Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-12-14
Bears Make a Heavy Assault on
the Market Today.
RESISTANCE WAS STRONG.
Prices Moved All Ways - sudden Re
coreries OF Violent Losses-Liye
Stock and Produce Quiet

New York. Dec. li.-The Wall street
public came down to business today in
an apprehenslye state Of mind over
what might occur on the stock ex-
change. All sorts Of rumors were
afoat as a consequence Of yesterdays
demoralized market on this or that
large open or speculative pool or clique
which was heavily involved by reason
OF the construction from the money sup
ply and the shrnkage In values. The
bears also were In a mood OF rampant
confidence and prepared 10 go to ex-
IRENE lengths In Offering down prices
Of stock they had yet 10 become pos
sessed OF. On the other hand the prep
aratlon made by inside interests 10 sup
port their properties was on large
scale. The result was q fierce and ex-
citing struggle between the conflicting
speculative interests. Prices were NOV
ing all ways at once IN the opening
dealings and the vibrations were very
wide The beaIs attacked now one point
the general Generalization Of yesterday.
They wiped out tn opening points rise
In sugar In twinkllng. inflicted serious
damage on the iron ana steel stocks and
the New York City specialties, aud got
ST. Paul "a below yesterdays low level.
which was the lowest Of the year to that
time. There was a good deal Of indls-
criminate selling, but no sign Of the
heavy forced liquidation which marked
the last hour OF trading yesterday. The
supporting element had In It's favor the
bouyant tone developed in London by
the runor Of the relief Of Ladysmith,
and the capture OF an Indefinite num-
her Of Beers, and by the decision Of the
Bank Of England not 20 advance the
official discount rate. The announce
ment OF the offers OF the treasury de-
partment 10 anticipate the January
government interest without rebate had
a cheering sentimental effect In favor OF
the Importance attached to money con-
dltions. The bears showed a disposition
to cover short contracts quickly on any
dip In price and there were sudden re-
coyeries Of the violent losses. II soon
became evident that there was a steady
absorption Of whatever amounts were
offered Of the standard stocks. As a
consequence the bear raids became
more and more frequent, and by noon
there was a general covering movement
In force, and the level Of prices had rls-
en- above last nights. All around the
market had quleted down.
The rally carried priees above the
former high level. The rise from the
lowest was In Tennessee coal. in
sugar; ~ In American tobacco; In
Metropolitan; Sh in Brooklyn transit,
and in ST. Paul. The buying de-
mand was checked at the advance. and
a reaction followed but there were no
vioelnt breaks. Prices hardened in the
final dealings. making the closing firm
and quiet at substantial net gains for
most stocks.
Bonds were low for the majority OF
isues, but the exceptions included some
leading mortgages.
MONEY AND BONDS.
Money on call firm at per cent:
prime mercantile paper, 5l5d6 per cent.
Sterling exchange firm with actual
business in bankers bills at ass FOR
demand at AS2 for sixty days: posted
rates, iS2hl.SSlz: commercial bills,
4SidM.
Silver certificates. 59h.
Bar silver. sax.
Mexican dollars, Az.
Government bonds steady. Is reg,
%, 4g ROC | 10. 10 rounnn I 00a naw