The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-09-28
Bears Succeeded In Demoralizing
the Stock Market.
TOBACCO WAS HAMMERED
BEARS THEN TURNED THEIR
ATTENTION TO SUGAR.
One Prominent Stock After Another
Went Down Under the Terrific On
straightforward Interests Let
ting Go An Extensive Line of
Stock-Fluctuation in Atchison.

| New York Sept. 27.-Transactions in
! the railway and miscellaneous market
showed a better distribution today and
! the railways assumed more prominence
! in the trading than for some time. Specu-
/ ldtiVe sentiment became decidedly bear
! ish over night and the bears adopted
what appeared 10 be we'll outlined plan
| during the day.
! Tobacco was utilized as a lever to initi-
ate the drive. but after the price was
| damned down So points to 13212 the stock
me! met support and recovered materially
ward rush by. working up Sugar and
Metropolitan and succeeded in steadying
the list. The bears, finding considerable
opposition in Tobacco turned their at
tention TO Sugar and after creating de-
mOraliZation there took the other promi-
nent sDecialtieS into camp one after the
other and soon had prices tumbling all
around. The tactics of the bear faction
disconnected the bulls, who, after APP
parently arresting the decline and fore
ing rally in a leader. had to meet fresh
assaults on another STOCK, with the re-
suit that the monetary advance was soon
lost RumorS concerning individual prop
critics were set afioat and considerable
discussion aroused oyer the movement III
| Tobacco. The generally accepted theory
was that some powerful interest was let
ting go an extensive line of stock and
the absence of demand for the enormous
blocks offered during the past few days
facilitated the efforts of the shorts.
Operations in the industrials were con-
Quoted with considerable confidence by
the bear contingent. and their success in
reaching Stop-losS orders encouraged
them TO attack the railways. Northern
Pacific, in which dealings have been on
large scale recently, was picked out
and d two point break followed. A liberal
amount of long stock from holders came
out in the grangerS and the trading be-
came quite excited during an interval in
the afternoon. The list steadied OCCASION
ally, but any attempt to boost prices was
accompanied by semi-stagnation. Late
in the day prices hardened on the August
statement of the Northern Pacific, which
showed an increase in the total net in
come of S217,5
Atchisons report for the same period,
which developed later, indicated falling
off in net earnings of $43S,230 and the
bears renewed the attack, with final
prices at about the lowest Sugar, after
improving TO 12lA, encountered heavy
the stock came out around the even
figures, which eventually put the price
to HES. Subsequent fluctuations were
quite feverish and the stock closed at us.
Ihere was an absence of news bearing
upon the property aside from the usual
opposition features.
The money market was less active today
and rates ruled 8 to 4 per cent, with the
lower figure ruling at the close. Time
contracts were without essential change
and there was a notable shrinkage in the
offerings of prime mercantile paper.
Operations in bonds were centered
prices fell off substantial fractions in
some cases. Total sales. s1,626, 600.
Government bonds shared in the gen.
eral weakness and the old As reacted Il
per cent.
Total sales of stocks today were As, 200
shares: Atchison preferred $3.50, c. B. &
Q. $40, Manhattan IL $50, Northern Pa
cific 81. 400, Northern Pacific preferred 49,
$50, Rock Island 1885, Union Pacific 49,
CO. ST. Paul 1850. Union Pacific pre-
ferred 9202, Cotton Oil 4.S75, Tobacco 49,
l5S c. G. w 765 PeODle'S Gas % Sal
Sugar 1920, Leather preferred $40, Rub