The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-05-20
Market Has Good Tone Despite
Bear Reports.
SUGAR is THE LEADER
HEADS THE LIST oF ADVANCING
INDUSTRIALS.
Rails Also Are Firm-Union Pacific
Making Large Gains-New York
Traction Stocks Stronghold De-
mand Improves--ProfessiOnal In
fuenee is Generally Great.

New York. Nay 19.-The stock market
maintained fairly good speculative tone
today in spite of the continued diScourag-
ing reports by the mercantile agencies
over the course Of commodity prices.
Railroad stocks generally are higher on
the day to the extent of a fraction and
some Of the sDecialties show larger
changes. Sugar was the leader al the
market without any news to account for
its strength beyond the suggestive par
allel that efnght be drawn between its
case and that OF the New York Gas COM
panies whose costly conflict seems TO be
ended. With the profitable period of the
year approaching in the sugar trade, II
is natural TO suppose that the incentive
10 settling a contest that takes away the
profits OF the business is augmented. Con-
solidated Gas reflected the pressure Of
speculative realizing and the tobacco
stocks showed signs of weakness.
The local traction stocks continued
strong. The market was largely one Of
specialties. There was some demand for
the Vanderbilt stocks, apparently on the
reported return from Europe Of William
K. Vanderbilt, which was denied after the
close. Union Pacific gained large frac-
ton. Burlington and Norfolk & Western
halted in the advance which was feature
Of yesterdays market while traders took
their profits.
The bond market showed decided i'm
prOvement both in the volume OF the de-
mand and the prices brought. The sharp
advance in government bonds was, OF
course, in response to the announcement
from Washington Of the calling of the
extended . per cents.
Prices of railroad stocks have partly re-
covered this week the losses incurred last
week. In the industrial department of
the stock list, on the contrary, there has
been some formidable inrOads upon prices.
Business has been largely in professional
hands and the volume OF dealings has
been less than half million shares day
on an average A large part Of the de-
mand was evidently from the bears, who
had oversold the market on the previous
decline Professional manipulation
against the shorts was a factor in the
advance After the middle of the week
the market showed renewed tendency 10
sag with the satisfaction Of the demand
from the short interest and with the ef-
forts making TO realize by professional
traders who had turned bulls for a turn.
The London money market found mex
pected relief by the receipt of S5,090-l0O in
Russian gold and this has resulted in some
buying for London account in New York,
which has been a sustaining influence
each day in the New York market It
has also resulted in alternating the fears
of heavy drain of gold from New York
to relieve the European money markets
which might upset the home market.
Crop prospects are playing an imposing
part in speculative considerations and the
firmness Of western railroad shares has
been helped by this consideration. Wall
street, nevertheless continues rather de-
pressed and uncertain, due to the obvious
fact that buying OF commodities Is sui
withheld in waiting for indications that
bottom prices have been reached.
The fact that investment buying OF
bonds has been dull, in spite of low rates
for money has been a discOuraging factor
in the sock market.
L. S. rounding IS when issued advanced
1s4: old IS and 5s, ~: new As, q and the
IS and IS, = in the bid price
Bond Quotations.