The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-25
Stocks On New York Exchange
Take a Downward Course.
THE MARKET WAS DULL
COMING CROPS HAVE SOME
THING TO DO WITH IT.
Newly Floated Industrials Did Not
Have An Easy Tine-Net Losses
Were the Rule, But In Railroads
Were Restricted to Fractions, Ex-
cept in a Few Gases.

New York, May 24.-Prlces of stocks
drifted to a lower level today in the uf-
Certain manner which is characteristic of
du!l and undecided market The duli-
ness of the market is entirely normal
Tor this time OF year, when the fate II
the coming crops, on whfcn much de
ponds. is still in the balance. On the pres
ent conditions the market still has several
favorable factors to contend with. In the
first place, there is evidently hanging
over II some of the large holdings that
were taken on for the purpose OF avert
ing 4 panic, and which are offered tor
realizing purposes.
in tooays marnet, also. il was rather
obvious that some of the newly-fioated
industrials were not having an easy time.
This WAS especially true Tor the various
companies which were to have been ag
gregated in the projected great steel com
bination, the plan for which seems to
have been materially altered. American
Hoop, Tin Plate. Steel * Wire, and Ma
tional Steel were all quite acutely at
fected in the late dealings. Federal Steel
and Colorado Fuel also succumbed to at
tacks. The continued heaviness Of Anal
gamated Copper in the outside market
also gave evidence of the saturated state
of the public demand for new industrial!
securities. Added TO these incidents of
weakness, continued fears that the COM
ing crop would turn out badly. and the
bears had u good field for operations.
There was very little resistance offered
TO their manipulation, but the operations
We're not very bold and not on Ve-v
large scale. The early strength in Sugar
served TO deter them somewhat. The fea-
ture of the foreign wheat market after
the recent holiday. to be Impressed WITH
the fears expressed in the domestic mar
ket regarding the crops, also had its infiu-
ence in restricting the operations of the
pears Inc break IN Sugar, however, ana
the persistent weakness of the Steel
stocks and the rally in wheat encouraged
late attack on the market, which WAS
directed principally against the so-called
Gould Southwesterns and Brooklyn Tran
sit
The whole railroad list showed the ef-
feet of the raid. but the grangers and
Atchison preferred showed the best re-
siStance. Net losses are the rule. but in
the railroads are restricted 10 fractions,
except for a few cases.
Sugar was the leader in point of activity
and, after covering 80 points. closed lssc
lower. The tobacco stocks and Anaconda
were also notably weak, the latter of Lon
don selling, accompanied by further de-
cline in the price Of copper. Air Brake
lost liz points. The demand for railroad
bonds continued active. and the market
was strong, many Of the reorganization
[ per cents continuing to make new high
records. New issues which are in the
course of disposal by underwriting syn
dictates and second grade bonds are about
all that have not been put at prohibitive
prices. Total sales. par value. s.. 790. 000.
There is a good investment demand for
government bonds which are at record
prices. The IS TO Is and the old Is. regis
tered advanced Is in the bid price
The total sales of stocks today amount
ca TO aSI-no snareS. including: American
Hoop. 5.0o, American Steel q Wire. 1920;
American Sugar, 1880: American Tin
Plate 11.100; American Tobacco, 5000; |
Anaconda. 500: Atchison preferred, 50 600;
Brooklyn Transit. .. 200: Canadian Pa
cific. 5.400; c. 3. & Q. rights, 1900; c.
p. & O.. 1880 Continental Tobacco, D.
900: Federal Steel Is. 200; Louisville & I
Nashville. 800; Manhattan Con. 5000: |
Metropolitan 1900; NJ. S, T. p. & S. NJ |
NJ. $500 Missouri Pacific 5000: National |
Steel $500: Northern Pacii2c 11.4o0: Pa I
cific Mail. 5000: PEOPLES Gas. 1860; Read /
ing LIST preferred. 5000; Rock Island. 1890; |
St. Paul. H. 900: Southern Pacific $500 T. /
G. & l.. 1000: Union Pacific, 200; Union /
Pacific preferred 200