The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-21
PRICES LITTLE CHANGED
FLUCTUATIONS IN TWO HOURS
SHOWED HESITATION.
Anaconda, However, Continued Its
Show of Strength-Sugar hept-
Above Previous Days Level
Bears Cautious, In Anticipation Of
Favorable Bank Statement.


down. Prices in the majority of cases are
comparatively little changed from last
night. The course of their fluctuations
during the two hours trading reflected
considerable hesitation and uncertainty
IN the minds of the trading element. The
LONDON exchange was closed for a holi-
day, and there were no quotations from
That quarter TO give an indication of the
tendency OF prices. Many stocks opened
unchanged in quotation or moved only Is
either way. Stocks of corporations which
ENJOY franchise privileges in this state
We're weak, on the prospect of the fran
chlse tax bill becoming a law. the pros
pect of material modification not being
considered likely. The American Smelling
stock was also under pressure and con-
llnued rather weak all day. Anaconda.
on the other hand continued its show of
strength and ended the day 2I2 points
higher. Sugar made an aggressive re-
slstance TO the pressure against il, and
Kept above yesterdays level after the
opening decline There was duh resist
ance TO the occasional attacks of the mar
ket also by the railroad stocks. especially
those in the south and west. Manhattan
ana Third Avenue We're firm early, but
yielded later. the latter breaking points.
The bears were disposed TO caution in
anticipation Of the favorable bank state
ment, but when the market failed to
respond to this an attack on values was
made. so little stock was brought out on
the decline that the bears covered, max
ing the close firm at closing changes
except in special cases.
increase in cash than was expected. The
heavy contraction in loans was, of course
a reflection in part Of the drastic liquida-
ton of last Saturday. AS a consequence
the increase in cash almost all went to
swell the surplus reserve of the banks.
There was marked continuance of the
recent heavy absorption of new issues of
railroad bonds, the tape recording several
individual transactions Of from 100000 TO
over 5000, 600.
The stock market has been so much. un-
settled during the week by the contending
struggles of the bulls and bears over the
Flower group Of stocks that there has
been little opportunity TO discern any re-
Election of general conditions in its move
ment. There was some slight continual
ton on Monday of the eager selling pres
sure on those stocks which had been mar
Helously advanced in value under the
fostering of the late Mr.. Flower. But
the determined and extensive buying by
the deceased financiars associates in
these properties, who had Joined resources
Tor the protection of value, soon allayed
the apprehensions of timid holders and
induced the shorts to cover.
The movement towards recovery seemed
TO meet with no opposition from the bears,
Notwithstanding the pronounced bear sit
uatlon assumed by one of the largest
professional operators in the street. But
the bear element was looking forward
only short time, as the case proved, for
an opportunity to attack values
They Offered no very vigorous opposi-
ton to the process of reconstruction of
values while it was pursued with set pur-
poses. But the rise of "Wednesday. which
brought the Flower specialties back TO or
above the prices of the preceding Friday
satisfy the bull element for the time be-
ing. and on Thursday there was evidence
of realizing on some of the large holdings
which il had been necessary to accumu-
late earlier in order 10 check the down
ward tendency of the market. This
profit-takng had the advantage of a
rising tendency railway list. due to good
traffic returns to sustain il.
The rise in wheat and the talk of crop
damage caused the railroads to waver.
and then the bears attacked the special
ties. notably Sugar Brooklyn and the
New York Traction shares, with great
violence and determination. causing nota-
BILE recessions. The uncertainties thus en-
gendered led TO subsequent dizziness. 1t
seemed TO be demonstrated that the large
lines accumulated for the lifting of prices
Were held over the market and power
full bear force stood ready to take the
market from any attempt at profit-tak-
ing.
There are no certainties in the general
outlook to confirm the general hesta-
ton of speculation and a disposition to
await further developments to indicate
whether the present level of prices is
consonant with the conditions of money
and there is the inevitable uncertainty
regarding the crops at this time of the
year. Talk of crop damage has bearing
on the future earnings of railways, and
IL is not an answer to this to compare the
price of wheat with last years level,
when the high price was due to the
clamor of the whole world for the very
abundant product More TO the purpose
are the current statistics of railway earn
ings, which are well in excess of those of
last year for the grain-carrying roads, in
spite of the phenomenally heavy move
ment of wheat at the time in connection
with the Letter deal
Great attention is given also 10 the
condition of our international trade bal
ance. as bearing on the dominance of the
worlds money markets recently enjoyed
by New York The financing of the 500
100000 payment to Spain, completed on
Monday. without the expectation Of
dollar of gold, was striking evidence of a
residue of our exchange credit balance.
But the question arises whether the resi-
due is not exhausted by this important
operation ana whether the present move
nient of international trade gives any
promise of renewing it. The rate of eX-
change had arisen sc per pound at New
York during the week and the supply of
bills is reported scanty.
Imports continue well above not only
last years level but above the normal of
recent years. Still exports. though far
below last years unprecedented level,
owing to the reduced prices of bread
stuffs are still well above the average
for this time of the year. and the excess
of exports for April holds the record for
that month, if last year is excepted. As
this continued advantage of position is
due TO the increased exports of our man.
ufactured products, the future of the iron
trade has an important bearing on the
future trade balance. The continued up
ward tendency of iron and steel products
IS expected TO curtail exports in that line.
Under these circumstances the DISPOSE
ton OF the London market toward Amer
lean securities is keenly scrutinized as
a selling movement OF large proportions
there might precipitate gold exports.
Money continues in abundance. both
ct New York and interior points. and
there is no suggestion of scarcity in the
immediate future.
There has been large buying of rail-
road bonds during the week, the large
Individual transactions Indicating buying
for large financial interests. The new
contemplated issues for reorganization or
refunding bearing or per cent interest /
have been the favorites. United States Is
advanced Il; the new As 4, and the old is
registered and the SIS i in the bid price.
The total sales of stocks today amount
ed 10 ISL. 465 shares. including American
Sugar. 2, 500: American Tobacco. 2.700;
Anaconda 10 800: Atchison preferred
1880: Brooklyn Transit % 400; Chicago
Burlington & Quincy 500; Chicago Bur
lington & Quincy rights 1880; Consoli-
dated Gas, $500: Continental Tobacco.
200; Louisville * Nashville. 200: Man
haitian. $500: Metropolitan Street railway,
l10o; Missouri Pacific. 1900; New York |
Central. 1900 Pacific Mail. 5000: Peoples |
Gas. 4.100: Rock Island. 1900; st. Paul. |
g. 800: Southern Pacific, 1000; United States |
Rubber. 2.2oo.
n,,1