The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-18
Financial Interests of Country Band
Themselves Together.
TIMIDITY IS DISSIP.ATED
FLOWER CAPITALISTS ATTEMPT
TO REHABILITATE PRICES.
Encouraged By the Firmness and
Confidence Displayed By the Mar
ket Since the Crisis-Large Trans
action In Bonds, Particularly
Railroads-Money Was Easy.

New York, May .17-When it was an
nounced on Monday morning that some
of the strongest financial interests Of the
country had banded themselves together
for the support of prices in the stock mar
ket, it dissipated very largely the timidity
of the holders of the group of securities
which had been so marvelouSly increased
in price under the favoring activities of
the late Ex-Governor Flower. 1t also
caused the professional operators who
always stand ready to attack values OF
securities at any vulnerab bic point. TO
pause IN their purpose and cover snort
contracts left outstanding since Saturday.
The capitalists behind the Flower group
apparently felt so much encouraged with
the firmneSs and confidence displayed by
the market since the crisis that they made
up their minds today to complete its re-
Mobilization and 10 put prices back to
where they were on Friday last. II was
not until the latter part of the day that
this purpose seemed to be s~riOusly in
hand. In fact, the Flower stocks as a
group We're conspicuous during the early
part of the day. Their position seemed
to he the natural course of events and the
general trend of the market. 1t was the
general trend of the market that seemed
TO con fnrl this purpose of financial lead
ers- These events were very marked
dissemination on the part OF personal
holders of securities to proceed with any
hquication and quiet and persistent out
side aand for wide range of stocks.
Some very large transactions in bonds,
especially in recent or contemplated is
grades. were also in evidence in the pres
sing demand for investment from large
reserve of capital The money market
was notably easy and adVlceS from dlf-
ferent points in the interior were of large
funds on hand. The statement of St.
Paufs earnings for the second week in
May, showing an increase OF over $4,000,
compared with the corresponding week
last year. when the extraordinary grain
movement incident to the Letter deal was
In progress, was taken to indicate a con-
timed
traSsc. London also showed a favorable
disposition toward American railroads
and advanced prices before the opening
here. And although part of the pur-
chases were re-sold later. having some
possible strength in the rate of exchange
in London, the sales were not in suf-
ficient volume to threaten the money
market here. More mature consideration
OF the trade statistics for April disclosed
the continued strong position OF our in
ternatlonal commerce, NOTWITHSTANDING
unfavorable comparisons at some points
with the unprecedented period of last
year.
The market gradually but persistentIy
hardened under these influences early in
the day, Central and Southern Pacific
Chicago Terminal. the iron and steel
shares. Sugar and Tobacco and New York
municipal corporation stocks advancing
sharply. In the late afternoon the mar
ket leaders undertook to push up Brook
lyn Transit to whe;t ii was last Friday.
This they did through a flood of offerings
and held it there to the close, points
above yesterdays close. Peoples Gas. the
Federal Steel stocks, International Paper,
Rock Island and Atchison preferred are
from l to points higher. The railroads
shared very generally in the strength,
the close being buoyant and at the top.
The large demand for bonds sought
persistently for pretty much all issues
not already at prohibitive prices. Total
sales. 81 $4,000. United States new IS and
the old Is registered advanced Is i'll the
bid price.
The total sales of stocks today amount
ed to $50. 4S9 shares including: American
Steel & Wire. 11.700; American Sugar, g.
go: American Tobacco, $40; Atchison
preferred. 81, 600: Brooklyn Rapid Transit,
s.. 800; Central Pacific. 10. 500; G, 3. & q.
rights. l7.O0G; c., b. < O., 11l00; Chicago
Con. Traction, 1900; Chicago Terminal
Traction. 5000: Chicago Terminal Traction
preferred. u. 800; Continental Tobacco. 10
500: Federal Steel. As 200; Federal Steel
preferred. u. 200; international Paper, A..
300; International Silver. $500; Manhattan,
22.000, Metropolitan Street Railway, AGO;
Missouri Pacific. 400; National Steel,
4. 200; Northwestern preferred, 47G0; North
eTn Pacific. $50: Northern Pacific pre-
feTred, 800: Rock Island, 500; St Paul,
p. 200: Pacific Mail, 4,6o0: Peoples Gas,
4S 200; Southern Pacific. 81 800; Tennessee /
Coal & Iron. 6,S0o; Union Pacific, II 100:
Union Pacific preferred, 1890.
Bond Quotations