The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-03-31
Smear Was the Leading Feature
on Wall Street.
WILD RUMORS AFLOAT
vrURRY CAUSED BY THE TRADE
WAR IN PROGRESS.
rrensaetions Were Enormous-Re-
norts Of Measures For a Compro-
nisa-Demand For Railroads
Outlets Down-Pressure Upon the
Money Market.

,--,. York. March 30.-The railroads re-
- toto the background of the stock
LIT today and gave way to industrials
III snecialties. Sugar almost outdid its
--,..iopal reputation for uncertainty by
u'o1--eniv retracing its course yesterday
80 mounting well above the high point.
,ritrs was momentary decline OF less
+bl1 a point mt the opening, and then
eIfrl- rally and the stock never got back
~ last night closing level. Twice dur
a., fha late dealings II was - points
I22ro the low level IN the morning, and
e. net cain is llH. The transactions in
e. stock were great. It's course clear
Nv demonstrated a cynical skepuclsm on
he part OF the speculative pubhc regard
inr NE sincerity of the pessimlStic Off
ci5l outgivng which caused yesterday
sIumu I'm the price of the stock.
AM sorts OF sensational rumorS We're
a00at regarding measures Tor compfo-
mise of the sugar trade war, ana there
vv.ra limitations that the opposition re-
liners had been emulatng the example Of
IA. Metropolitan Street Railway interests
in the Third Avenue coup by acquiring
sugar at the decline. At ali events, shorts
in The stock were acutely oerturDCd and
scrambled 90 obtain stock.
The local traction stocks furnished the
other surprise in the market ana, like
Sugar. developed aggressive strength IN
fbs face of bad news. The demand in
this group undoubtedly came from the
shorts The figures given out from Al
bany last night of the valuation placed
uuon the franchises of the New York
traction companies were as high as the
most eXtravagant estimates in Wall
street With the execution of prelim-
mary drive which carried the stocks
down from p TO points, the whole group
was eagerly bought all day, rising wei
above last nights figures and not falling
far below the level again. Peoples Gas
and a number Of the iron and steel stocks
by rising sharply. completed the demon
stratiou OF strength in the industrial
The demand for the railroads seemed
TO have quoted down for the time being,
with the exception of q stock here and
there in the list, which showed a good adj
vance. PTOfit-taking was the motive for
the selling. But the pressure upon the
money market was incident to the quar-
tery settlement next week, which was
manifest in foreign markets even more
than here had its influence in checking
the buying movements. As the buying OF
the spe"ialties was largely TO cover short
contracts. IL was influenced by money
market considerations. There was no
stiffness in the rates for money, but pre-
iminary figures of tOmOTrOW's bank
statement fails TO indicate so strong a
return as has been counted on. owing TO
the falling off in the amount of govern
ment bonds offered FOR conversion, the
disbursement of premiums decreases this
weeks gain by the banks from the sub
treasury will be less than 100000
On the interior movement by express
the net receipts are estimated at less
than $4,000. As against this small gain
i'm cash, the expansion loans have I'M
Questionably been large There is ground
for doubt, therefore. whether consider
able iuroad has not been made on the
surplus.
Business I'm the bond market showed a
falling Off but prices were about main
talned. Total sales, par value. s.. 800. GOO.
; IS. old 4s and new Is declined 4 in