Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-10-19
Caused by Unheralded Advance in
Bank Of Eng|and's Discount
Rate to 6 Per Cent.
UNLOADING WAS VERY HEAVY.
Sharp Rally Followed Opening Break
Ranks Action Was Pro-
tectiye Measure.

vance In the Bank OF England's discount
rate to 8 per cent threw the stock mar
ket into confusion at the opening Ihere
was dlsorderly break in prices caused
by heavy unloading OF speculative ac-
counts all through the list The first sales
OF Union Pacific were Of 1900 shares at
ISM and 1854 compared with 1874 last
night, Amalgamated Copper 1900 shares
at liiis and ia compared with liSSs last
night; Reading 5000 shares at lisl2 ana
49, compared with 1884 last night; u. ).
Steel 5000 shares at iIA and i1i2, COM
pared with 40 last night, Anaconda broke
6 points and Great Northern preferred SSi.
Losses Of to 2is were shown by ST. faul'
Northern Pacific. Pennsylvania, Canadian
Pacific, Delaware s. Hudson, BROOKLYN
Transit and Smelling aud from 10 IN
by Atchison, Baltimore x ONO rom az
to ~ by Atchson, Baltimore & ONO ana
Southern Pacific.
The declines generally ran from i"'se
| fraction to over point.
The feversh fluctuations that usuaiV
| occur In periods OF demoralizing specula-
| ton developed after the opening Inc
market rallied sharply from the opening
break. but there were few relaxes from
| the best prices. Rallies were material ~
| a number OF cases, Great Northern pre-
| ferred jumping 2iR, In Reading, ana N
| Rrooklyn / to lis shortly before II O'Clock
| the course OF the market turned down.
ward again and prices recedeu 10 tne
| opening low level ir below. Reading SOLE
| below rs, Northern Pacific last ani
| enrlier losses were Increased substantially
also In ST. Paul Union Pacific and some
| of the specialties, G. c. G, d ~, LOUIS
] fell 1s,. Pressed Steel Car 2ss ana 81 faui
| and Smeltlng g.
The rise IN the Bank OF Englands rate
| after the regular meeting Of the goveihorS
| on Thursday had refrained from sucn ac-
| ton caused some vague fears OF an qii-
| disclosed sudden development wnich
| changed the situation of affairs. Active
| inutIiry In well informed quarters gave
rise TO a conviction that the action py
| the bank was only protective measure
| prompted by the heavy drain Of the Esyp,,
lion demand for gold and by threatened
resumption of New York's takings OF gold
| from London. The stock market there,
upon became quieter and steadier but
with small recovery 10 prices. ENtr .,
Northern preferred "a, Union Paclnc ana
| General Electric ga, Delaware * Hud-
son 3ia, Canadian Pacific ga, Pullman j
and ID, & r. G. ga. Losses ranging up 10
| points were general
Bonds were weak,
Occasional losses were scored but the uh-
dertone OF the market was better The
| market was recedlng again at ] o'clock.
Reading losing AZ, Pullman also dropped
4. National Railway of Mexico preferred
| g. New York, Chicago & st. Louis second
preferred 2N. and ontario g. Western 2
Supporting orders overcamc me gem
eral weakness which followed the drop IN
| Reading but the resultant rallies were
small and not rigidly held, Reading raj.
lied point but soon lost about half OF
ii and became duh. Iowa Central fell on
BOSTON MARKET DEPRESSED.
Boston. Oct is.-The weakness Of the
New York stock market which followed
the raise OF the rate OF discount 10 per
cent by the Bank OF England resulted In
sympathetic depression in the Boston
market In the early trading. Later the
market recovered and was stead.
led. but the rally did .,o no.
receded 10 tho opening prices. Anaconda,
which opened Oft points from Yesterday
closing. rallied 10 2I9, but fell again to
g76ls.
PARIS BOURSE HEAVY.
paris, Oct. ie-Prices on the bourse
were heavy owing 70 free selling, owing
to the unexpected increase OF the Bank
OF Engiands rate from ) TO per cent.
Russian imperial Is to 1904 closed az I2.o0.
and the Russian bonds Of 1901 at AS
PHILADELPHIA UNAFFECTED.
Philadelphia, Oct. ie--Although opening
| quotations were slightly lower, the
Pbiladelphia stock market suffered but 1T
lie from the depression In New YORK.