The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-24
A More Cheerful Aspect From the
Beginning.
DISPOSITION TO COVER
BROOKLYN RAPID TRANSIT IN
TERESTS DETERMINED.
Upward Movement of American To-
bacco-Continental Tobacco Rose
In Sympathy-Gains In Railroad
List Well Distributed = More
Cheerful Sentiment.

New York, Aug. 2s.-Affairs in the
stock market took a cheerful appearance
from the opening today and there was no
material setback in the advance in prices
from start to finish, though the dealings
were decidedly irregular at times during
the day 1t became manifest at the open
ing that the inside interests in Brooklyn
Transit were prepared to offer a very
determined resistance to any further de-
cline in that stock. which they have not
been doing for some time past Today
the price was never more than IL above
last nights level, and was extremely 1ey-
erish all day within range of about 2
points. But pressure against the stock
was relaxed when the determined nature
of the support became evident There
was some disposition to cover short con-
tracts in other stocks which have shown
sympathetic weakness with Brooklyn
Transit. The cessation of the bear cam
paign left the way open for an unoppoSed
advance, and there was large element
inclined to buy stocks The advance in
American Tobacco was the most con-
sp.cuouS movement of the day. A deluSe
of offerings was encountered at every
points up which caused a temporary halt
but after the absorption of these the up
ward movement was resumed. Tne eX-
IRENE rise was over points, Continental
Tobacco stocks rose 3 and over points
respectively in sympathy. Sugar showed
momentary weakness at the opening. but
was increasingly strong as. the day pro-
gresseG. and IS up 212 on the day There
Were heavy rakingS of Leather stocks
which gained ~ and 25s respectively. In
the railroad list business was exceedingly
well distributed and a large number OF
stocks show gains between l and points.
The most notable feature of the trading
in this department was the tendency to
turn to the middle and lOH-pFiced stocks
while the high-priced and established div
idend payers were almost universally left
acquiescent. In fact not a few of this
grade showed net losses. The low re-
turn at pres emit dividend rates made by
the high-gr1de railroad stocks and the
prospects of coming dividends or in
creased dividends in lower grade issues
owing TO the continued Increase in rail-
road earnings were the motives OF this
development in speculation. Common
stocks of reorganiZed companies having
dividend claims are provided for with an
accommodating surplus of earnings beyond
were the faEorites. Some of the south
ern and southwestern stocks which have
had recent large advances were held
back by realizing. With the exceptions
noted strength was well distributed
through the different railroad groups
Net gains OF points or upward are shown
by Baltimore q Ohio, Erie first preferred
Hooking Valley. Northern Pacific Fort
Worth and Rio Grande Chicago & East
ern Illinois and st. Paul & Duluth rose
an extreme points.
much more cheerful sentiment was
reflected from foreign stock markets to-
day and London was buyer in this mar
ket.
The bond market was active and strong
ard dealings were fairly well distributed
among the speculative bonds. Total sales.
par value. S5.O97 900. L. ). IS declined u
in the bid price.