The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-02
ON THE STOCK MARKET.
Trading Was Almost Entirely In
Hands of Professional Interests.

New York. Sept. 1.-Bradstreet's
financial review tomorrow will say: 1t
! has been a rather dull speculative
week, the market being almost entirely
! in the hands of professional interests.
In its earlier days, the tone was heavy
and moderate concessions were record
ed, owing to the rather unfavorable
aspect of the Transvaal dispute. Lon
| donS nervousness on that score was
reflected in the New York market, al
though this feeling took the form of
an indisposition to start any large
movement rather than of active bear
j ishness in the market at large. In the
last few days the hardening of money,
! incident to the September Weist dis
bursement, has been a factor, and
would account, in measure, for the
relatively small amount of trading and
the disposition of certain stocks which
have lately been the objects of bullish
manipulation to recede slightly.
London, after its recovery from the
fear about rupture in South Africa,
contributed towards the steadying of
prices in our market. Its purchases
however, were not upon large scale,
and were confined mainly to a few low
priced stocks. Although large interests
in the Wall street markets. were not
active, there was, nevertheless, evil
dence of support in various parts sof
the list whenever the room traders at
tempted to sell stocks down. At the
same time, manifestations of bullish
activity and sentiment were mainly
confined to the low-Driced stocks and
railroad specialties, some of the repre-
sentatives of that class which led the
recent movement in their division of
the list falling back little, while
other properties of the same kind came
into more Ol. less prominence.
None of the fluctuations of me week
in the standard stocks We're of an i'm
portant character, and it was manly
in the industrials and specialties like
Consolidated Gas that any considerable
swings were seen, although on Friday
the Vanderbilt properties showed
strength and activity, based upon the
annual report of the New York Central
road. The fact that the crops are safe
and that railroad earnings continue to
increase, tend to support prices, and
to diminish the influence of the preva-
lent feeling that prices for many of the
dividend-paying securities have fully
discounted present prospects.
One of the noticeable features of the
week has been the strength of the steel
and iron group of securities, some rep
resentatives of that class creeping up
without apparent effort or any consid-
cradle activity.
Several important developments af-
fecting railroad properties We're an
nounced. A plan for the reorganiza-
ton of the Kansas City. Pittsburg
Gulf railroad was brought by the New
York reorganization committee. This.
however, seems TO involve the probable
ity of "a conflict with the rival Philadel-
phia committee, and it must be adj
mitted that the securities of the COM
pany in question have little interest for
Wall street.
A much more important incident.
though it was hardly reflected by the
market, was the declaration of 2 per
cent semi-annual dividend upon Union
Pacific preferred, thus placing that
stock on per cent basis.
Accompanying this was the an
nouHcement that the COMPANY. is to
Increase its preferred stock by SOS, 000,-
900, making the total of that class of
shares $100,0O0,000 The increase, to-
gether with further issue of 81, 100000