The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-11
Sharp Dealings In New York Mar
ket Yesterday.
WAS NO FURRY IN MONEY
GOVERNMENT CROP REPORT
CUT A FIGURE.
Many Would-be Purchasers Because
of Previous Days Decline-Some
Pronounced Advances Among the
Specialties-Rise In Railroad
Stocks-Wheat Started Easy.

New York May 10-The stock market
moved IN sharply today although at some
times considerable irreguiarfty appeared.
Large interests were open purchasers OF
their sDecialties and the absorption of
some 70.ee0 shares by London aided the
market leaders in pushing up their favor
ties. In the afternoon. the raDidity OF
the advance induced the covering of large
short lines, and commission houses were
again active purchasers. There was no
furry in the money market, the ruling
rate for all loans being per cent. Sterl-
ing exchange eased off on the large pur-
chases of stock for foreign account. An
element in shaping sentiment was "a
rumor that the government crop report
to be issued today would show an nm
proVement of several points over last
month. St. Pauis favorable statement OF
earnings was source of strength TO the
grangers. The lower range of prices
brought about by yesterdays decline prov
chasers. and while there was no import
ant news developments. sentiment was
completely reversed today. Stocks which
We're the center of weakness yesterday.
among the strongest features today,
Brooklyn Transit rising ~. and Federal
Steel and Peoples Gas about 4 each.
Among the SDecialties there were some
very pronounced advances. including
American Tobacco, y; American SmelterS.
57s; Steel Hoop and Third Avenue each;
American Steel & Wire, 81; Tennessee
Coal * Iron and Continental Tobacco,
81 each. and Anaconda Mining and Man
haitian each.
The railways advanced from one to 334
points for active issues, Burlington scor-
ing the extreme rise. Metropolitan,
which lost a point, was the most pro-
nounced exception 10 the general strength
In the forenoon there was considerable
commission liquidation which induced
certain professionals TO make a drive at
the market, but large operators absorbed
offerings. two houses taking together
aboRt 100 coo shares and this turned the
tide and a steady Improvement followed.
A report that the industrial commission
hearing in Washington had been post
poned for thirty days led to purchases of
the stocks of some of the companies to
be investigated. 1t was reported that
prominent commission house, after con-
sultation with the financial institutions,
carrying its loans. was forced to sell
large line of stocks shortly after the open
ing, and that IL was on sales from this
quarter that the market was temporarily
depressed IN the forenoon. Practically
everything Joined in the late advance and
the market closed buoyant at the best.
The railroad bonds participated in the
improved speculative temper, but adj
vances were not material except in
few instances. Total sales. $3.50, 600;
United States new fours advanced Il, and
the Is Is in the bid price.
The total sales of stocks today were l.
02I,590 shares, including: American
Smelling. 1000: American Steel & Wire,
2; 100; American Steel & Wire preferred,
1000; Amrican Sugar. 107,600; American
Anaconda, 20.200; Atchison, 400; Atchison
preferred. 1860; Brooklyn Transit, $1,000;
Central Pacific, 5000. Q. B. & Q. rights,
600: c. B. x @. 45, 30; Chicago Con.
Traction. S400; Chicago G. w, $500; Col
Fuel & Iron, 1900; Consolidated Tobacco
$3.50: Consolidated Tobacco preferred, g.
400; Federal Steel. 1920; Federal Steel,
preferred, 1880; International Paper, A.
$50; Manhattan Consolidated. g.. 800: Met
ripoltan Street Railway, 11.e0O; Mexican
Central 5,5l9; NJ. X. & I. preferred, 1850;
Missouri Pacific. 1Sl00; National Steel,
5000; Northern d Western preferred, $500;
North American Co., 1920; Northern Pa
cific. 300; Northern Pacific preferred. s.
800; Pacific Mail. i.1G0; Peoples Gas, IS, 800;
Reading first preferred, "a. 600; Rock Is
land, 1890; Southern Pacific. $500; r. C.
q l.. $500: Texas Pacific, 1900; Union
Pacific, $4,000; Union Pacific preferred. IS
900; L. s. Leather preferred, 1890; L. S.
Rubber, 800; St. Paul, $500.