The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-03-12
STOCKS MADE GAINS
Bank Statement Was Not So Bad as
Expected.
INDUCED ACTIVE BUYING
SUCCESSFUL RAIDS ON SOME OF
THE sPEcIALTIEs.
Union Pacific Was Heavy, Influenced
By Foreign selling-speculation
During the Week Has Been of a
Professional Observation-Disclosures
Have Generally Lost Ground.

New York, March u.-Quotations on the
stock exchange left off fractionally above
yesterdays close, and near the highest.
The trading ait the outset was of hesi-
.tating character, showing "a disposition to
| follow any move in the specialties.
This was indicated by a rise in sugar,
the Improvement in this stock cancelling
the earlier decline. The general market
moved sympathetically, but narrowly.
Subsequently there was a raid on Metro
politan Street Railway, which dropped .
points.
This incident stimulated short sales on
the other stocks with concessions quite
material in Manhattan, Brooklyn Transit,
Sugar and Bay stare Gas. The latter was
particularly Influenced by the action OF
the Boston exchange authorities in dis
continuing trading IN the stock. This ac-
ton. was subsequently taken by the gov
ernors of the local exchange. The rail-
road shares moved very sluggishly, and
attempts TO Improve them We're retarded
by the heaviness of Union Pacific issues,
in which foreign selling was quite pro-
nounced. Very peSslmiStic expressions as
to the probable character OF the BANK
statement, which had been rife during the
week, were partly eradicated when the
statement was published. The salient fea-
ture OF 1t was a contraction IN surplus re-
serve of only $1,3l5.0J0 The loan account
showed a reduction of over $30OU ZOO. Cash
decreased $,413,00U, which reflected sub
treasury operations in connection with
Central Pacific settlement. The statement
was received with considerable favor in
the street, and induced active buying,
raising the general level of prices above
last night. The closing was strong and
active.
The stock speculation for the week was
largely of a professional character, with
sales about a million less than those OF
the previous week. While stocks showing
advances were. more numerous than those
figuring for declines, gains registered in
the railways were in obscure properties,
the general run of shares, particularly the
grangers and Pacifics, losing ground. Ow
ing to the unusual prominence and sup
port extended to the specialties, many of
these properties show handsome gains.
A furry In the call money market, IN
which quotations for a time reached AZ,
was largely due to the financing of the
Central Pacific settlement with the gov
ernment, the Chicago & Alton deal, and
various industrial combinations. The
money to pay the Cuban troops had no
effect on the money market as it was
withdrawn from the SUBJ treasury. A large
amount of country bank balances reached
New York because of the firmness in the
money rates, and there Were arrivals of
round amounts of gold from the Pacific
coast and money gradually eaSed off from
its high level. While money was in par
ticular demand, there appeared q reflex
easing in sterling exchange, which again
strengthened, a nd money became easier.
The bond market followed the tendency
of stock prices pretty closely. The mar
ket as a whole showed a very substantial
undertone, and some striking gains were
recorded in the usually inactive bonds.
U. S. old As, registered, declined IL, the
new SIS. %, the SIS and the old As, cou-
pom, "A, and IS, Is in the bid price.
The total sales of stocks today were 3d.
400 shares. including:
Atchison preferred, 11575: Central Pa
cific, 5000; Burlington, 1895; Manhattan,
4525; Metropolitan Street Railway, 1855;
Union Pacific, 1899; st. Paul, 1O,G55; Am.
Steel & Wire, 1880; Am. Spirits preferred,
$50; Tobacco, $500; Bay State Cas- 81, $40;
Federal Steel, 4,225: Federal Steel prefer
Gas, 500: Brooklyn Rapid Transit, Il, $50;
Sugar "a 240