The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-21

New York, Dec o. stock market
gave a demonstration OF improved tone
and nerve in the spirit with which it ac-
cepted slump of 1874 points in Brooklyn
Transit accompanied by sympathetic
weakness in other stocks allied TO il. II
cannot he said that this violent decline
was viewed with indifference. for II Ell
fectually checked the advancing tendency
in the general market ana worked re-
action extending TO over two points IN a
number of standard railroad stocks ana
from to Z points in some of the INDUS
trials Thanks to the earlier rise in the
market. however, and the rally following
the slump net losses are in nearly all
cases small and some substantial net
gains are shown by important stocks.
The break of a large inside account,
concerning which many unfdVorable
rumors OF Monday were revived in full
force and exaggerated by the bears with
view TO breaking the market AT TINS
time last year, after notable advance,
the stock sold at about y and by April
of this year ii touched the high level at
I57 without ever having paid a dividend.
In the Generalization which followed the
sudden death of Ex-Governor Flower, the
organized efforts to support and save
the market conVerged upon this stock and
Yet to be accomplished today and II
pursued its course, but was not allowed
TO unsettle and demoralize the whole
market as was the case on MONDAY
The tone of the market during the
early hours was nearly normal. except
that trading was active and fluctuations
rather wide. Prices had advanced and
received an additional impulse upward
with. the announcement of the increase in
New York Centrals dividend rate. that
stock rising to 130l2. Extreme decline
Ign Transit were: Sugar, ~; Federal
Steel, 6; Peoples Gas, Manhattan &
Tennessee Coal about and Tobacco and
Metropolitan l. The weakness in rail-
road stocks which showed the largest de-
clines could be traced in part to the same
sources as those which were responsible
for the break III Brooklyn Transit.
The declines extended to 2 points only
in Rock Island, Atchison preferred. Bur-
lingtoh. ST. Paul and louisville. In
Brooklyn Transit, Sugar. Federal Steel
Tennessee Coal and Peoples Gas. the
recovery was 1 to points and il amount
ed from l TO points all through the
list. The vicissitudes of Brooklyn Tran
sit since then have been many and vari-
to make up the bulk of the trading on
the stock exchange on many days. There
have been single weeks when the total
transactions in this stock exceeded sew
eral fold its total capital issue and it
has been the favorite of the highly specu-
lative class who delight in manipulation
and mystery.
Previous to this week its low price for
this year had been 75ls. On Monday it
touched 6515 in the general demoraliZa-
ton. Today it touched 81 and reboundeG
single stock is fertile in suggestion of
explanation of whole series or events in
this weeks market.
During the day when Brooklyn transit
was showing most acute weakness. the
rate for call money was 1 per cent and
was in plentiful supply. The rate at no
time rose above per cent and in the
late dealings fell to per cent; or yes
terGay's low level. During the day an
engagement OF gold for shipment to
London was announced and rumors were
current of further heavy engagements TO
go out on Saturday. The announcement
and the prospect seemed to have no effect
on the local money market.
The anomoly of a per. cent money
rate and gold being allowed TO go out
while stocks are forced to liquidation at
heavy sacrifices warrants no other con-
clusion that the security offered for loans
TO carry stocks in some instances is I'M
satisfactory. Such is known to be the
case. Yesterdays measures of protection
and relief We're still in force today. The
market closed strong at the rally at
mixed net changes.
The bond market was active and
showed later reactions from the early
strength making the tone irregular.
Total sales, par value. S3.159,o00. L. S. Is,
IS, old IS and Is advanced X in the bid
prices.