The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-07
New York Exchange Transactions
On a Small Scale.
SMALL GOLD SHIPMENT
HARDENING OF VALUES IN
RAILROAD SECURITIES.
This Was Followed By Rise In
Prices, Which Embraced Nearly
Every Railroad Stock Dealt In
Caused By Possibility of More
Liberal Policy Toward Holders.

New York, June Cuisines was on far
too small a scale on the stock exchange
today to warrant any well-defined con-
clusion as to the general temper of spec
ulation or a just reflection of business
and financial conditions. But there was
a very notable hardening of values in
railroad securities, which was followed UP
as the day progressed by a rise in prices
which embraced pretty much every rail-
road stock dealt in. This strength start
cd buying in Louisville, which was very
confidently bought for London account.
The bidding up of the price in this stock
in the course of executing buying orders.
impaired strength to the whole group.
Southern Railway preferred and Norfolk
* Western preferred being the first to re-
spond. and the grangers, Pacific South
westerns. and even some of the trunk
lines, following this lead. Pennsylvania
from ~ to 81, the latter stock, however
losing all but ~ of the advance.
The motive assigned by the buyers was
the possibility that more liberal policy
toward stockholders and less insistence
upon reinVeStment of resources in equip
ment might follow the change in admin
istration made necessary by President
But the trading for the most part was
profoundly apathetic, and there We're
minutes at time when no tape came
from the ticker. The attention of profess
sional traders was all centered on Sugar,
and utterly erratic movements of this
stock disposed of the entire uncertainty
regarding tomorrOwS dividend action. Ad-
Vocates of the regular dividend and of
reduction seemed equally confident and
equally numerous so that the stock dipped
deepyl below last nights level and re-
bounded far above it. The extreme range
was Az points and the close was at a net
gain of 10 and within half of the top.
An incident of the trading today was
some large wagers on the one hand that
tomorrow's Sugar dividend and declara-
ton would be at the regular rate. and Of
fers. on the other hand, to sell the divi-
dend on large amounts of stocks for less
than the regular rate.
The same distrustful attitude is main
tanned towards the iron and steel stocks.
Notwithstanding semi-official intimation
as to the rate of coming dividend decla-
rations and informal assurances that cur
rent earnings are far in excess of the
proposed dividend disbursement Even the
preferred stocks of industrials. however
regular may have been their dividend rec
ords continue far below the prices of or
binary dividend-paying railroad stocks,
which make the same returns on money
invested. This distruct of industrials
seems to be the most important element
in the present dullness and heaviness OF
the market
a further small shipment of gold today
was as wholly without influence in the
stock market as well as in the foreign eX-
change market as those that have pre-
ceded it from the same institutions. The
conviction is geMral that the outflow is
the result of special conditions and no
The bond market was dull and general
" firm though there were a few yield
Ing spots. Total sales, par value S2.2b,Oo0:
L. :. As, registered, and the o advanced
Is in the bid price,
The total sales of stocks today amount
ed to 1926 shares. including: American
Steel e Wire, % 900; American Steel &
Wire preferred. $500; American Sugar. a.,
500: American Tobacco. 5000; Anaconda.
S4O0; Atchison preferred. %, 100 Brook
lyn r Co. 21200; c.. B. & O.. n,O00:
Chicago Great Western. 1000; Consolidat-
ed Gas. $500: Continental Tobacco, $500:
Federal Steel. 1900; Federal Steel pre-
ferred. AGO. Louisville & Nashville 3, 400: I
Manhattan 5000: Metropolitan Street
Norfolk & Western preferred. $3.50: North
ern Pacific = 400; Pennsylvania. 300;
Peoples Gas, 1900; Rock Island. 100: st.
Paul. 800; Southern Hallway, 5OO;
Southern Railway preferred. $500: Ten
nessee Coal & Iron, $500; Union Pacific.
$500: Union Pacific preferred. 200: Wa
bash preferred. 400; Western Union, 2,0oo.