The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-23
Days Losses Were General On New
York Exchange.
WHOLE LIST AFFECTED
NO REAL SUPPORT TO THE MAR
KET AT ANY TIME.
Bears Nibbled Here and There, But
Were Not Aggressive In Their
Tactics, and Did Not Dislcdge Any
Large Amount of Stocks-No Ser
ious Liquidation.

New York, May 22-The market drifted
downward almost uninterruptedly today
until the aggressive upward movement in
Sugar developed late in the day This
seemed to affect the whole list by sym
pathy and prices retraced their earlier
downward course. They only recovered to
Saturdays level. however, in a few cases
Losses on the day are general, but are
within point in most of the railroad ana
prominent stocks. There was no real sup
port to the market at any time, the out
side interest in securities being about nil.
Neither was there any serious pressure
of LIQUIDATION The result was q dull and
apathetic market. with the bears nlDDnnS
here and there TO develop weak points in
the list. They were not aggressive IN
their tactics and failed TO dislodge large
amounts of stocks. the market becoming
practically stagnant whenever this snort
selling was desisted from.
The dropping tendency of prices was
nevertheless marked and was assisted by
positive weakness at few points Inc
stocks of companies which profit by fran
chises within the state of New ork were
especially weak on the assembling of
special session of the legislature to act on
the franchise tax bill. Metropolitan Street
Railway. Manhattan, Consolidated Gas
and Brooklyn Transit all showed con-
spicuous declines, extending from 8 TO
points and over in the case of all but
Manhattan. Third Avenue was a con-
spicuous exception to the group and rose
points on a proposed new stock issue.
These stocks drifted during the day on
political gossip regarding the chances or
the franchise taxation bill, and all showed
notable rallies, the net losses being small,
except in the case of Brooklyn transit
and Consolidated Gas, which closed :
points lower.
in-carrying railways. both in the
west and southwest, were favorites of the
bears on continued talk of crop damage
Anaconda Mining. American Smelling, the
iron and steel stocks generally. and d
number of other new induStrials showed
conspicuous weakness. On the other hand.
New York Air Brake was marked up 10
points.
The afternoon rally was induced by the
vigorous movement in Sugar to 16l on
very large and confident buying. Inc I'M
eaSineSs of the shorts over this demon
stration of strength drove them to cover
in other stocks, making the close quite
active and firm.
The holiday in London withdrew the
usual influence from that source Money
continued abundant and easy. and the
foreign exchange market abated none OF
its firmness though there were no large
demands for bills.
The bond market was affected in SYM
patty with stocks and showed an abate-
ment of its recent activity and developed
weakness in spots. Early in the day there
was a continuance of the large absorption
of some of the new issues. but TINS tell OH
as the day progressed. Total sales, So.
10000 Government bonds showed no
change in quotations.
The total sales of stocks today amount
ed to 42l, 500 shares. including: American
Steel & Wire. 1880: ANN. Sugar. $500;
Anaconda. 1890; Atchison preferred. Is
900: b. q O. w. l.. 300: Brooklyn Transit,
o., 900; G. B. * @. rights, l4.lO1; c.. b. & O..
q 500; Consolidated Gas. 500; Continental
Tobacco. 400: F&ierai Steel. 2. 100: Louis
vile & Nashville. 1900: Manhattan. 1880;
Metropolitan Stree\ Railway. cleo; Mis-
souri, Pacific 5000; Northern Pacific, 800;
Pacific Mail, $500; People,s Gas, 1850;
Rock Island 100: ST. Paul. $500; South
efn Pacific. 450G: Tennessee Coal & IT.,
59O0: Union Pacific. 6.100; - Pacific
3lO9; siIveI, bullion certificates. 1900.