The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-02

! New York, Oct 1.-The stock market
during today's short session gave strik-
+, ing evidence that the power of the bear
| faction had not diminished in enectlng
lower prices The break in Tobacco was
/ the more sensational in view of the half
| holiday. No developments concerning
| the speculation in this stock were an
/ nounced, and the bears pursued the same
| dlligent tactics that have been RESPONSE
! bic for the tremendous drop this week.
New spots OF weakness nave appeared
every day and todayS development was
| Consolidated Gas. Competition of the
| electric lighting companies and rival
gas plant furnished the basis for break
| of 61,c. The railway list had some
strength but the influence of the special
| ties was so overpowering that losses re-
suited. The bank statement exceeded the
favorable expectations and its publica-
ton checked the break.
In discussion of the financial develop
ments of the week, the Industrial group
must have first consideration. The pyro-
technical movements of these stocks dis
tributed general confidence and this con-
dition found expression in an enormous
liquidation in all classes OF securities.
RumorS regarding the status of industrial
properties were circulated freely and the
operations by the bear faction were con-
Quoted with marked brilliancy. lniiuen-
tl6l speculative interests were apparently
banded together to create decentralization
among the holders and bad faith between
interested cliques were assigned as causes
for the SoaSmodtc attacks in various
DlQulddtlOn IN the group was
uninterrupted throughout and the vol
ume of stop orders exceeded any preVi-
Gus outpouring. Margin accounts were
swept away, and banking institutions in
some cases took exception to the indus
trials as collateral for loans. Difficulty
in protecting holdings necessarily caused
sacrifices OF the standard stocks and the
advantage secured by the bears in this
connection was responsible for the cur
tailment of the outside demand Monetary
conditions also eXerted an important
bearing on the course of the market and
although apprehension as to stringency
was considerably allayed, the occasional
hurries that occurred unsettled specula-
ton. Tobacco was the dominant feature,
and the Geluge of stocks which accom-
panied the break colored reports that
inside interests We're unloading. Gossip
had 1t that the recent jump above $50 was
for the purpose of squeezing a powerful
was closed the downward course received
acquleScence from the maniDulatiVe in
terests in control. The numerous coups
that nave been effected in this speciality
since Its introduction to the stock mar
ket has chilled public dealings and re-
duced trading TO the more daring profess
SlonalS. The magnitude of the trading in
the specialties naturally served TO pro-
mote sympathetic tendency IN the rail-
road list, but developments there included
many favorable factors, which stemmed
the reaction. In fact, standard issues, on
the whole exhibited remarkable resist
ing powers and moved independently at
intervals, but the persistent raids else
Where robbed the list of monetary adj
Vantages. The bears followed a system
attic course and devoted their efforts from
one stock to another until the entire in
duStrial group was hammered
Domestic conditions reflected q contin-
uance OF the business expansion which is
marked in some lines. Ac-
tlVlty IN the iron and steel trade which
is considered a fair barometer of the
general situation, confirmed confident J
predictions as to the general outlook and |
the steady increase in westbOund traffic !
on the leading lines offset the light grain |
movement. The latter circumstance must /
eventually be remedied by increased /
movement on higher wheat prices or /
forced shipments. Belated borrowers of /
call money had to pay as high as 6 per |
cent for accommodations, but this rate |
was only temporary! Average rates were !
Sq4 and time funds and discount rates |
were decidedly easier. Shipments of cur
rency eto the interior showed a notable |
Increase and the available funds in the
market We're increased by the gold ar
rivals and anticipatOry interest payments
by the government. The bond market
moved in sympathy with stock fuctua-
tons and showed more activity on the
easier money conditions
Government bonds were remarkably
well held throughout the week, conces-
slons being confined to half per cent in
the Is and Is in the IS and As.
shares. including: Manhattan, 1924:
Northern Pacific, 800; Rock Island. g.
20; Union Pacific. Ass; St Paul. $3.50:
Union Pacific preferred. 42S3 Tobacco /
:, $50; Chicago Great Western, 400; Peo-
1le's Gas, 5,145; Consolidated Gas. 5000:
sugar. 2S.2S5; U. S. Leather preferred
,345: Rubber. 5,195