The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-04-02
STOCKS WERE HIGHER
Accumulation of Buying Orders
Caused An Advance.
GOOD BANK STATEMENT
SHOWING MORE FAVORABLE
THAN WAS EXPECTED.
Heavy Realizing Gave the Market a
Setback, But the Losses Were
Recovered In Subsequent Rally
Enormous Purchases of Federal
Steel-Railways Higher.

New York, April MANY advances
We're recorded on the stock market today
in very large dealings for the two hours,
nearly two-thirds of a million shares
changing hands. The Easter holidays in
England rendered London no factor here
but the accumulation of a very large
volume of purchasing orders over the
Good Friday holidays brought forth much
higher quotations at the opening Sub
sequently heavy realizing caused "a sharp
setback to prices, but with the appear
ance of the bank statement. which the
speculative element viewed as more favor
able than expected, there was q material
rally and the final prices were at or near
the best. The dealings were much in
fluenced by the buoyancy of Manhattan,
which made an extreme gain of Is points.
of which it held. The statement by a
large holder of Manhattan that he had
been offered Is per cent above Thursdays
price Tor stock was interpreted as indi.
eating that the Metropolitan Railway
sought control of the road. Shorts in Man
haitian covered large lines that had been
put out in expectation that the new is
sue of stock would depress the price. AS
they sought to cover the figures were
marked up with the resultant extreme
rise; The announcement that per cent
dividend per annum had been dc cided upon
lOi 4 SuSldl GIeel WIN the IlrSI quarterly
dividend payable in July, brought forth
enormous purchase and very wide open
ing, the extreme rise being over points.
Among the specialties. Third Avenue
of ia to AZ points in American Tin Plate
Peoples Gas. American Steel, Union Bag
& Paper and National Steel, the latter re-
cording the extreme gain. There was
comparatively narrow movement in Amer
lean Tobacco on the announcement of q
100 per cent common stock dividend, the
stock retaining l point of the 3ls points
advance.
The railroads averaged fractional ad-
vances. The evtreme high prices in many
stocks, particularly the specialties, We're
accompanied by lively bullish bidding up
by pool brokers.
The operations of the week were gen.
orally of a professional character. but
genuine investment demand also appeared
in number of standard stocks. There
was a rise Of II points net in Northwest,
with lesser appropriations in the other
Vanderbilts on renewed talk of some
amalgamations. Pennsylvania and Rock
Island were strong with the movement
strong in the rest of the railways, the
PacificS being up and the coalerS tagging.
There were many sensational advances
among the specialties; Brooklyn Transit
sold over 100 points above the current quo
tationS of year back, the stock showing
a net advance Of over 16 points for the
week. Federal Steel rose 1872 on dividend
prospects; Third Avenue, 10; Tobacco, IFS
Manhattan. 15ls; Metropolitan, 10; Sugar
9, and Peoples Gas, 59s. Manhattan's
rise was associated with the belief that
the Metropolitan company sought control
The bond market generally exhibited a
good tone with active liens showing the
most strength in the movement. U. S.
4s registered advanced "a, bid price.
The total sales of stocks today We're
640,7OO shares including Atchison. 1920:
Burlington, lilo; Manhattan, 1885,
Reading first preferred, 36,110; Missopri
Pacific. $500; Nj. x. & T. preferred, 400;
Rock Island, 1920; Union Pacific, $3.50;
Union Pacific preferred 400; st. Paul,
1885, American Steel & Wire, 21275:' Fed
eral Steel al, $50; Federal Steel preferred
Is. $50; Peoples Gas, 22,C00; Brooklyn Tran
sit 1880; Continental Tobacco, 6,665;
Sugar, 1900; Tenn. c. g. l., $3.50; Leather
Chicago Great Western. 4,2OO.