The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-26
Conflict Between Bulls and Bears
Or New York Exchange.
FORMER HAD BEST OF IT
THE CONDITIONS MAKE BEARS
APPREHENSIVE.
Decision of Stock Exchange to Keep
a Double Holiday Was Motive For
Closing Up Accounts, Both Long
and Short-Substantial Net Gains
In Nearly All Cases.

New York. May 25.-Transactions in
stocks were on a larger scale and trading
showed more animation than for several
days past. There were evidences OF d
considerable interest in the market, espe-
cialiJ in railroad stocks, but operations
continued still in every part in profess
sionai lines 1T was conflict between
the bulls and bears for supremacy. and
the bulls easily had the best of it. There
were several conditions that aroused APP
prehension on the part of the bears, and
they showed a disposition to cover short
contracts from the outset. Apparently
there had been 4 quiet picking Up of
stocks for the long account in the recent
depression. and the holders were will
ing 10 take profits if they could get them
as the shorts. They proceeded, therefore,
TO Did up the market and induced quite an
active covering movement for both ac
counts. The decision of the stock eX-
change to keep closed over a double holi-
day from the coming Saturday until
"Wednesday was a motive for closing up
accounts both long and short.
The market hesitated only momentarily
at the opening. at which time low prices
for the day were made in nearly all cases
and then moved quite strongly ana conf
IDENTIFY upwards. There Were occasional
pauses and Setbacks and some Irregular
ity, ana realizing movement in the late
dealings brought prices generally below
the high level but very substantial net
gains remained in nearly all cases. 1t has
been obvious for several days that the
short interest was becoming unwieldy,
and .. premeditated attempt was arranged
TO take the market away from the shorts
previous TO the coming holidays.
Some of the factors which assisted the
bulls were the excellent reports OF railway
earnings for the third week in May, which
continued to be received this morn ng.
This was especially true OF the South
western, of which the shorts We're rather
free sellers yesterday. The rather buoy
ant tendency of the wheat market on the
continued crop scare was, therefore ig
nored, and the grangers and southwest
rms rG.alNT rDtlF
Were circulated. with the appearance of
authenticity. that the dividend disburse-
ments for the current period on the Atch-
ison preferred stock had been practically
decided upon. The shorts who had sold
on doubts ofsthis We're, therefore, driven
to cover. The passage OF the modified
Ford franchise bill, ameliorating the con-
ditions imposed upon New York municipal
corporations. lifted that group of stocks
quite markedly.
London was a buyer of stocks to a
moderate extent, and this was an infiu-
ence in the easier tone of sterling ex-
change, which relieved some slight appre
hension of possible gold exports. Sugar
and the coalers We're easily manipulated
for rise by the bulls, and there were
evidences Of strength in Southern Pacific
and Central Pacific. These conditions
were too much for the equanimity of the
bears and they joined in the buying move
ment. with results above indicated.
Pressed steel was the most conspicuous
exception to the prevailing strength
There was a continued large demand |
for all available classes OF bonds. govern !
ments included, and prices are higher all
around. Total sales, par value, 81 643.0O0. |
United States SIS coupon and the new As |
advanced u and the IS = in the bid price. /,
The total sales of stocks today amount ed !
to 49,, SOC shares, including American Car /
& Fuel. 1890; American Steel * Wire, |
-. 400; Sugar, % 100; American Tin Plate, /
400: American Tobacco. 1890; Anaconda, |
3,400: Atchison. 1900. Atchison preferred, ]
IS 800; Brooklyn Rapid Transit 52.7O0; !!
Chicago, Burlington * Quincy rights, |
l0.5g0 Chicago Burlington & Quincy,
~ 20; Chicago Great Western. 5000: Cont
mental Tobacco. G,1O0; Federal Steel l6. 800:
Federal Steel preferred. 1900; Louisville & /
Nashville. 5000; Manhattan. is. 100: Metro
politan, 7,100s Missouri Pacific $500; Ma
tional Steel. 1900; New York Central. 800;
Northern Pacific. 800; Ontario & West
ern. $500; Pacific Mail. 4.100: Pennsylva-
mia. 5000; Peoples Gas 1890: Reading
first preferred. l., 200; Reading second pre-
fefred, S.l0e; Rock Island. $500; st. Paul,
%. 800; Southern Pacific. 800: Tennessee
Coal * Iron. 1900; Union Pacific pre-
ferred. 300; United States Leather pre-
ferred. 3,100.