The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-08
Warm Day Causes Dealers to Cur
tail Their Lab0rS.
PRICES DRIFT AIMLESSLY
KEEP EYE OPEN, HOWEVER, FOR
OFFERED OPPORTUNITIES.
Burst of Animation In Last Hour of
Trading, Indicated That Wall
Street Was Not So Dead as
Earlier Appearances Gave Reason
to Suppose-The Wheat Market.

New York, June IA midsummer las
situde hung over the stock market
throughout the greater part of the day
and the trading drifted aimlessly in the
1oldroms. Wall street will take advan-
tage of hot day to curtail its labors
when there is some. doubt about the out
look which comDOseS what is called a
waiting market. But though the weather
does not deter the eVer-watchful eye of
capital from awaiting itself of offered OPP
portunities, the burst of animation in the
last hour of today's stock market 1ndi-
Gated that Wall street was not so dead as
all the early appearances gave reason 10
suppose. Speculation was almost at
stanGstill during the morning session,
even the professional traders waiting for
action on the Sugar dividend and also on
that of Atchison preferred. The aimless
drifting of Sugar certificates prior TO the
announcement of the dividends and the
smaIlness of the transactions seemed to
indicate that the speculative community
was wholly at sea as to what the action
Of the directors would be. The price
dropped below last nights after the OPEN
Ing advance, but recovered sharply some
8 points before the news became known.
The announcement of the regular diyi-
dend caused realizing sales and a drop
of points. The shorts were so eager to
cover that the decline was checked al
most Immediately and subsequent re-
cOvery amounted to about points. The
drop after the dividend announcement
seemed to give the shorts some degree OF
confidence and the pressure TO buy was
not urgent at the advance. Considering
the length of the bear campaign, based
on an implied doubt of the regular divi-
dend ii can scarcely be that the short
interest has succeeded in anywhere COW
ering the lines put out during the cam
paien. The declaration of the regular
dividend has by no means converted all
OF the bears, who still argue dire effects
from the trade war.
The declaration of IL per cent on
Atchison preferred was the most potent
influence in putting up prices in the lat
ter part of the day, though the effect
must be regarded as surprisingly small.
considering the recent activity of the
bears on the doubts they expressed that
a dividend would be forthcoming on this
stock. The dividend is called the regular
semi-annual, and comes out OF the earn
ingS of the last fiscal year, with the
statement by the directors that sufficient
remains for another similar dividend in
January next. There was a large de-
mand for the grangers, which advanced
prices in the group from to 312 points
which spread TO other points IN the rail
road list. Fort Worth and Rio Grande
were marked up points and the New
York municipal stocks rose sharply.
Stocks which have been recent faVorites
in London. such as Anaconda and the
Southern Railway stocks, held back I'M
der the influence of London. The iron
and steel stocks also hung back, Steel d
Wire dropping at one time points on
published doubts of a forthcoming divl-
dend. The obstinate resistance of rail-
road stocks to the decline, the present
anu BAOSptNAANN Easy - iA-SAANs
and the more cheerful view OF the crop
prospects all contributed to the late
strength in the stock market.
Railroad bonds hardened in price in
sympathy with stocks but business was
not on a large scale. Total sales, par
value. 100000. United States IS de-
clined Il in the bid price.
Total sales of stocks today were 3S5 625
shares. including: American Steel, 1000;
American Sugar, 1890; Anaconda, 10, 100;
Atchison preferred, 46 100; Burlington. D.
100; Continental Tobacco, 4.500: Federal
Steel. 500; Federal Steel preferred, $500;
Manhattan. $500; Metropolitan Street
Railway. 300; Missouri Pacific. 400;
New York Central. 3,l0O Northern Pa
cific 4se0; Pennsylvania, 4.e0; People $
Gas, 5000: Rock Island $500; st. Paul,
10. 400; Union Pacific, 300.