The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-26
Strength of the Market Was Decided
Yesterday Afternoon.
MOVEMENT BY PULSATIONS
THERE WAS FREE BUYING OF
SECURITIES BY LONDON.
Continued Strength of the Money
Rate a Encouragement to the
Bulls-Drop in the Discount Rate
In London Difficult to Explain
Speculation In Grain.

New York. Oct 25.-The movement Of
prices was irreguiarly upwards for the
railroad stocks. while many industrial
stocks. especially OF the more recently
organized companies. showed symptoms
OF weakness. The movement of the mar
ket was by pulsations, first one and then
another group of stocks taking up the
advance There was no tine during the
day when the general level of prices kept
company at the top, the rise in one group
giving way TO reaction before the adj
vance was taken up by another. Many
stocks were sluggish throughout the day
Prices generally gave way after o clock,
under the pressure OF reaHzlng III the
leather stocks. which had been the CEN
ser Of the speculation all day. The earlier
gains were wiped out in numerous in
stances in this reaction. The aggressive
advance of the coalerS checked the de-
cline ami rallied the market, but not TO
the top level The advance which coal
ers gained was still in force. but with an
irrcglar tendency. The net gains in the
coalers went all the way from 4 point
in the minor members of the group to "a
in New Jersey Central Dealings IN the
leather stocks We're again on an enormous
scale. the common rising Al one time to
y and the preferred TO SIS. Other points
of Individual strength were Sugar. the.
southern group of railroads, the south
western group. Iowa Central preferred.
Ann Arbor preferred, Great Northern
preferred. Anaconda and American Car,
bosh common and preferred.
The market opened with a show of
strength reflected from London. where
the fcrtnightly settlement developed
quite a large bear account in Americans,
so that London bought here as many
stocks as were sod for that account yes
terday. Large realizing met the advance
and the local traders were inclined to the
bear side They mad some assistance
from the positive weakness of q number
of stocks IN Il e industrial list Stocks
having to do with the metal industrialS
were all heavy, and Pullman. General
Electric and Lacl EIDE Gas declined sharp
~. or stocks of the more recently or
ganfzed companies. American Hoop pre-
ferred, Union Bag preferred and Amer
lean Mailing preferred dropped from 3 10
. points.
The continued strength of the money
rate was a encouragement 10 the bulls.
The sudden drop 10 per cent late in the
day though not of much significance as
an index OF actual conditions, helped on
the late rally in stocks. The recovery in
sterling exchange in view OF the hard-
sless of money here and the drop in the
discount rates in London is difficult TO eN-
plain. especially in view of the free BUY
ing of stocks by London in this market.
There was some growth Of the demand
of stocks through commission houses in
addition to the large operations for ac-
count Of influential speculative comDi-
nations Analysis of the days changes
discloses. however that the strength of
the market was decided this afternoon
There was a good demand for bonds at
generally high prices. Total sales. par
value 50 1iG.UOd New As registered adj
Vanced 4; and new As coupon Is in the
bid price.