The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-23
Accomplished Downward Range of
Prices in New York.
WEAKNESS APPEARED
SECURED UPPER HAND IN THE
TRADING YESTERDAY.
Foreign Stock Markets Reflected
Much More Cheerful Frame of
Mind Over the Political Outlook
In France-Talk of Heavy Ship
ments of Gold to Europe.

New York, June 22.-The. bears secured
the upper hand in the trading today and
accomplished downward range of prices
which gave the appearance of extreme
weakness to the market at one time dur
ing the day But what with the initial
rise in prices and the rally on covering
after the drop, the net changes are small
In the majority of cases. The market
opened with an upward movement and
with more show of animation in the buy
ing than mas been the case for some time
past. The foreign stock markets reflect
ed much more cheerful frame of mind
over the political outlook in France and
there was continuation of the selling
pressure from that source which has been
feature several days this week The
railroad stocks, especially the grangers,
moved upward smarty and very con-
SpicuOuS gains were shown by d num-
Der of Vanderbilt stocks. There being a
good buying of some Of the leading
specialties Tobacco stocks rallying brisk
ly from yesterdays extreme weakness,
and Sugar and Brooklyn Transit being
well taken. With the exception of the
drop in American Spirits and Standard
Distributing on the announced combina-
ton IN that trade there was apparently
no weak spot in the market and ii looked
as though the bears had exhausted their
resources and abandoned their campaign.
But very marked weakness soon develop
ed in Federal Steel and quickly involved
other Flower stocks as well as Sugar.
Federal Steel. 31s; Brooklyn Transit and
Consolidated Gas, 24. The NanderbilIs,
Tobacco stocks and many railroads held
pretty well but the grangerS yielded a
point or over though their declines on the
day are only a fraction.
There was considerable activity on the
decline and more appearances of hquida-
ton by tired holders than has been ap-
parent before this week The selling
movement was based on apprehenSionS
expressed by the bears of very heavy eX-
ports of gold on Saturday, some of the
estimates ranging as high as Sl0OUJ,VO
though the only announcement was an
engagement of 81, 100000. As d matter Of
fact the rate for sterling exchange eased
off 4 cents for sight bills, the rate for
money in London showed an easier tend
ency and the relaxation OF the strained
political situation in France relieved APP
prehension Of drain upon this country )
gold reserve. The market closed firm at
the rally caused by covering OF shorts
There was one or two yielding spots in
the bond market but prices were Sener-
ally firm on a moderate volume OF bust
ness. Total sales. par value, SlS2o.V0O.
United States As and the old As coupon
declined /. and the IS registered Is in the
bid price.
ed 10 $4,000, including: American steel,
510O: Atchson preferred. $500: Brooklyn
Transit A. 100; Burlington: H:so0; Conu-
mental Tobacco. p 1G1; Federal Steel, d.
O00: Federal Steel preferred, 1900; Man
haitian 1890: Northern Pacific, 300: Peo-
pies Gas, $500; Reading first preferred,
10 so: St. Paul. u,500; Union Paclnc 4
600: American Spirits. 70oO; Baltimore q
Ohio preferred. $500; c. c. x St. l.. 1900;
{. St. p NJ & S. N. 500; n. y. Central,
& 500; Ontario & Western, 800; Pennsyl-
yania. 3 100; T. c. < l., T. 100; l. 5. Rub
Der $500.