The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-07
St. Paul the Central Figure In the
New York Market.
PRICES GO UP STEADILY
SOME ADVANCES In QUITE A
SENSATIONAL MANNER.
Feverish Demand In Tennessee Coal
Attributed to Large Short Inter
est-Call and Time Money Rates
Stiffly Held-Pressure On New
York For Funds-Grain Market.

New York, Sept. est. Paul was the
central figure in the market today. The
publication of the annual report with its
great detail of facts and figures, all
showing extraordinary prosperity was the
motive of the buying. which was Very
large and which carried the price steadily
upwards nearly . points.
So wide a movement in a standard
stock of st. Pauls character was looked
to- to arouse some sympathetic strength
in the general market The St. Paul
movement in the upper stages of the ad-
vance showed some signs of maniplla-
ton for the. purpose ofHslstalning the
general market There was quite lree
vance in prices and the last hour WIS
given over TO an active realizing move
ment, which clipped offslz of ST, Paul and
nights level. The dump in call money to
per cent induced the realizing. The
exceptions were a number of usually OBJ
scure stocks which were marked up in
quite a sensational manner. Tennessee
Coal dashed up and down in an cratic
manner all day, climbing 9l1 points in the
first hour and dropping again to within
points of last nights. Ine feveriSh de-
mand for this stock is attributed to a
large short interest which finds itself
obliged to settle with a practical corner
in the stock according TO current rumors.
This is Wall streets effort to explain the
movement which seems extraordinary
without il in stock which has paid no
dividend for twelve years and which has
six years dividends have accumulated
and are payable before dividend is due
on the common. The movement in Colo
RADIO Fuel which reached about points
was in close sympathy with Tennessee
Coal as was that of points in Hooking
Coal. There were rather sensational adj
Tances also in Pullman, the Buffalo.
Rochester and Pittsburg stocks which
gained about Z points each and Colorado
Midland preferred, Southern Pacific and
Central Pacific recovered about ~ of
their recent declines and the Southwest
ern stocks and coalers advanced temper
Arily but more than lost the gain. Sugar
underwent the same experience, rising
points on the declaration OF the regular
dividend and then reactirg an extreme
The New York municipal stocks all
Transit having declined 2% after an initial
rise and Consolidated Gas showing a loss
of 3A. New York Air Brake dropped 8
points Republic Steel after gaining l9s,
Smelling was conspicuously weak. The
marked activity of the trading was very
unevenly distributed. but brought for
ward quite a number of unusually active
stocks.
There was no change in the money mar
ket today. Call and time money rates
were quite stiffly held. There was a
further deposit of sl5O,0OO at the sub
treasury for shipment to New Orleans.
Exchange at interior points indicate
pressure on this center for funds and
the sub-treasury continues to absorb
cash from the banks. Notwithstanding
the hardness of money here and the
somewhat easier tone in London. sterling
exchange was firm in New York and adj
vanced a fractional Il on actual BUSH
ness.
The bond market was quiet but prices
were well held. Total sales par value
S2.367.000. United States bonds were I'M
changed on bid quotations.