The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-10
Exciting Incident On the New York
Exchange Yesterday.
SLAUGHTER OF INNoCENTS
CAUSED BY DIREFUL PREDIC-
TIoNS ADVANCED.
Rumors That the End of the Sugar
Company as Dominant Factor In
the Refining Industry Was at
Hand - However, There Was
Heavy Net Gain.

New York, June 9.-Late this afternoon
occurred one OF those slaughters of the
innocent around the Sugar post on the
floor of the stock exchange which have
come to be looked for as a periodical in
cident in the history of the exchange. For
weeks there have been direful predictions
that the END of the Sugar company as
dominant factor in the refining industry
was at hand; that the fight of its life was
in its hands; that its suspension of divl-
dendS was imminent to carry on the war.
and all sorts of disastrous predictions.
Gentlemen supposed to be verseC in rhe
inside affairs of the company have either
been silent with an expression of plain
tive sadness or have freely admitted
their conviction Of the truth of the worst
that could be said. Many persons. at
tracted by the prevailing high level of
Sugar have sold the stock very liberallv
with the expectation of buying back when
the collapse came. A great many OF
these bought their stock to cover short
contracts today at a level nearly twenty
points above that at which the dreadful
predictions had carried it. Inside interests
became ayerse to selling and held out te-
naciously for higher prices.
This exciting incident closed on a uni
form strength throughout the market.
The action of the market was very sim
strength centering in the New York trac-
ton stocks and grangers. The bears
made an Intellectual attempt 10 check adj
vance by raiding down Continental To-
gar backwards eleven points. but with
out marked effect on the general list
Later there was realizing in the New York
traction groups, with reactions OF about
point. The vigorous strength deVeloued
by coalers again turned the market up
ward. Again the same thing happened in
profits in Sugar and the traction stocks
The recovery began in some of the OBJ
scure stocks. Dies Moines & Fort Dodge
rising AZ, Consolidated Gas points. and
WISCONSIN raj issues
Peoples Gas and Steel d Wire also
come late into the advance, the latter on
a published opinion of a director in favor
of a dividend on the common stock. Then
came the rush in Sugar. which made the
last prices the highest of the day. The
net gain in Sugar is 6Ss, in Brooklyn. Tran
sit points in Metropolitan Street Rail-
way SIS, Manhattan points, in the coal
ers from IL in Delaware & Hudson and
New Jersey Central to AZ in Lackawanna.
In the grangerS from l to IL per cent, in
many standard stocks a point or over.
The announcement of further shipments
of gold was without the slightest effect
on the market, as was the continued large
selling for London account An improved
tone for the copper properties was an in
cident in the days market, Anacondas
rising 29s.
rather more active today and prices tend
ed upward. There was very large buying
of the Reading and Colorado Southern Is
sues. Total sales, par value, $3.50, COO. Y.
s. IS advanced y, but the IS declined Is in
the bid price.
Total sales of stocks today amounted to
Gas 900 shares, including: American Steel
& Wire e2,300: American Sugar. l.3J0:
American Tobacco. $500; Anaconda, 400;
Atchison preferred, 1850: Brooklyn Rap
id Transit company: 40 900: New JERSEY
Central. 300; Burlington. 81 400; Chicago.
Milwaukee & St Paul. %. 400; Rock Island.
%. 400: c. ST. p. NJ. & o., 400; Gonsoii-
dated Gas. $500; Continental TOBACCO.
1860; Delaware & Lackawanna,, 100:
ID. NJ. & f. D.. $500: Federal Steel. 1S,59);
Louisville 6, Nashville. 5000; Manhattan.
% 600; Metropolitan Street Railway. Il. 800;
Missouri Kansas & Texas preferred,
100: Missouri Pacific, $500: New York
Central. $500: Northern Pacific, 500;
Norfolk & Western, LOO; Pennsylvania.
9 900. Peoples Gas 1920: Reading, 800:
Reading first preferred, 1870; Reading
second preferred. 300; Southern prefer
red 1000; Union Pacific. $50; Union Pa
cific preferred. 4100: Rubber. 400 Wis
consin Central. 800; Wisconsin Central
preferred, 19.100.