The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-20
Wide Movements In Contrary Di-
rectiOns During the Week.
GAINS IN RAILROADS
THE BEARS ON WALL STREET
SUFFERED A TOTAL RoUT.
Stocks Yesterday Were Strong At
ter a Brief Period of Hesitation
and Reaction, Following the Pub
LEGATION of the Bank Statement
Call Money Eased a Fraction.

$
New York, Aug I9.-The stock mar
ket was strong and active today afte
a brief period of hesitation and reac
ton after the publication of the banl
statement, new buying orders of con
spicuous stocks lifting them to the tol
level of the day. There was some get
ting under cover under this bidding o
prices and a few weak spots made tn
market rather irregular at the close
Yesterdays vigorous upward move
ment attracted quite large volume o.
buying orders to the commission house:
and the tone of the market was thu:
strong from the opening. The weekly
reports of the various trade and COM
mercial agencies and the increased
earnings of practically all the railroad:
reporting helped on the upward move
ment. The organized buying in Louis
Vile and Tennessee Coal continued il
evidence and Central Pacific was bic
up. Southern Pacific, in spite of large
dealings was held back by profit tax
ing and shows only a moderate net
gain in the day. Louisville rose ar
extreme 21s and Tennessee Coal shows
a. net gain of 81. Takings of st. Pau
were on a very large scale and were
accompanied by rumors of an inten-
stock.
Other stocks notably strong were
Norfolk & Western common and pre-
ferred, the common gaining ~. Pacific
Coast common and second preferred
rose 21I points each. Hooking Valley
preferred, Atchison preferred, Ameri-
can Cotton Oil, National Steel prefer
red, Steel & Wire preferred and a few
other stocks show gains of a point or
on, ?
Ign Transit, the Tobacco stocks and
some of the steel and iron stocks were
under firm pressure, losses were shown
here and there in the railroad list in
stocks which were only lightly dealt
in.
The bank statement was rather puz-
zling in that the deposit liabilities weE
not increased by as much as the cash
and loan increase. But the smallneSs
of the changes left little ground for
anxiety. After a momentary hesita-
ton traders decided to take the OPP
timistic view of the statement. South
ern Pacific collateral tours when issued
were taken in large amounts gain of
l per cent.
Speculative sentiment has been in a
good deal of a hurry -burly all the week.
An inspection of the price list discloses
some very wide movements of prices in
contrary directions. Industrial stocks,
as a rule, are lower. the exception be-
ing the tobacco stocks. Some very
striking gains are shown in individual
railroad stocks. but the changes in the
majority of these stocks were SurpriS-
ingly small until today, considering the
activity of the market and the furious
speculative contest which has been
waged from time TO time. So far as
an effort to cause a general reaction in
prices is considered, the bears have
suffered a total rOut. and have shown
symptoms of exhaustion and dispo-
Sition to cover short contracts as the
week progressed. a marked sentiment
tai effect was produced early in the
week by a published announcement
from a stock operator noted for his
holiness and many successes, that he
persisted in his belief that prices were
too high and certain to go lower.
This announcement induced conSid-
cradle following among the board room
traders, who have constituted the
greater part of the market for some
time past. and the buoyancy of a few
stocks on Monday following the favor
able bank statement of Saturday did
not awaken any general demand for Sc
curities. There was a watchful antici-
patton of a bear raid. which came on
Tuesday with a fierce onslaught upon
Brooklyn Transit and American Steel
& Wire. On Wednesday the battle was
continued, and shifted to Sugar, Ten
nessee Coal and the Tobacco stocks.
when signs of realizing sales after the
large gain in those stocks made them
Vulnerable. Only slight effect was pro-
duced on the standard railroad stocks
and individual stocks in that depart
mentf continued to show striking gains
Quite a number of obscure stocks were
brought forward and the price run up
rapidly on special favorable conditions
of the property.
Pool operations also came into evil
dence- The organized buying of South
ern and Central Pacific and Louisville,
d Nashville were particularly notable.
As there are heavy holdings of these
properties in foreign hands, the stock
became scarce for delivery. and the rise
was thus aided. The pressure from
bear. sources was largely removed as
the week progressed. Late in the week
the market broadened. out very mater
tally, and began to show signs of an
outside interest being attracted by the
leadership of organized pools. which
had set about bulling stocks
Call money has eased an additional
fraction in New York under continued
offerings from outside domestic cen
tiers, Increased confidence in the money
outlook has been the prime incentive in
the advance in stocks.
Bonds have been less active relatively
than stocks, and price movements have
been irregular. The speculative issues
generally are higher. United States new
Is, coupon, has advanced q. and old DC
and 5s, 4 per cent in the bid price.
Bond Quotations.