The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-03-19
Trust Shares Almost Up to High
Record Mark.
MARKET CLOSED R o
TRADERS DISCOUNTED UNFAv,
CRADLE BANK STATEMENT.
Banks Lost a Large Amount of Cash,
Which Was Withdrawn For Hand
ling Various Big Deals-Review
OF the Market For the Week-In-
dustrials Prominent In Deals.

New York, March S.-The change in
stock prices, compared with yesterday
was very narrow. In the early trading,
prices dropped downward, notably Con-
nenta Tobacco, international Paper
Glucose. American Steel & Wire. Brook
lyn Transit, Burlington, TeNa-; & Pacific
and Metropolitan Street Railway. The
movement seemed to be in the nature OF
d~iscountiug an unfavorable bank state
ment, for when it was published showing
a decrease of over 100000 0 in the surplus
reserve. but a contraction of some three
and a half millions in loans, a covering of
short contracts set in.
Metropolitan, Brooklyn Rapid Transit
and most of the other stocks which had
shown earlier recessions, were lifted
smartly.
Interest very largely centered in Sugar
again today, and the stock closed within
a fraction OF the high point, 17214, yester-
days closing being 16452. Tennessee Coal
& Iron also showed Improvement in the
day. There were declines of from frac-
tons to 3 per cent in Tobacco and some
OF the new industrials. including CONT
mental Tobacco. International Paper,
d Wire. The railways left on practically
on Yesterdays figures. The market clos
ed strong and active.
The stock market was of a very profess
Sional character the week,
with standard shares generally recedlns,
as did a number of -unseasoned lndustrlais,
but Sugar was marked up over thirty
points, with some influence on certain
stocks. The money market was the all
important influence. call money averaging
4 per cent. though at n time ii touched
8. There was u reflex easing in sterling
exchange, d hardening of money rates in
all markets Banks were in receipt OF
urgent requests for notes, especially from
western banks, but the scarcity of cur
rency here was reflected in the paymen
early this morning of 8 per cent OF the
customs duties in gold. The payments of
S6,VVO,VN 10 the government in partial pay
ment OF the Central Pacific obligation, to-
gether with the purchase of Chicago *
Alton stock. for which a large sum was
transferred to the former owners, were
party responsible for the hardening IN the
money market. An ~unfavorable bank
statement had been expected, and when it
appeared, there was some covering. The
decrease in surplus reserve of over S4.000,-
600 was thought to be largely due 10 those
special transactions. Tit uncertainty at
this season regarding winter wheat, to-
gether with predictions that February net
trafnc returns would not be up to eXpec-
tatons, had a REFRESHING influence on the
railways. On the other hand, earnings
for the first week in March showed an in
crease OF about l per e The decrease
of some eight and a quarter millions of
dollars in value of the excess of the Feb
ruary exports, compared with last year,
was a subject of mme in relation to
foreign trade situation, but that it was
showing increase in the exports of manu-
featured articles was the sourse of graft
fcation. The signing of the peace treaty
by the queen regent of Spain caused no
response in the market.
The industrials and s~pecialties were
more prominent in the dealings than at
any time hitherto. All the advances OF
note were made in securities of this class.
with Sugar the leader. This stock. after
remaining comparatively steady, suddenly
sprang into activity on Thursday on
transactions of over a quarter Of a mil
lion shares, rose 29A points above the
price of the previous day, reaching TO,
and then reacted to l5l. and or Saturday
gain il rushed up to 17216. Various ru-
mors attended the remarkable movement
in Sugar. All these stories met prompt
denial.
Total sales of stocks today were S5l, 500
shares, including:
., AtSehison preferred 2l.O51; Burlington,
2l.350; Manhattan. 1891; Metropolitan,
6,255; Northern Pacific. SOS; Union Pa
ciic. 5.5T5; Union Pacific preferred. 6.321:
st. Paul $3.50; Texas & Pacific, 1880:
American Steel & Wire, 1920; Federal
Steel, $3.50; Federal Steel preferred. $500:
Peoples Gas. 1920; Brooklyn Transit, %
$50; Sugar. $500; Tennessee Coal e Iron,
1890.