The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-01-29
Three-Quarters of a Billion Shares
Changed Hands.
TENDENCY WAS UPWARD
CONDITION OF MONEY MARKET
A STRONG FACTOR.
General Confidence In Americas In
dustrial and Financial Condition
Railways Report Increased Earn
ings and the Bank Statement Was
Favorable.

-&-
New York. Jan. 2S-The stock market
was quite irregular today The opening
was strong, in spite of the irregularity in
the London market, because, in part, of
the absence of disquieung Philippine ad-
vices, which apparently had been expect
ed by the traders, who started covering
snort contracts.
Presently there was a renewed attack on
values on predictions of an unfayoraple
bank statement but when the statement
appeared, it upset all calculations by De-
ing very favorable. This was the siSnal
for the re-Durchase OF stock solu carrier
which gave a strong tone TO the closihS-
There were some recessionS in the tali-
ways, however, on the evening up Of con-
tracts for the week. Sugar ana GIueose
gained over a point each, but il seemed 10
be the impression of traders that Sugar
was advanced in the interest or sellers,
while in other quarters the simultaneous
advances Of Glucose ana sugar was sur
missed to point to favorable trade develop
inents. Among the Pacitics there was an
advance OF over q point in Northern anu
Southern The movement in Northern
Pacific was attributed 10 more confident
gossip regarding its dividend standing
Pacific Mail was stong, on the more ia,
vOrable outlook for the mail subsidy Dill
in congress. Minneapolis. q st. Louis at
one time displayed strength in possibility
of the first preferred stock being re-
The prospective advance in coal rates
at western points was reflected IN some
serength in Reading. Among the low
| priced shares, st. Louis u southwestern
/ preferred rose four points and St. LOUIS
| * San Francisco End preferred 2Ss.
| p, C, c. & ST. l.. American Express
and Southern Railway were also strong.
! Along the industrials, American Steel pre-
/ ferred and American Malt were weak
! Canada Southern and c, c., c. St L.
| preferred also showed declines.
/ This was Vanderbilt week in the stock
| market The dealings were over 1.25005J
! shares, with fluctuations showing great
- v~se lon
= There were many reported deals asso7
ciated with the Vanderbilt name, ana
/ the stocks affected moved widely, acting
/ as the various rumOrs were belleNeq OF
discredited the unruffled condition Of the
! money market, in face of the unprece-
! oented volume of transactions IN STOCKS
and bonds, was reassuring and. in n sense
/ confirmed the public conception OF tne
! marvelously favorable conditions prevail
/ ing in industrial. agricultural and imam
/ .cial circles in America.
| Excellent railway returns came to hand
/ from various sections of the country.
| SiXty-one railways increased about 81
! per cent in gross earnings for the third
week in January. Among the December
| statements of net earnings, ST. Paul
/ showed an increase of over one-third or q
million dollars, while Burlington Increased
| $1,000
The bank statement was far more IA
| Vorable than anticipated, showing over
seven and d half millions increase in sur
/ plus reserve. The shading OF discount
! rates in continental centerS, including
/ reduction by the Bank Of Belgium, fol-
! lowing the action in Berlin, was taken IS
! evidence Of less tension in foreign poll
/ tics. The favorable developments in the
! iron trade, the enormous bank clear1ngs
/ and exchanges, attracted considerable at
| tentiOn. Allowing for speculative account,
| the enormous dealings reflected q great
| absorption of money in high-Srade securi-
! ties Another evidence that the public had
taken a firm hold of the market was the
! unprecedented distribution of the deal
ings and the infrequence OF Individual
stocks appearing in comparatively abngr-
I mai proportions OF the transactions me
] varying phases of the Philippine problem
had not much weight in speculative SEN
I timent.
Throughout the week the facilities of
| the exchange were taxed to the utmost,
and the clerical forces in the brokerage
offices worked overtime TO keep track OF
! their large accounts. The largest net az
! Vances for the week We're: metropolitan,
| 1879; Capitol City Traction, II; Twin city
Rapid Transit, l3; Pittsburg and c.. {. &
ST. Louis preferred, 10l2; Tennessee Iron
/ & Coal preferred, Il; the common. ~;
Long Island, Y; c.. C.. c. & 81. l. Sas;
Commercial Gable. 9; General Electric
! 81; Rio Grande, So; Pacific Mail, Sl4, ".
| Louis q Southwestern preferred, ~; St
| Louis &; San Francisco md preferred. 81 :;
| Lake Erie & Western preferred. 6ls; Lake
| Shore, 8; Peoples Gas 55s; American E-X-
press, 81; Chicago Great Western de-
| bentures, Reading 1st preferred and Balti-
more & Ohio. 474 each; Rubber, ga; Toie-
| do q Ohio Central, ).
There were gains, too. of over three
points in Sugar, Lackawanna 81 Western,
| Northern Pacific, Ontario * Western
/ Minneapolis & St. Louis and Wheeling s,
] Lake Erie preferred.
Pronounced strength characterized the
bond trading, the market showing less
! feverishness than in stocks. Many issues
were brought prominently forward. owing
/ 10 dissemination Of rumorS regarding
! their standing toward 4 union with other
properties. Dealings were on an immense
| scale, with purchases for cut of town ac-
| count exceptionally large
L. S. IS reacted g., and the IS coupon
! advanced Is in the bid price.
The total sales Of stocks today were
! 56I. $50 shares, including:
| AtchisOn. 5,257; AtchisOn preferred. IS
$50; Central Pacific, S100; c. d o.. ITO;
| Burlington, 1900; L. q N. $3.50; Manhat-
/ tan. 6.375; Met st. Ry., $3.50; Reading
preferred. 1870 Missouri Pacific, 4,225;
New York Central. 800; Northern Pa
cific. 5000; Northern Pacific preferred
| 4.S50; Ontario & Western, S1G0: Rock Isl
| and. 7,755: st. L. & 5. W. 12.3o0 st. /. s.
! S. ". End preferred, L, 200; Union Pacific
| 600 St. Paul. 1879; Southern Pacific L.
$50; Southern Railway. 2,220; Southern
Railway preferred, i, go; L. S. preferred,
12.620: Steel, 1900: Steel preferred. is, $50;
! Peoples Gas, %. 40; y. r. T. Co.. 500.
Pacific Mail. 1899; Sugar. s.. $50: T. c. &.
| T., Il 720; Leather, 400; Leather prefer
red. 1920; Rubber. 3,000: st. l.. {; S. W,
1890; St. L. & 5. w. preferred, 1920; Chi
! cago Great Western, $3.50.