The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-01
Prices Fell at the. Opening of the
New York Exchange.
BAD NEWS FROM LONDON
THAT MARKET IN STATE OF
SEMI-DEMoRALIzATIoN.
Caused By British Reverses In South
Africa-Call Money Was Feverish
All Day, Receding Several Times
But Recovering Violently and
Suddenly-The Grain Markets.

New York, Oct. 31.-Prices of stocks fell
at the opening today and under the weight
of selling for London account. The market
at that center was in Il state of semi
decentralization on the news of the loss
of considerable force of British troops
By capture from Ladysmith. The sales
for foreign account in New York ran up
TO nearly 5000 shares. The resulting loss
in prices had a point or more in several
prominent stocks, notably among the
southern railroads, which have been re-
cent favoriteS for a rise. The experience
of yesterday left no one disposed TO buy
stocks and the London offerings were
poorly taken. Active selling OF some or
ness. After the opening decline. how
ever. some support was forthcoming
which seemed TO be based on the hope of
a relaxation in the money stringency, but
quotations for money at 20 and . per
cent again turned prices of stocks down.
ward
Tho speculative liquidation seemed 10 be
concluded about noon and there was some
recuperatioH during the latter part OF the
day which was encouraged by strong
spots in the list. The iron and steel stocks
became especially prominent. led by i ed
eral Steel. The strength in this group
was attributed to a demand from large
outstanding short interest. Inc rise IN
Federal Steel reached 5is and in Steel a
Wire 3ss There was sympathetic adj
vances in National Steel. Republic Steeit
American Tin Plate, American Smelling
from a fraction to pa, the latter IN Ma
tioTRai Steel. There was good demanu
for number Of other prominent speclai-
ties, but railroads, especially those IN
the southern group. retrieved good par
of their early losses The Wisconsin
Central new stocks were conspicuous for
an advance TO about ~ above last night
level. The market closed firm, generally
at small net losses.
The call money market was very feNer-
ish all day, receding several times, Dul
recovering violently and suddenly Inc
last loan was at per cent, the low leNel,
and the rate ranged above that 10 80 per
cent, the demand being apparently urgent
and large. Loans were called by the
hanks on an extensive scale. The demand
for time money was good and lenders de-
rrarrled per cent ON choice collateral.
The extensive calling of loans is attr1but-
ed TO needs for the first of November set
Elements and there is a demand also re-
ported for payment of subscriptions 10
some new industrial combinations. Inc
rate for sterling exchange declined FUR
Their in response to the stiff money rate
and without regard 10 the hardening OF
the money market in London. New YORK
exchange at some southern points weak
.nsssi sharply and the sub-treaSury was n
creditor at the clearing house To-Day 10
the extent OF 10000.
The tone OF the bond market was better
than that of stocks and a number OF mid
die and low-grade mortgages were in good
demand. Sales, par value, l,f'vVyo.
United States bonds were unchanged III
~ Bend Quotations