The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-25
Had a Depressing Influence On
Speculation IN New York.
BREAK IN AMALGAMATED
STARTED BY WATERING TEN
DENcY IN ANACONDA.
Sock Market Distinctly Rsactionary
Yesterday In Spite OF Strong
Spots-London Market Reflected
Some Depression-Hardening Of
Money a Discouraging Factor.

New York. Oct. 24-The stock market
aas distinctly roactionary today in spite
tf strong spots. Profit-taking was on
very large scale. Sales on this account
were quite wei absorbed and created no
slgn OF GENERALIZATION IN prices. Whcn
the fact Of pTOfit-taking became obvious.
some Of tue room traders turned bears
and sold the market moderately. The
bear faction was not aggressive, however,
ana made no great inroads upon values.
Neither were the bulls inclined 10 resume
their campaign FOR The advance after
having taken their profits. and The mar
kets were incaiHec to drag during The lat
ter part OF the gay. Some attempt was
made to infuse strength into the market
in the last hour by bidding up Onion Pa
clfic and Baltimore ~ ONO preferred.
Business induced some slight covering 10y
shorts. hut so Tar as general reSump-
ton OF the advance was concerned the
attempt was abortiVe. Prices were very
unsteady at the close ami in many cases
were pursuing "a downward course.
The active realizing in the first hour
was much helped by a notable sharp rise
following a week of stubborn resistance
TO all attempts al driving prices down.
ward. his demand and continued man
ipulation by section of the bull party
served TO wipe out pretty generally the
opening decline and bring the market
back 10 about last nights level. Having
reached that point the downward course
began. and with the exception of some
irregular fluctuations the market con-
tinued heavy below last night level tor
the rest Of the day, Special points of
weakness in the early dealings were
Sugar American Tobacco. Mailing pre-
feired. Anaconda, Pullman ana Brooklyn
Transit. Strength was SHOWN an day by
CEited States Leather which was taken
in enormous lots and rose at one time to
234. The closing was a point below that.
New York Central after d small frac-
tional advance, met very heavy offerings
on the announcement of an additional
stock issue of $l5.000.000. The stock
moved somewhat irreeularly during the
day within a range of point below last
nights level.
Thu London market reflected some de-
preston upon this market. and the UNI
dertone there WIS distinctly weak on the
uneaS1nesS regarding The position OF the
British troops in Natal. The suggestion
of the chancellor Of the eXchpquer tn0t
a tax on South African gold mines might
be looked to to help defraY the expense
0f the war was apparently not reilSneG
3y the spectators in the mine market
London sales in this market were up
ward of 10000 shares.
The general weakness of copper mines
shares had depressing influence on
speculation. The weakness of Anaconda
or the exchange was supplemented by
break in Amalgamated Copper in the out
side market and by weakness in Boston.
The hardening tendency OF money was
a discOuraeing factor for the bulls. Most
~ the days call loans were made above
q per cent, ana the rate rose to late IN
the day Bankers generally asked per
cent for time loans and were disincilrsd
10 nut out their funds for the LOnaOn
periods. Rather less money was shipped
30 the interior today but the outgo. while
diminished. still continues.
The sub-treasury Is also absorbing
funds
Realizing was in evidence in some por-
lions OF the bond market making the
price changes mixed. Total sales, par
value. s. 10000 United States Old Is adj
vanced 4 and new Is and Us Is in the