The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-13
Market In New York Displayed
Feverish Tone.
BUYING BY OUTSIDERS
PRESENCE OF AGGRESSIVE BEAR
PARTY WAS EVIDENT.
Money Went Down to 4 Per Cent
During the Afternoon-Dividen
In Federal Steel Causes Firmness
In Iron and Steel Securities-The
Chicago Grain Markets.

New York, Dec 1.-THE stock market
displayed a feverish tone as conse-
quence of the shake-down of yesterday
Although there was some belate1 liquida-
ton, prices were nor without support at
any time and where breaches were made
in values the character of the buying at
the decline made il look as though the
manipulation for fail was for the puf-
pose of taking on stocks Inere was a
notable volume of commission house
bu as. which indicated mat outsiders
had been attracted by the lower level OF
prices There were points in the indus
trial list which displayed notable resist
aDce ali day, and during the later part or
1.-THE trading some positiNe strength. some
Sof the sharp declines in the railroad list,
notably in the grangers. were attributed
TO a shifting of holdings from that groun
into sor.le of the industrials. The gran
gers touched lower prices than in the
demonstration, of yesterday, and they
were practically the only stocks in the
list to do so. That there is large and
aggressive bear party in the market was
evident. Their tactics were moderately
successful in the morning, especially IN
the cases of Tennessee Coal and Metro
po.itan Street railway. which were forced
down Sl2 and %. respeetiveiyF
Money al no time ruled over, per cent,
and in ,he afternoon was Offered, down TO
4 per cent. The impression was abroad
that some very large Individual operators
had become possessed of a liberal supply
of funds and were taking on stocks.
Traders generally turned TO the bull side
and marked up stocks to the neighbour
hood of last nights level, and in some in
stances materially above it, Prominent
specialties showed recoveries from the
low point, ranging from to over points.
Sugar Transit and Metropolitan were
notable in the rally. In the iflilroad list
the trunk lines. the Pacifics and one or
Two OF the coalers rose ~ to 2, and
Southern railway preferred rallied 212.
After touching 1884,. Sugar suddenly broke
4 points TO near the lowest and very much
unsettled the whole list. Reactions were
confined to fractions. outside of Tobacco,
Brooklyn Transit and few other Indus
trials
The closing was thus made irregular
and with mixed net changes. The action
OF the directors of the Federal Steel COM
pany in declaring the dividend of 3 per
cent on the preferred stock, thus making
the full per cent of the year and clearing
the way for promised dividends on the
common next year, was not announced
until the close of business but il eX-
planned the relative firmness of the iron
and steel stocks. Sentiment as to the
future of the stock market is still con-
flicting and unsettled. in view of the con-
tinuance of the factors which have re-
stricted the money supply and led TO the
forced liquidation.
The bond market was less active than
stocks and prices were comparative
steady. Total sales, par value. 81 Dds. GOO !
u. and the 5s Is in the bid price. /