The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-07-19
FINANCIAL.
The Metals.
New York stock Market.

NEW YORK, July 1S.-The stock exchange
opened in excitement, and 8 general decline OF
prices followed The break started in London,
accompanied by report that large inter
national banking house was about to fail, and
That there would be liquidation of stock on their
account No name was openly given. but
several were suspected It was learned den-
nitely that q London stock exchange firm had
been saved from failure by timely assistance,
and 1t was supposed this might have
given ground for the rumor, as u
stocks The house referred to was that OF
Croms, Leechtenstadt & Co.. whose embarrass-
ment was caused by the injudlcious ana IN
fortunate speculation of the junior partner
The firm has been helped and Will not fail, and
the Junior member will be dropped lnls
would not be accepted in Wall street as the
firm that was causing the heavy salts and II
was insisted that the house behind the activity
was larger house than that OF Crcms Leecn-
tensteht eco
Anotherfhing which aided the uneasiness
of the stock market was the rumored embar
r3ssment of certain railway companies, he
ceiverShiDS were talked OF for half dozen
roads. or course the reports we're denied IN
official circles but denialS do not XII
rum0rS. Certain railway companies, like GER
tain firms whose credit is not of the highest;
have had difficulty in securing funds and III
many cases big commission has been efected.
This is about all there is to the talk of the en-
barrassments
stocks opened heavy and depressed, A01s
lower. There was considerable selling pres
financial difficulties in London. Liquidation
on a large scale was tie feature of early trad
ing;
There was further advance in rates of ex
change destroying chances of gold imports and
reports affecting The credit OF Pacific Mail
| Union Pacific and other companies accelerated
the downward movement: The sharp fall
wiped out margins and brokers were COM
PEELED TO close out contracts in many cases.
The break in prices ranged from Is@4l4. the
latter General Electric, to 57z, which is lower
11fa rrHn md rOFl ~lld
3s to 60; Pacific Mail, 27s TO II; St. Paul 22s to
boss; Great Northern Preferred, . to 104.
furtner decline occurred after II, the lowest
quotations being made since the decline set in.
ST. Paul sold as low as 55l4 on q decrease IN
earnings last week, Rock Island dropped to
SOS. The noon market was weak.
The tendency continued downward in the af-
ternoon. Prices were still lower. st. Paul de-
clined to 551s, Sugar TO 1914, Burlington to tx
Northwestern TO 1914, Rock Island ol&, Lead TO
2bls. General Electric to 63S. Northern Pacific
preferred to 26, Union Pacific 10 10, Western
Union 10 1914.
The worst feature of the situation is that the
market fails to rally after the attacks by The
hears. There is no support, the market appar
emily falling of It's own weight. There was
much cabling to Europe TO verify or diSprove
rumors of troubles in London Many dispatches
were received denying the reports of troubles
abroa J, but stocks were skeptical.
About p. N. there were liberal offerings o.
Sugar, which fell to 751s. At2:l5 the marke
was heavy at about the lowest OF the day.
Railway bonds we're heavy ard we're pressed
for sale. Northern Pacific COZ solidated IS wer,
offered down TO 81 against 60 Tue last reported
sale. Seattle. Lake Shore and Eastern trst
declined to 60, Northern Pacific firsts to il2
seconds 25s TO 1862, thirds 10 81, Northern Pa
cific trstS to g.
Toward the close stocks sold almost regard
less OF price National Starch second pre-
ferred fellof 9, Chicago Gas S5s, General Elec
Uric 614, American Cotton Oil preferred Z. Man
haitian G. ST. Paul SIS Louisville s. Nashville SIS
American Sugar 4s4, Burlington and Quincy a.:
During the last half hour of business there wa
an outpouring of long stock on The vague rumo
down town that bank had called upon I'll
clearing house for assistance but upon investi
igation it was found there was no truth in IN
story. a few stocks rallied a half to 4 pc
cent. in final dealings but speculation left O.
heavy in tone.
Government OondS-Steady.
| PetrOleum-Dull.