The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-05-06
Professional Operators Took That
Side of Stock Market.
LARGE LINE OF BUSINESS
HEAVY PROFIT TAKING IN
SPECIAL STOCKS.
Rock Island Was the Center of In
terest In MISUNDERSTANDING OF
the Market Accounted For On the
Conviction That Spain Is at the
End of Its Tether.

New York, May 5.-Professional operat-
period of doubt and hesitancy after the
opening of the stock exchange. AS a mat
ter of fact. they were forced into this
position by the temper of the outside pub
lie, manifested by their disposition to
come into the market and buy stocks in
large blocks at the market price. The
professional operators were made some
what wary by the failure of the London
market 10 show any independent interest
in American securities yesterday, while
Wall street was taking holiday The
same elements were apparently rather
suspicious of the advance in London be-
fore the opening hour this morning. and
were disposed TO attribute it to manipula-
ton from this side
BELOW LONDON PARITY.
Prices here failed to respond at the OPP
ening to the London advance. and ruled
below the London parity for consider
able time The market was full of out
side buying orders, and business was on
a large scale, but had a very heavy bur-
den of profit-taking sales to carry, and
the small opening gains were in large
part wiped out during the first hour. The
reaction here failed to impair the conf
dence in London, where Americans con-
tinued very active and strong. The mar
ket presented all the characteristics of
the rampant bull spirit
PROFIT TAKING.
From time to time the general strength
was taken advantage of for heavy profit
taking in special stocks. At other times
when there was a disposition for business
to anguish, individual stocks were push
ed vigorously upward for the purpose of
sustaining the general market.
ROCK Island was the center of interest
in the railroad list and was lifted IA
points, to parity with st. Paul. Sugar
was furiOusly active and very volatile all
day. covering an extreme range of Az
points and gaining 35s points net. The
large majority of stocks traded in are at
least point, and net gains range from
that up to points. There was no special
development in the situation to account
Tor the buoyancy of the market beyond
the general conviction that SPAIN capa-
city to carry on the war is nearly eX-
hausted.
The bond market shared the activity
and strength of the stock market. and
shows higher prices all around
Total sales, S2,525.000.
L. S. new As advanced Y; U. S. cou-
pons. Is bid: others were unchanged.
MONEY MARKET.
Close: Money on call firm at 211Q3 per
cent: last loan, 2H2; prime mercantile pa
per, Gar per cent; sterling exchange was
easier. with actual business in bankers
bills at 4.S4Q4S4l5 for demand and at
1909 4SO12 for so days; posted rates,
4.S112a4Se12; commercial bills. 4.s0l5.
Silver certificates, 56Q57; bar silver, 5615;
Mexican dollars, 45.
Government bonds strong; state bonds
dull railroad bonds strong.
SALES OF STOCKS.
Total sales of stocks today were $4,000
shares, including: Atchison preferred, H.
40; c. & O., 5, $50: Burlington, 30,SS5; L. &
N, IL, $50; Manhattan, q, $50; Metropolitan,
$3.50; Reading preferred. $3.50; Missouri
Pacific, 9,945; New York Central, L, $50;
Northern Pacific preferred, $3.50; Rock Is
ferred 49, 40; Tobacco, 1926; Peoples
Gas, 1851; General Electric, $500; Pacific
Mail, 3,635; Sugar. go, 1872; o. T. c. & l.,
81 $50: Western Union SO 345