The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-01
Stock Selected for Attack BY the
Bears Yesterday.
HOLDERS EASILY SCARED
MANHATTAN "L" WAS ALSO
HAMMERED DOWN.
Market Showed Symptoms OF
Strength at the Opening, But 1t
Was Only a Flash In the Fan
Bank Statement Expected to
Make Encouraging Showing.

New York, Sept 30-The stock market
displayed rising tendency for brlet
period today, under the influence OF Nigh
er London prices and a moderate COM
mission house demand. Support was al
so extended to specialties and for me
half hour succeeding the opening, prices
gathered Roadway under the lively DID
ding This condition of affairs, however,
proved TO be only of the flash IN the pan
order, for as soon as the bears were ISduy
to attack they found material enough III
the country gossip regarding the charac-
ter of the Manhattan L earnings. Inc
uncertainty existing as TO the nature o.
the contemplated improvements ana the
period for the final Adoption OIL the al
nounced electrical equipments alded the
bears in their efforts and sharp decline
occurred on heavy offerings. frequent
no strong support. drive against the
Rubber met with unusual success, the
common losing 81 and the preferred VA.
The fact is that the holders OF investment
stocks are pretty nervous over the OPP
erations of the bear cliqueS and when a
raid is made, stop loss orders come tumb-
ling out on every half off. There were
no definite developments to account Tor
the Rubber slump, but the street was
ready to advance plausible explanations.
The recent acquisition OF rival conces-
sion apparently eliminated an upward
movement in the stock. and pront-taklnS
was a natural sequence. To what extent
this operation has been carried and
whether trade developments favored a
diminution of holdings, can only be in
ferred. Rumors that local banking insu-
tutions had Disseminated against the
stock as collateral in loans, found some
credence owing 10 the rapidity of the
break. The general railway list sagged
steadily and along in the afternoon took
the lead Discussion of the monetary con-
ditionS was more favorable and eXDecta-
ton are entertained that temorrows bank
r.. ant will ma
showing. Sugar and Tobacco commanded
marked attention but there were no de-
velopments of consequence concerning the
properties, and their price movement was
of the violent up and down order as for
some time. Toward the close the mar
ket firmed up in spots ana ended with a
fairly steady tone. Final prices indicated
substantial losses in the Specialties, but
the railways figure for only fractions.
The bond market moved in an erratic
manner, but variations We're of slight
fractions with Denver & Gulf lists nota-
bly, strong. Total sales, S2,162,0OO.
Government bonds were pressed for
sale. and the new As registered ruled Is,
and the ends registered u lower on the
bid transactions.
shares, including: Atchison preferred, II,
100: c., B. & O.. 1915; Manhattan, $3.50;
| Met. st. Ry., 1920; Northern Pacific, Is,
400; Northern Pacific preferred, 2O.1O0;
Rock Island, $500; Union Pacific, 1O,340;
St. Paul, 12,15O; Union Pacific preferred,
6,S79; Minnesota Iron, 5000; Tobacco. Is,
O20: PEOPLES Gas, $3.50; Sugar, $3.50; Rub
Der, A. OPS; Leather preferred, Is, 120; Rub
Der preferred, 10.800