The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-30
Prices In Many Prominent Stocks
Show Losses.
BULLS ARE DISCOURAGED
SCALES ARE TURNED IN FAVOR
oF THE BEARS.
Union Pacific the Only One to Mani
fest Any Strength-Weakness of
Foreign Stocks On Account Of the
Acuteness of the Transvaal Situa-
tion-Grain Markets.

New York.. Aug 29.-Prices in many
prominent railroad stocks show losses
of 81 per share and upwards as re
suit OF the days trading. There was
a disposition in. the early hours Of the
day to test the decline and the effort
was assisted by several strong fea-
lures in the list. But the persistent
heaviness of the railroad stocks and
the manifest exhaustion of the buying
demand discouraged the bulls and
turned the scale in favor of the bears.
Stocks in which manipulation by pools
has been recently evident, showed a
conspicuous lack of support. Con-
spicuous in this class was Louisville q
Nashville, Northern Pacific, Atchison
preferred, Baltimore & Ohio and west
ern Union. Several of tie minor
stocks which have been under recent
manipulations also suffered severely.
Some opposition in the early heaviness
resulted from the active demand for
the republic steel stocks on the
strength of yesterdays declaration of
a dividend on the preferred stock and
semi-official reports OF very large earn
ings available for the common. The
common advanced at one time 21a and
the preferred per cent. Steel and
Wire was also marked up on predic-
lions that the listing committee of the
stock exchange was disposed TO ad-
NIT it tc the listed department. These
two factors impaired firmness to the
iron and steel group with the excep-
ton of Tennessee Coal and Colorado
Fuel. In the railroad list the Chicago
Great Western stocks showed great
strength, the preferred 81 rising
points. There was demand for Kan
sas & Texas preferred and gains shown
by Wheeling & Lake Erie and Hook
ing Valley. In the local traction stocks
Brooklyn Transit was lifted quite ag-
excessively and Metropolitan Street Rail-
way and Manhattan showed sympathy.
There came a covering movement in
Tobacco after a sharp fall and Sugar
showed strength from the same cause.
But these elements of strength were
quite insufficient to induce a renewal
of buying in the general list on any
large scale, and prices continued to
drift away under dribbling offerings.
The declaration of per cent semi
annual dividend on Union Pacific pre-
ferred stiffened that stock and caused
a momentary check to the downward
movement, but when the bears per-
ceived the continued heaviness they
attacked the market in the late deal
ings making the closing active and
weak at about the lowest. Few earlier
gains were mostly wiped out, those re-
naming being largely reduced.
The weakness on foreign stock mar
kets on account of the acuteneSS of the
Transyaal crisis was an influential
factor in the days weakness. London
sales here were estimated at $4,000
shares, covering the entire list of. in
ternational stocks. The fall of a frac-
ton in the actual rates for sterling
exchange in face of this liquidation
from London caused renewed uneasi-
ness over the local money situation, of
which ii was reflection. Rates for
time money were appreciably firmer
and no call loans were made below 3
per cent.
The bond market was rather quiet
and price changes were irregular. To-
tai sales of the par value of 81, $50, 900.
United States government bonds were
unchanged on bid quotations.