The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-01-24
WALL STREETEXC|TED
Speculation Craze Has Struck the
General Public.
ALL o BROKEN
OVER A MILLION AND A HALF
SHARES SOLD.
Bond Transactions Aggregated Over
Nine Million Dollars-Floor Brok-
ers Unable to Execute Their Or
ders and Commission Houses
Take All Orders Subject to Delay.

New York, Jan. 24.-Speculation in
stocks today passed previous high record
marks. both in volume and in prices at
tanned. Transactions in stocks figured for
1,620.000 shares, and the sales of bonds
reached 50, O46, 900.
Trading was furious at the opening, and
the highest prices weps reached in most
of the stocks on the initial bulge, with
advances of five to ten points in some
cases. There were subsequent violent
breaks on realizing of profits The mar
ket became quieter until another exhibit
ton of strength in the afternoon. when
the coalerS and Gould stocks got TO the
best. The bank statement, when seemed
to assure easy money, was the main
spring in the market strength. London
opened firm. but declined on operators
taking profits and then steadled on curb
transactions.
The extent of the public's interest in
the market was reflected by the conges-
ton of business in the stock exchange
and in the commission houses. For IN
stance, it was announced to d broker 5
customer today that all orders would be
aiken subject to delay, as their repre-
sentativeS on the floor were unable to at
tend to all of their business, and that
floor brokers were refusing orders, as
theZ had more on their hands than they
could execute.
An incident conveys an impression of
the extent of the early vance one
customer who had given an order TO Sell
a. block of an active issue received $50. vU0
more than the order called for. Large
operators are believed to have realized
heavily in the early dealings, but there
was said to be considerable taking back
OF stock in the afternoon that had been
sold earlier, and round ambountS of stock
We're covered by the traders.
Some of the more sensational move
mentS were an advance OF 1873 IN. PITTS
Is and a net gain of AS; Canada Southern
advanced L u, reacted and gained 342; New
York Central advanced 31s, fell back 5A.
and ended with a net loss of Is; Manhat-
tan rose fractionally, broke 3 points, raj
lied AZ. and closed Is up. At one time or
another in the trading 4Iere were extreme
advances in the following stocks, not pre-
VlouSly enumerated: Reading LIST prefer
red, "a; seconds, 3; Pennsylvania, 81; on
tario & Western, 5$s; General Electric,
"A: Lackawanna, AZ; American Malt. AZ;
St. Louis, first preferred, t each; Interna-
tional Paper, 81; New York Central, 3H;
St. o & San Francisco, second pre-
ferred and Delaware & Hudson, ) eaeh:
After the early rise, the heavy selling
movement dropped prices rapidly, Brook
Transit, Union Pacific, st. Paul, New
York Central and many other stocks
yielding from two to i've points. The
market became dull in the afternoon, but
livened up later under the leadership of
the coalers. Enormous purchases OF Read
ing carried the price up "a, and other
coalerS We're lifted from y to AZ. The
spread to Ontario & Western,
which jumped 5%s on transactions of over
200. 600 shares. The belief seemed to be
the mDan would benefit by the
conditions which were said to eX-
in the anthracite coal trade. It was
a plan for harmoniZing the conflict
interests in the trade has reached a
preliminary stage. The range were
rather quiet in the afternoon. Speculative
interest centered in the specialties. Not
w~ithstanding the undertone of strength in
speculation, many shares closed notably
The more prominent were Union
Pacific preferred. Omaha. Federal Steel.
Brooklyn Transit. Consolidated Gas, New
York Central and Glucose, which were off
l to rs. while New York Air Brake
Pittsburg, Chicago. Cincinnati & St. Louis
said TO be founded on confidence that
the legal position of the minority stock
would lead to the declaring of
dividends within a comparatively short
or in the sale Of minority holdings
IN blocks. The extraordinary squirt in
c, c.. c.. & st. l.: was on Il statement
hat the VanderbiltS had acquired the
In some quarters the denial of
he reported plan of the controlling inter-
in New York Central, as far as they
relate to other railroad properties, were
'egarded as technical. The market closed
strong.
Railroad bonds showed considerable
strength during the forenoon, and record
prices We're obtained in many instances.
m the subsequent dealing, the market
considerable irregularity, which
to the end.
L. S. old is, oupon and the 5S. coupon
advanced Is in the bid price.
Total sales of stocks today were 1,620, 900
shares, including:
Atchison. H.55O; Atchison preferred. u.s.
20; Canada Southern, 1850; Central Pa
siic. 1900: Chesapeake & Ohio, II, $50; !
Burlington. $3.50; c.. c., c. & ST. l.,
6.420; d. & r. G.. preferred, 5000; Erie
preferred, Is, 400; Illinois Central. 1893: l..
Z N. 1850; Manhattan. $3.50; Metropolis
3.45O: Reading preferred. 1SS,OGO: Mis-
;ouri Pacific, $1,000; NJ. K. & T. preferred.
800; New York Central. 50. 1853: North
american. 500: Northern Pacific. 1920;
Northern Pacific preferred. 25,551: Ontario
Z Western. 31,162; Reading. 1920: Union
Pacific. &c, ZOO; St. Paul, 1920; Southern
preferred, 10,209; Union Pacific preferred,
1,S41; Paper, IA. 100; Tobacco, is. 80: Steel.
l .e25; Steel preferred, 1929: Peoples Gas,
5000; Colorado Fuel & Iron, $500: Cen
Electric. 4.e47; Brooklyn Transit. IS
%; Pacific Mail, 7,440; Sugar. AGO; Rub
3,400; Leather, 4.S60; Leather prefer
ed, 9,265; Western Union, 1900; Chicago
treat Western. %, 200.
BOND QUOTATIONS.