The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-20

New York, Oct. 19.-The stock market
showed signs of continued strength dur
ing the early part of the trading and the
covering movement among a large out
standing bear interest continued in active
force. The professional opponents Of
the bears did all they could TO take the
market away from them 10y bidding up
prices picking out individual stocks Tor
that purpose 10 increase the appearance
of strength in the market. As the demand
from the bears fell Oft later in the day
the fact began TO emerge that there was
no very eager demand for stocks among
the public at large and prices began 10
slip downward. Seeing the heS1ta1lcy of
the advance the bears took renewed cour-
age and put out new short lines. me
fall IN prices was considerably accelerated
during the last hour and the demand TO
cover at the decline was SUFFICIENT 10
cause only a feeble rally. The closing
was barely steady and the earlier gains
were practically all wiped out
The fail in prices from the top level
reached 4. point or over in a large num-
her of prominent railroad stocks and in
some of the industrial speclalties ranged
from ] TO over 3 points me railroads
running through the southern region
came into some prominence late in the
day OIL account Of the general activity and
prosperity of business in that lacallty
and the relatively larger increases in
earnings shown by its railroads. Illinois
Central Louisville & Nashville, Southern
Railroad preferred Norfolk & Western
showed benefit from this cause and the
gains established We're better maintained
at other points. Individual strength was
shown also by Colorado q southern llTft
preferred, Tennessee Coaa. the Internal
ional Paper stocks Northern Pacific, the
Hooking Valley stocks, New York, Chi
csigO q ST. Louis first preferred, Ameri-
can Car. American Linseed oil and Chi
cago Terminal. Pullman reacted sharply
after its prolonged advance, recedlng an
extreme points and losing AZ net. Con-
gn1fdaTeH Cas- fell 4ll 6flf naTtlN TecOE-
cred The local traction stocks ana Sugar
We're sharp sufferers in the late weak
ness. The reaction was as much without
explanation as yesterday s advance, ana
could only be attributed 10 the closing up
of professional operations. Call money
ruled at per cent for most of the day,
but stiffened 10 per cent before the
close.
The coming bank statement is the sub
5ect of surmlse and observers are unable
TO figure on any Improvement. me
movement of money to the interior shows
some falling off but sun continues in That
direction on balance, and the course OF
New York exchange at several important
points continues downward. Ihe SUB
treasury has taken more from the banks
and the applications for anticipated in
terest on government bonds have proved
entirely insignificant. With no gain IN
cash resources from any source. the con-
dition of the banks could only nave been
strengthened by a further contraction IN
loans The actual rate Tor demand steIi-
ing bounded up a full l2c today
Cotton bills continue exceedingly scarce
and the demand for exchange, quite large
This demand is attributed in part TO the
requirements for remitta1lces on account
of the conversion Of Central Pacific Sc
curties. The possibility of gold exports
depends upon how much further this de-
mand shall extend. The rate for demand
sterling is now only &c under that at
which gold went out earlier in the year.
There was a notable broadening in the
bond market. many quiescent issues com
ing into activity. The tone in general is
strong Total sales par value, 8. 10000.
United States IS advanced Is in the bid
price.