 49, 81.
d & R. G. 4s.... 1895 st. L. & San F.
Il East Tenn. 1s.-..loz Gen. 6s .12li
41rie Gen. 4s..--.. Y St. p. con. ..l6l
~ w & Den St p. C & p. Is 121l
lists. t. r...... 7SSi Est. p. c. & 2. 5s. 11ST
Gen. Elec. 5s.-...109 iSouthern Ry IS. .I02l
G. Il & s. a. 6s. IDS standard Rope
G. h q S A 2s.i94 7 & Irvine 6s. -. 20
H &. T. c. ..1115s T. =. i. G. Is. .1091
II. & 7. c. 6s..-.l1l I Reg. q 49,. A
Ia. Central ls.-..l04B I. p, D. &, G. Is 81
L & y. L. 4s.... 93ia Wab. lst III
NJ K e T. Is. 65i4 Wab. 2nds ....... 81
NJ K. & 7. 4s... 9l2s West Shore As. III
N Y. G. 1s.......1lSSs Wis. Cent. Is. 81
n. ]. c. 5s....-.-.114
STOCK QUOTATIONS.
Atchison ....... 1594 Pittsburg- .......172
Preferred 49,. 4f3s St. L. & S. W.. 8
= 0..-.:.,-''-' 81 81 fr Ser '..' ,i 10
Can. Southern. 5i14 Preferred .....162
Cent. Pacific -. ga St. P. & o.. S.
Ches. & Ohio. 22$4 Preferred -. .16I
Chic. * Alton. ..159 St. p. NJ. & M. .173
C. B. & Q....1IS2s Southern Pac.... 26
C & E I...... $50 Southern Ry.... 9
Preferred .....10Sl2 Preferred 80. 81
Chic Ct West. 1855 Texas q Pacific. Is
c.. /. & L........ Union Pacific =. %
Preferred 49, IS Preferred 49,. g.
c. & \. .139A 81. P, D. & G.. G
Preferred ..1S5 ~ abaSh $3.50. .
c. c. c. & st. L. AZ Preferred 80. 2
Preferred 49,. So *%W. & L. E.. 3
Del & Hudson. sc Preferred -. IS
D.. I. & W....-..l4l Adams Express 100
d & r. Co.,. 1873 Ann. Express. ..140
Preferred 49,. 61i4 u. s. Express. "A
Erie new ....-. 1875 |Nells-Fargo Elk 25
LIST preferred. 3512 Ann. Cot. Oil... SO
Fit Wayne.......l74 Preferred 80. IS
Ct. Nor. pfd... .139 Ann Spirits -. II
Hooking Valley. 81 Preferred -. IS
Ills. Central =. Ill Ann. Tobacco. .1SS
Lake Erie & W. 14lz Preferred .....127
Preferred ....- 6411 Con. Gas ....... 1876
Lake Shore LIB Com. Gable Co. .l75
Louis & Nash. COZ Colo. f. 81 L.. p
Manhattan L.. 94Ss Preferred 49,. 81
Met st. Ry..--..ll112 Cen Electric. -. So
Mich. Central. Jos Haw. Com. Co.. 46
, MINI. & St. L.. e his. Steel .......104
Ist preferred =. "a Intern Paper. 81
4 Mo. Pacific $50. 1854 Preferred -. 81
Mobile & Ohio. 2i12 Laclede Gas -. As
Preferred 49,. s4j Preferred 49,. .....1i2
N. j. Central. S71z MINI. Iron .....13S
N. Y. Central. .1I71g Nat. Lin. Oil. =.
N. Y, c. & st. L 10 Pacific Mail -. IS
lst preferred. II Peoples Gas ..109
2nd preferred. 1884 Pullman Pal.....laS
Northwestern :. "a Silver Certs -. 60
Nor. Ann. Co.. So Standard Rope
Nor. Pacific -. 2gB az Irvine ....-.
Ont. & Vest. by Sugar ....-.......122
O +. & NJ % Preferred Ill
p c. LIST pfd... so III. S. Leather G
Reading ........., 1873 Preferred 80. &C.