The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-01-15
Tremendous Excitement On New
York Stock Exchange.
BOUGHT AT ANY PRICE
BROKERS FOUGHT TO EXECUTE
THEIR BUYING ORDERS.
Heaviest Volume of Business Fer Any
Short Session On Record-Ne early
Six Million Shares Changed Hands
During the Week-Enormous Ac-
cumulation of Idle Capital.

New York. Jan. 14-Transactions on the
stock exchange today were the largest
for a two-hour session in many years,
and had the same volume continued for
the usual FIVE hours trading it would
have been within Il quarter CT a million Of
2,e09. 600 shares. AS it was there were
7O0.OOe shares dealt in, and the average
net rise in prices was from ! to points
in the shares which figured most extern
sively in the dealings. There was diver
sion of interest from the Pacilcs into
higher priced stocks. the grangers being
the gamers. The excitement on the floor
OF the stock exchange was tremendous.
There was an unusually large attendance
of brokers for the short session, as the
eontant influx of outside orders rendered
It necessary for the large dealers TO trans
fer considerable of their business TO the
hands OF smaller brokers at the regular
commission between members.
Stocks opened buoyant and active High
price records passed unnoUced IN the con-
fusion Brokers fought to execute orders
and simultaneous transactions In many
shares were widely apart London had
carly received large purchasing orders
from this side and the quotations from
that quarter showed general advances
The rapidity Of the rise brought out I'M
mense blocks on realizing safes, out the
sustained buying power of the market
absorbed all offerings, after temporary
reaction. and prices again mounted up
ward. The market Matted naSiuSllldIlis,
pending the publication of the weekly
bank statement, but on its appearance,
showing Increases of 81, 81. 800 IN the sur
plus reserve and S3,O42,2O0 in the loan ac-
count, bUllish enthusiasm was resumed
with violence. Commission houses were
easily the largest buyers.
The extreme gains in the PaclncS were
only fractional, while in the grangers they
ranged from I in St. Paul to in Burling-
ton, and in the active coalers from l TO
rs. The Gould and Vanderbilt stocks
fiUelV neglected EXCEPT
Southern Railway. The greaest strength
and activity was shown in the grangers.
Atchison, the Readings, Southern pre-
ferred, Federal Steel preferred ana
Brooklyn Transit. Points OF heaviness
were great Northern preferred, Illinois
Central. Metropolitan Street Railway
Lead and Lacieoe Gas.
Generally speaking, while there were
some sharp receSSions from the eXtraor-
binary high opening, the market reSalned
most of the decline The market closed
with some frregularity but generally
strong and active, with important gains
in many cases. A noteworthy feature
was large rise in Burlington on renewed
gossip concerning the prospective refund
ing. of their outstanding bonds. This tax,
however, was little more definite New
York Air Brake made an extreme au-
vance of points, while Southern Railway
preferred and AtchiSon preferred We're up
over 2 points each, ana Federal Steel
common which has lately been rather
neglected although reacting from top
prices, ended with a net gain of Us. The
largest trading IN any specially was IN
Brooklyn Rapid Transit, which had an
initial rise of ? points on confirmation Of
its acquiring control Of the Nassau Elec-
uric company.
The weeks business was the most re-
Inarkable in the history of Wall street.
TraTlsa ctions for the week in stocks
reached the enormous figure of 5,Sl2O0D,
making the daily average for the 1ull
days session over a million shares. Deal
ings in the bond market were attended
with the usual market variations in the
semi-speculatiye issues. There was in
general a disposition to employ idle cap
ital in stock trading, where the rapid
fluctuations gave promise OF a speedy
profitable return. Investment houses re-
ported that their books Were filled up with
orders for prime liens. and although is
sues Of this character came to hand
through foreign sales, the absorption
power of the market prevented any shad-
{. s. Is advanced 4 and the IS and the
new IS 3 in the bid price. o. 5. 5s coupon
declined p, L. S. 5s registered Il and the
old IS registered Is.
The total sales of stocks today We're
los, 415 shares, including 21,000 Atchison,
So. $50 AtcfisOn preferred. 1000 Central Pa
cffic % go Burlington II, go Manhattan,
10 800 Reading preferred 500 Northern
Pacific 43C0 Northern Pacific preferred, /
(. $40 O. & N, 26, 40 Rock Island, 17,130 [
Union Pacific 1925 St. Paul. 1l0G0 South /
era Pacific, 81, $40 Southern Railway, sos !
Southern Railway preferred $500 Texas & /
Pacific. 7,745 Union Pacific preferred, 1850 /
Cotton Oil, 400 Tobacco 42,24O Steel, /
2 $40 Steel preferred. $3.50 Peoples Gas /
55. 420 Brooklyn Transit, $3.50 Pacific Mail, /
% $50 Sugar