The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-01-19
Course of the Market Was Steadily
Upward.
BEARS WERE HELPLESS
MADE UNSUCCESSFUL EFFORTS
TO STEM THE TIDE.
Shorts Were Forced to Cover In a
Number of Stocks, and London
Repurchased It's Early Sales-Csn-
tral Pacific Strong On Reports of
Reorganization

New York, jan 1S.-The stock market
except for initial heaviness in sympathy
with London, which in turn reflected the
weakness of the New York closing yes
terday. made practically an uninterrupted
course upward. The gains were fraction
al in the general market. while the
Srangers and minor specialtieS made sub
stantial advances Investment Durcha ses
were very. heavy and largely concentrated
in the grangerS. larry efforts to cause a
continuance of yesterdays reaction lasted
but short time. as there was no evil
dence of important liquidation, and Lon
don sales of some . 900 shares were well
absorbed. Commission house buying was
renewed and the shorts were forced to
cover in a number of stocks The mar
ket was comparatively dull in the fore
noon and then gradually increased in ac-
tiVity and strength up to the close. The
feeling in London improved and there
were some repurchases of stocks for that
quarter. st. Pauls increase of $4,000
gross for the second week in January in
spired more confidence in that group of
stocks and there was an increase of
western orders to buy. compared with
those of the last day or two. which had
diminished. The possibility that Bur-
lington might presently refund some of
its bonds on lower basis, thus bene-
fitting the stock, was much discussed and
Burlington rose over five points. 1t was
learned that no action was taken by the
Burlington directors in Boston today.
Oiudild roSe III SAptctstliOll u the uScidI =
alton of an extra dividend at tomorrow 5
meeting of the directors, and Northwest
ern, because of the benefit of which ac-
ton should accrue to it, advanced 33f
points. Traders, seeing the support ex-
tended to the market. successfully bid
up prices whenever opportunity offered.
Some times it was Federal Steel, other
times Sugar or Manhattan. Central Pa
cific developed strength on the report
that the reorganization plan was practic-
ally completed. The volume OF business.
while greater than that of yesterday,
lacked over 10000 of reaching the Million
share mark.
There was a number of important move
ments in the bond trading today. con-
spicuous among which was q rise of 81
in Fulton Elevated 5s and 4 points in
Burlington convertibles. The general
market showed decided strength all
around. Total sales, $5,105.000. Govern
ment bonds closed unchanged for all is
sues.
The total sales of stocks today were
S45. 100 shares, including: $50 AtchisOn.
81. 40 Atchison preferred, 32.120 Central Pa
cific. "a. 420 Burlington. $3.50 Louisville &
Nashville. Is, go Manhattan. 3.T3S Metro
politan. 21,520 Reading preferred, 1875 Mis-
Is. 400 Northern Pacific 1920 Northern
Pacific preferred34 42G Rock Island, Il, 200
Union Pacific $500 st. Paul. $500 St.
Paul & Omaha. 1882 Southern Pacific.
200 Southern Railway Is. go Southern
Railway preferred 1870 Union Pacific
preferred p $50 Wabash preferred, $40
Paper, 1920 Tobacco 1850 Steel. 4.720
Steel preferred. 1920 Peoples Gas. 1890
Pacific Mail. So, 24O Sugar. $4,000 Tennessee
400 Rubber, 1870 St. L. & s. w. preferred,
go @ C. W