The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-27
Neither Bulls Nor Bears Prepared
to Make Commitments.
PRICES AT A STANDSTILL
THE PROMINENT HIGH-PRICED
SPECIALTIES WERE WEAK.
New York's New Franchise Tax Law
Has It's Effect-Another War of
Sugar Producers Threatened
Market For Bonds Stronger Than
That For Stocks.

New York. May 26.-The market opened
with a continuance of the upward move
ment which was in force yesterday Yes
terday's sharp advance brought in a mod
crate volume of buying orders TO the
commission houses, which We're put in at
the opening. There seems to have been
also considerable enthusiasm awakened
in the American department of the Lon
don market by the same cause The IN
ternational stocks were bid up there be-
fore the opening here. and the arbitrage
brokers promptly bid them up to Il parity
here. 1t soon became apparent, however,
that the bull party We're no more pre-
pared to make extensive commitments on
the eve of a holiday than the bears, and
the activity soon came To StandStill.
The feVerish and erratic tendency Of
Consolidated Gas helped to unsettle the
markets. Its sudden drop was supposed
by outsiders to indicate some possibility
IN the franchise tax law, and other stocks
in the same group fell away in sym
patty. When the announcement was
made of the action of the Gas directors
in reducing the quarterly dividend rate
from per cent to IL per cent, there was
some recovery in the stocks of other New
York municipal corporations. As a rule
the prominent high-priced specialties
were weak. Sugar was conspicuous
sufferer on account of the reduction in
the price OF cube sugar, which presaged
another stage of q war of sugar bro
ducers and effectually demolished the re-
Gently current reports of an agreement
upon which the stock had advanced. The
extreme decline in Gas was 10 points, and
1t closed only a quarter above that.
Sugar lost points, but rallied and
closed with net loss of 3s4. Both Amer
lean and Continental Tobacco, American
Steel & Wire, Anaconda q American
Smelling were points of weakness. Man
haitian, Brooklyn Transit and MetroDol-
titan Street Railway recovered a large
part of their losses.
When the selling movement had spent
its force in the afternoon, heavy buying
orders appeared for Atchison preferred
and ST. Paul, which will be paid for the
most Part on Il few slight losses in the
railroad list The market eased off
slightly with the final break in the spec
talties but many railroads show frac-
tional gains on the day.
The market for bonds continued rela-
lively more active and stronger than that
for stocks. a number of new high-record
prices being made Prices yielded at
some points in the list with the break
in stocks and made the days changes
mixed. Total sales, par value, 1882. $50.
United States Is registered advanced IS
and the old As coupon X in the bid price.
while the IS coupon and the IS de-
clined Is.
The total sales of stocks today amount
ed to 1913, 357 shares. including: American
Shelter preferred. 300; American Steel
& Wire, 1890; American Steel q Wire
preferred. 1000; American Sugar, 500;
American Tin Plate. 500; American To-
bacco, 10000; Atchison PREFERRED q 100;
B. & Q. new, $500; Brooklyn Rapid Tran
sit sc 900; c. 3. & q. rights, 1890; C., b.
& O. 1000: Consolidated Gas. So, 800; Con-
tinental Tobacco. % 400; Federal Steel
company, 1l.40o; L. & N. 5000; Mammal:
tan, Il, 800, Metropolitan, 800; Missouri
Pacific, 1900; Northern Pacific, G. 400; Peo-
pies Gas. 1900; Rock Island, 300; St.
Paul, $500; Southern Pacific, 700; South
ern Railway preferred, 400; Tennessee
Coal & Iron, 1890; Union Pacific, $500:
Il 9 Rubber 600.