The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-07-28
Stocks Show More Strength Than
For Days Past.
LASTED BUT SHORT TIME
ACTIVITY OF THE MARKET DID
NOT BECOME GENERAL.
Large Loans Made on the Exchange
Anxiety as to the Money Question
Greatly Lessened-Government
Ceases Weekly Withdrawal of De-
posits From the Banks.

New York, July 27.-The stock market
continued narrow and professional today
until the last hour, when there developed
more animatio and strength than had
been noted for many days past. The late
movement seemed TO start with strength
simultaneously displayed by Lake Erie
d Western. PittSDurg. c, e, T. q 81 l..
and Pittsburg d Western preferred. These
stocks gained from ~ for Lake Erie &
Western to 4 points for c., c, {. ~ -.
J. The marking up of Sugar an extreme
2I2 and the rise in New York Central to
14U helped on the movement, and the gen
eral market rose above last night lever.
Quite an active demand sprang up Tor
the grangeTs aud lifted Burlington over
point. The activity of the market ala
not become general, however ana gains
We're not at ali uniform. The traders
were bCariSh in the early part OF the uay,
but finding that prices resisted pressure,
they turned TO the long side, encouraged
by the strength of special stocks Inc
movement in Rock Island and the south
western stocks showed some dlmlnuuOn
under profit taking, but Kansas * Texas
preferred retained its strength and ad-
Vanced over a point. Sugar also showed
an advancing tendency from the first,
and Louisville & Nashville which sold
eX-dividend of 3 per cent, regained rs of
that amount. There was midday adj
vance in the tobacco stocks, which helped
on the upward movement, Continental
common rising Ia, the preferred ana
American Tobacco a point Mating
days prices, and Laciede Gas jumped 49,
points. The developments in the money
market began increased confidence.
Yesterday and today there have been
large loans made on time on the stock
exchange, from which it is argued that
the operators feel the possibility of
demand for money that may stiffen call
rates, and desire time loans in the Sc
curities they are trying to hold for long
pull. The fact that the Bank of Eng
land did not increase its discount rate to-
day served to lessen anxiety on the
money question and the weekly exhibit
of that institution showed that the open
market had been able to reduce its obli-
cations to the bank very heavily. The
SHARP fall in French rentes and reports
of a political crisis in that country We're
without much effect in New York. The
money here was somewhat relieved by
The transfer of funds from the sub
treasury to the banks on the payment
for the new custom house site in New
York and il became known that the gov
ernment has ceased for the time being
Is, weekly withdrawal of deposits from
the New York banks, which have been
at the rate Of $l,00O,cO0 week Tor some
time past.
June statements of net earnings com.
pletinG the fiscal year for number OF
railroads were favorable factors, espec-
tally that of ST. Paul. showing an IN
crease in the net for the year OF $,Si9,b9S
The bond market did not show much
response to the strength in stocks and
fractional declines were the rule .Iotai
safes. par value, were Sl,6l0.eoO United
States new Is registered declined u and
the old As registered and the os regis
tered IL in the bid price.