The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-01-08
New York Bank Statement Indicates
Favorable Conditions.
INCREASE IN RESERVES
BANKS ARE GAINING FROM THE
INTERIOR.
Stocks Continued On the Upgrade
Yesterday and Some Sharp Adj
vances Were Scored-Review of
Speculation For the Week-Mar-
ket Was Hesitating and Irregular.

New York. JAM 7.-Stocks resumed the
upward movement today, and in some
cases advanced violently. Efforts to
| bring about a reaction were successful
only in the initial trading. There were
moderate arbitrage sales for London ac-
count. which aided the reactionists' early
efforts. The Grangers and paclhcS were or
fractionally, while the So-called Flower
specialties. Brooklyn Transit, Federal
Steel and Peoples Gas, were very sharply
OFF; The execution Of an order 10 sell
large block of stock at the market
caused a bad break in Tobacco. This
brought out further sales by stop loss
orders. Floor brokers in many cases ad-
Nised their houses that the movement in
the general market was too violent TO last
and presently buying orders predomi-
mated over those to sell. These purchases
We're largely increased on the appearance
of the bank statement, which was far
more favorable than expected. Brooklyn
Transit rose points from the lowest
Peoples Gas ~; Tobacco, 27s; Sugar;
American Steel & Wire and Federal
Steel gained each, the grangers about a
point, and Atchison preferred 3ss.
Notable advances were made in American
Colorado, Fuel q Iron preferred 10 and
Rubber preferred 21a.
The close was active and strong at the
best.
Hesitancy and irregularity marked the
weeks fluctuations in values. The under
lying conditions continued very favorable
in mercantile and financial circles and
market movements were largely techn1-
cal, owing to the advance. Prominent
interests ranged on both sides, one party
marking up their specialties, bringing out
q considerable commission house follow
ing, while others, having disposed of their
holdings, tested the market for a reaction,
with some success on Friday and early
Saturday, but the market moved up be-
fore the close.
The conditions of affairs in the Philip
pines and talk of friction between Eng
land and France, as well as desire 10
realize profits, were assigned as reasons
for the selling for London account. Lon
don's persistent selling on balance daily
initiated a. nervous and unsettled trend in
early trading, which, except on Friday,
was as regularly overcome by SubSe-
quent rise There were pronounced move
ments in both directions in the specialties,
while the standard securities fiuctuated |
less widely. The grangers for the week
show fractionally irregular changes, I
while of the Pacifics, Northern and Union
American Gi &c Gpii Steel e & Wire is off AZ for
common and for the preferred. Pro- !
advances for the week were, /
Brooklyn Transit Il; Colorado Southern
and Tobacco each, and Pullman, AZ.
The traffic returns of railways were in !
nearly all cases unusually large, re- /
fiecting improved conditions, as much as /
the increase in the grangers, for instance, /
was due to a profitable return from the /
seaboard traffic. St. Paurs gross receipts
precedented, exceeding last years returns
for the same period by over a quarter of
q million dollars.
A feature of interest was the import of
million and half of gold, a petty pay
nent on account of EurOpe's Indebtedness
to America, which is at present loaned
abroad. The currency movement towards
New York which has already set in seems
likely to continue
Colorado Southern, which is the new
company organized through the rehabili-
alton of the Union Pacific, Denver d
Gulf railway, showed exceptional strength
md activity, maying a total gain of z
points for the first preferred.
The bond market during the week dis
played considerable irregularity, but
here was a decided undertone of strength
which prevented any concessions of note
n the prominent lines. L. S. old As and
S coupon advanced Il. the new As and
5 registered Is. The IS declined Is in the
Total sales of stocks today. 4SO. 100
hares, including, 15.120 Atchison; 81. 400
Atchison preferred; 4910 Central Pacific:
$50 Burlington: 300 Manhattan; $500
Iissouri Pacific; 1900 Northern Pacific; I
800 Rock Island; 10. 420 St. Paul: $500
:. p. preferred: 200 Tobacco; So .
DO Steel; 1850 Steel preferred; 14.4O0 Peo-
les Gas, 1880 Colorado Fuel & Iron: g.
10 Pacific Mail; 17.72) Sugar; s. 400 Rubber; ,
100 Western Union; 4.6O0 St. Louis & S. :
V. preferred