The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-09
Succeed In Working Material Re-
ceSSiOnS In Prices.
WAS NO SNAP TO TRADING
NOTWITHSTANDING LARGE BUS
MESS WAS DONE.
Evident That There Was a Large
Bear Party In Sugar-Tobacco
Stocks Take an Advance-Grain
Carrying Roads Receive Stimu-
lus-The Wheat Market.

New York, June S.-The market took
on the appearance of vitality and strength
which are associated with Dull market
at one period during the day, but the IN
evitable professional realizing seemed 10
take the snap out or the market, ana
when the bears perceived that the buying
was not renewed with any eagerness,
even after the realizing offerings mad
ceased. they attacked the market in the
last half hour and worked some Verv
material recessions in prices. Sugar.
Metropolitan and Brooklyn Transit closed
more than 2 points below The high level.
though retaining still good net advances
in price. A number OF the specialties and
prominent railroads also had point or
over taken from the top prices.
The opening of the market was sur
prisingly tranquil considering the amount
Of business that was being done. A long
list OF important stocks opened at I'M
changed prices, and no stock in the list
showed change of as much as point
IN the early transactions. II was evident
that there WAS q large bear party IN
Sugar still unconvinced by yesterday S
dividend declarations and they undertook
TO force down the price of that very I'M
certain security. BY the time II had fallen
two points, however the decline met
resistance Of kind which it was not In
the lower of the bears to overcome.
The experience during the remainder Of
the day was not an agreeable one and
the heavy blocks absorbed at the nigh
level. was convincing evidence of their
distress. The advance in price OF re-
fined sugars. which was acquiesced in by
all interests in the trade, seemed TO bring
home to the bears that the competition
could not be of a very destructive char
acter and that the opposing interests
might be fairly regarded as installed in
the position of insiders regarding stock
market manouvers-
Transit. Metropolitan Street Railway and
Manhattan added to the discontinue of
the bears. Later in the day the Tobacco
stocks took up the advance. Yesterdays
dividend declaration on AtchiSon ore
ferred had a very stimulating effect on
that stock as well as on all the grain
carrying roads. The Western and South
western stocks nearly all rose over
point, and pretty much the whole railroad
list responded in sympathy, the only
laggard being a few southern roads winch
We're affected by selling for London ac-
count.
The announcement of further ship
ment of 81 .000.0 600 gold on Saturday. max
ing a total of S3.500,000 on the movement,
was without influence in the market.
This outward movement of gold Is now
generally understood to be due to special
Inducements offered by the Bank OF
England to secure a Teplenishment of its
reserve. There are limitations of similar
pressure from Russia and other CONT
mental points. though no authoritative in
formation can be secured on the sub
iect.
The iron and steel stocks were con-
spicuously heavy all day with one or two
exceptions though they did not suffer
materially in the later decline. Large
gains were shown by a number of rail-
road stocks seldom traded in. including
Iowa Central preferred, Minneapolis, st:
Paul & Sault Ste Marie common and
preferred: Hooking Valley. Evansville &
rerre Haute and Des Moines & Fort
Dodge preferred. The tone at the close
was decidedly weak.
The market for bonds showed improved
strength and an increased volume of
dealings as the day progressed Total
sales 50 so 600. par value.
United States IS advanced y IN the bid
price.
The total sales of stocks today We're
725, s6s shares, including: American Steel
& Wire 5000; American Sugar. $1,000:
American Tobacco, 20.50QS Anaconda, 1900;
Atchison. 5 900; Atchisos preferred. 4, GOO: I
Burlington $. 500; Continental Tobacco,
il 100: Continental Tobacco preferred, IS
z00:. Federal Steel. 21,0O0; Federal Steel
preferred. 1920; Manhattan Consolidated
q. 900; Metropolitan Street Railway. 500;
Mexican Central, 6,1O0; Missouri Pacific
j.. 500: New York Central 1000; Northern
Pacific. 1880; Northern Pacific preferred
1900: Peoples Gas 11.0G0; Rock Island,
IL 100: St. Paul. .. 100: Union Pacific. 800;
Union Pacific preferred, 5000: United
States Rubber. 800; Western Union, g.
zoo.
Bond Quotations.