The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-24
Erratic Movements of Price On the
Stock Exchange.
WAS A NARROW MARKET
DEALINGS WERE CONFINED TO
PROFESSIONAL ELEMENT.
Continuing Ease In Money Results In
An Artificial Stiffness of Ex-
( change Sales-Weakness In Newly
Floated Industrial Stocks-Re-
newed Claims of Drouth.--

New York, May 23-Negfect of the stock
exchange by the outside public continued
to be the marked feature of the trading,
and. as is usual in a narrow market,
prices drifted uneasily up and down, fol-
lowing the erratic movements of special
stocks. Dealings We're evidently almost
wholly confined TO the professional ele-
ment, who seek profits on the day turn
in prices. As this class of dealers watch
pretty closely for what other people are
doing and proceed to do likewise, the net
effect in a days business, or taking one
day with another. is not large. ester
gay late upward movement was followed
by d realizing this morning and later by a
sharp advance, which was practically
wiped out before the close. Sugar was the
center of interest in the market and re-
bounded quite strongly from She early
pressure, together with the affiliated Gu
cose stocks. But realizing took of all the
early-day rise. and left 1t at the last D
points below the highest and near the low
point of the day.
The drop in Sugar was accompanied by
a strong rally in the New York municipal
stocks. Consolidated Gas, Manhattan,
Brooklyn Transit and Metropolitan rising
from to points. This concurrent move
ment in the leading specialties gave quite
an appearance OF strength to the market
for a time. and their stocks gained in the
upward movement.
The weakness in wheat, and especially
The reported selling from the southwest,
helped this movement. but the persistent
reports of insect damage and news from
abroad that American wheat was prac-
tically unsaleable at present prices, helped
the late break in grangers and southwest
ems. There was growth of uneasiness,
also, over the persistent hardening tend
ency of foreign exchange The actual rate
for demand sterling touched S4.SI34 today,
which is near the gold export point.
The continuing ease in money suggests
that the methods employed to finance the
Philippines payment TO Spain has forced
something of a redundancy in the local
money market resulting in a rather artl-
fetal stiffness of EXCHANGE rates. EX-
change on Berlin also hardened fraction
today. although that money center was
reported to be buying American stocks
from London.
The newly-floated Industrial stocks con-
tinued rather conspicuous by weakness.
Anaconda broke points, and in the out
side market Amalgamated Copper. the
payment of subscriptions for which was
completed yesterday, fell TO par, which Is
the subscription price. The closing on the
exchange was easy in tone though rather
dull and showed net losses in all but a
few cases. There was a good demand for
some of the reorganization per cent rail-
road bonds the Union Pacific and North
ern Pacific Is both touching record prices;
Total sales. par value. S3.1i4.1J0. United
States government bonds unchanged.
The total sales of stocks today amounted
TO 49S.6S5 shares. including American Steel
* Wire. 500; Sugar $1,000; American To-
bacco. 200; Anaconda. 400; Ann Arbor
preferred, 800; Atchison preferred, 2, 500;
Brooklyn Transit $500: Chicago, Bur
lington Quincy. n.70O; Consolidated
Gas. 500: Consolidated Tobacco, 1920;
Denver * Rio Grande, 300; Federal Steel,
10000; Glucose 6leG; Manhattan. 1880;
METROPOLITAN Street Railway $500: Mis-
souri, Pacific, 900; New York Air Brake,
Zoo: Northern Pacific. 300; Northern
Pacific preferred. GOO: Pennsylvania,
$500: Peoples Gas. 500; Rock Island,
400: St. Paul. 5000; Southern Pacific,
300: Tennessee Coal & Iron, S.209: Union
Pacific. 300: Rubber, 800; Wheeling &
Lake Erie, 5000.