The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-07-08
ON THE STOCK EXCHANGE.
Various Incidents Combined to Give
Market a Firm Tone.

New York, July 7.-Bradstreet's
The formal announcement of last Fri
day week that the lease of the Boston
& Albany has been ratified by the New
York Central directors gave a further
decided impetus to speculation on last
Saturday. The market was accordingly
| decidedly strong for the three days
holiday and totally disregarded both
the advance of call loan rates to sac
per cent, and the unexpected heavy re-
duction of bank reserve shown by the
clearing house averages for the week.
The speculative world is inclined to re-
gard these two last mentioned circum-
stances as we'll as the maintenance of
relatively high call loan rates, since
the holiday, as temporary effect of
the enormous July interest and diVi-
dend disbursements.
The fact that on Saturday the Van
derbilts, grangers and standard rail-
road shares rose sharply and attracted
nearly all the attention, showed the di-
rection which the movement was in
clined to take. 1t may also be specially
mentioned that Pennsylvania shares
were a feature. rising to 137 rs. which
shows the Importance the street at
tached to the alleged presence Of its
president. Mr.. Cassatt. at the ratifica-
ton of the Central Albany lease. There
have been rumorS that a compact has
been made by which the Pennsylvania
is to acquire control of the New York,
New Haven & Hartford railroad. That,
however, is deemed impracticable and
undesirable. and the only valid deduc-
ton that can be drawn from the cir
cumstances in question is that unusual
harmony prevails in the trunk line Sit
uation.
London prices for Americans adj
vanced on Monday and Tuesday, when
the New York and other American
ket reopened on Wednesday it had the |
bullish influence to support 1t as well |
as the general expectation that a large |
part of the extraordinary July dis |
amounting to $120 000, 900 |
to $50, 1000 900. would find their way into |
Wall street for investment. The ma
was mainly directed to ad- |
vancing prices in various parts of the |
list. Pools and prominent houses were |
active in connection with their special
ties, while the bond market presented |
a decidedly firm appearance.
There, however, appeared to be |
disposition to take profits in the Van
1erbilt and granger shares, which
caused recessions from the early high |
prices for these securities. and a num-
Der of specialties and low-priced shares
came to the front. The industrials,
TOO, once more became more active and
exhibited the influence of speculative
support and buying. These tendencies
asserted themselves more significantly
n Thursdays trading, the tone of the
market on that day being strong in
he main, but were irregular in diff
erent parts of the list and more of a
disposition to pay attention to the
irmness of call money and the failure
If rates to relax Immediately. On Fri
hay the tone was generally firm and
vas not affected by official denials Of
he exaggerated reports about the Van
Ierbilt Pennsylvania alliance. The
unior Vanderbilt stocks were strong
eatures and advances were also re-
orded in most of the Gould properties