The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-07-02
Remarkable Demand For Standard
Stocks In New York.
BIG EARNINGS THE CAUSE
UNION PACIFIC SHARES ROSE
OVER A POINT.
Rumor of the Intention of the Van
derbilts to Secure a. Transcon-
tinental Line From Boston to
Portland, Ore, Causes Stocks of
Various Roads to Be Strengthened

New York. July 1.-The remarkable de-
mand for the standard stocks continued
as strong today as it was yesterday and
applied to much the same stocks. Penn
sylvania took the foremost place, both
IN respect to activity and strength The
stock showed the largest gain al the
opening and held its leadership without
change throughout the day closing at
the top level, So points above last night 5
price Study of the May report of earn
inSS was the primary cause of the
strength of this stock but there Were
also rumors in circulation that the in
cursion of the New York Central into
New England was to be followed by a
similar 81 movement on the part of the
PennSylNanla lease of the New Haven
road. The sustaining strength of New
York Central at its high level doubtless
prompted some large buying of Pennsyl-
Nania, also paying ! per cent more per
aunum in dividends than New York Cen
tral and selling so far under the latter
The extraordinary railroad earnings re-
ported from every section of the country
was the motive for buying in that de-
partment of the stock market. The
Grangers were all in good demand and
gained point or over in the halliday
trading. St. Paul led in point of activity
but Rock Island showed the largest gain
in price. Burlington felt the effect of
prOiit-taking on the publication of the
May statement, showing an increase in
the surplus for the month of Sl500O0. The
mon Pacific stocks enjoyed the benefit
Of a strong showing in the May state
ment, as did n. q w. preferred. The
former rose over a point and the latter
about as much.
The early strength was largely con-
fined to the leading railroad stocks. but
became general on the publication of the
bank statement on covering by shorts
who We're disappointed on the markets
failure to weaken. There WAS early weak
ness in the specialties on the injunction
against the payment of dividends on Fed
eral Steel stock. and on talk of strikes on
street railway lines, but disclaimers of
an intention 10 strike by labor leaders,
and the strength Of Sugar on the decline
in raw sugars helped this department,
as did the strength of Anaconda Con-
sOlidated Gas was strong on talk of a
settlement of the rate war. international
paper and American Smelling weakened
sharply in the late transactions. Bonds
We're moderately active and strong.
In the ordinary course of events the
operators in stocks and securities are in
fiuenced by the expected rather than by
present conditions. Except when some
sudden and unforeseen event is precipi-
tated the course of prices always reflects
a forecast and as FAR in the future as
the operator is willing to rely on his
judgment to penetrate. Thus the profess
sinnal operators sold last week on the
belief that the course of
events would inevitably lead to a squeeze
in the money July !. This week. though
the expected event had not Yet occurred
stock market operators began to look be
yond TO the period of abundant money
which will come with the disbursement |
of July interests and dividends and have /
bought stocks in anticipation of that con- |
dition. Operators who sold short last |
week have also been buying this week to /
cover their contracts and take their !
profits, thus helping on the rising ten |
dency. But the most important influence |
Of the week was the strength of New /
York Central. corrObOratiVe as it was Of 1
the rumors of impending consultations /
of Vanderbilt railroad interests.
This comes under the head of sudden