The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-12
Money Moving Toward New York
From Interior.
STERLING EXCHANGE EASY
SPECULATION WAS LACKING IN
DECIDED VIM.
Firmness In the Bond Market, Total
Sales Being ACKNOWLEDGEMENTS
ment Crop Report, Which Sug-
gested Yield of 81, 100000 Bush
els, Gave Wheat a Weak Start.

New York May 11.-There were smart
declines in the specialties today. but the
recessions in the railways were fractlonal;
1t was a holiday on the continent ana
the death of an English banker restricted
some of the arbitrage business, but Lon
don took about thirty shares of the inter
national stocks. Sterling exchange was
easier and money ranged from TO on
call, with the last loan at the smaller
figure. One reason for this is that large
body of money is moving toward New
York from the interior The crop report
was more favorable than expected but
subsequently the bears used the de
crease in acreage to depreSs the Erang-
ers stocks which had earlier displayed
considerable strength. Burlington net
loss OF over d point was the largest IN
this group. The understanding that the
Ford franchise tax bill would become a
law, the traction shares showing net
losses ranging from one 10 four points,
the greatest loss being in Metropolitan. IN
which it said part of a heavy lot of
shares had been iiquidated. The veto by
the mayor OF the rapid transit bill failed
TO sustain Manhattan. Covering left
these stocks above the worst and other
shares sympathetically rallied IN the
later afternoon
the weak spots were Sugar, International
Paper preferred. and United States
Leather preferred. while Tennessee Coal
& Iron retained over point of its ad-
vance Recessions were noted also in the
iron and steel stocks. The reaction in to-
days market was deemed natural by
some interests IN view OF the violent re-
covery yesterday which cancelled a large
part of the reputed short interests in the
market. Speculation lacked any decided
vim and there were marked periods of
stagnation which were dissipated at inter
walls when sales were made. ReallZa tons
furnished the chief impetus to the retro
cation movement and the occasional
bursts of strength were largely attributed
to covering by the traders al favorable
level. American Tobacco was dealt in.
the stock dividend of 100 per cent. and
closed at 1922. as compared with 2l2 last
nights final figures.
Todays bond market showed firmness
on moderate dealings. Total sales, 81
100000. United States new As regular adj
vanced Il. and the IS and 3's Is in the bid
price.
The total sales of stocks today amount
ed TO us shares, including: American
Steel Hoop. 1900; American Steel Hoop
preferred, 1900; American Steel ~ Wire
l9. 500: American Sugar, $1,000; American
Tobacco. 90 900; American Tin Plate A..
900; Anaconda. 10 $50: Atchison, $500; b. d
o., 800: Brooklyn Tran, 10000; Burling-
ton. Il, 400; Burlington rights. l2.9O0; Chi
cago Con. Traction, 1900; c. F. d J., $500;
Continental Tobacco, 1890; Federal Steel
$500: Federal Steel preferred. 400; Man
haitian. 25.GQ); Metropolitan Street Rail
way. $500; Mexican Central, 800; Mis-
souri, Pacific. 5000: National Steel $40;
Northern Pacific. $500; Northern Pacific
preferred. 5000: Peoples Gas 1000; Rock
c. & l.. $500; Union Pacific. 5000; Union
Pacific preferred, 6,lO0; Silver bullion. TO-
900 ounces.