The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-01-27

New York, Jan. 26.-The leading fea-
lure Of today's speculation on the stock
exchange was the renewal of the liqui-
dalton in Lead common. These shares
were heavily pressed for sale, it is be-
lieved by insiders, who are in a posi-
zion TO know the company's affairs.
The character Of the selling, therefore,
caused more credence to be given TO
the ruulor that the common was to be
taken off the list of dividend-payers.
At the opening the shares were Il per
cent lower, and a further sharp de-
cline Of Az per cent took place. In the
later dealings there was a recovery Of
q per cent. of which II per cent had
been lost at the close, making the de-
cline on the day "A per cent; Lead pre-
ferred declined steadily throughout
the day in sympathy with the common,
and is down rs from yesterday. So
far as is known. there is nothing in the
condition OF the company 10 account
Ter this depression in the value of the
shares, but the street accepts the sell
ing as indicative Of the views Of those
acquainted with the true situation of
affairs. Chicago Gas opened Is lower
and then advanced p. in the covering
of short contracts. The higher range
Of prices was not maintained for long,
and a decline Of 1 per cent was re-
corded on free selling, the last being
The lowest price Of the day. Most Of
the other induStTials are down on the
days transactions. Burlington closed
up Is and Northwestern g, while St.
Paul and Rock Island were unchanged.
Most of the railway stocks traded in
show declines at the end of the day
!.
shares show gains Of a small fraction,
and Pullman is per cent higher. Spec
ulation was generally heavier in tone,
except within the last half hour, when
a covering movement set in, which was
due to belief that immediate action
would be taken by President Cleveland
with q. view to restore confidence in
the financial situation, which had
about reached a, point when such a
step is regarded as absolutely neces-
sary. And on this point Of view, the
market closed firm. The week just
closed has been disastrous to the value
of railway and industrial shares, and
the low point of the month was reached
IN &C Of the stocks traded in, while
some shares sold below the bottom end
of last year.
The continued heavy shipments of
gold was one of the most depressing
influences of the market, involving as
ii did, a serious decrease in the treas
Try gold reserve and a heavy draw on
the gold coin in the vaults of the treas
ury available for the redemption
: of gold certificates. Liquidation was
plainly observable in the shares of the
premiership roads, and in several of the
10W-priced stocks. Heavy blocks of
Lead common were thrown on the mar
ket, leading it to a belief in current
Tumors that the payment of dividends
on the stock would be discontinued, and
TAX that the forthcoming annual state
ment would be unfavorarole. The net
loss on the west is So per cent, which
is within y per cent Of the lowest.
Lead preferred also shared in the weak
ness, and made a decline Of 53s per
cent, Northern Pacific preferred, on a
reiteration Of the statements that an
assessment would be levied on the
shares. sold down 2% with a final rally
of Il; Northern Pacific common touched
25s. the lowest price ever registered.
Union Pacific attained an advance of
y per cent in the early part of the
week but towards the close liquidation
of long accounts came and decline OF
IA to S1a, the closing price being Z be-
dow last saturday.
Money on call asy at / per cent; last
loan, /; closed per cent.
Prime mercantile paper ~ OH per
cent
Sterling eNhange firm. with actual
Business IN bankers bills 4S91k4S91
for demand, 4.SS1zASS1s for sixty days,
posted rates, 4S904.9o.
Commercial bills, 4.S74 @4871a.
Silver certificates. 59% bid. No sales.
Government bonds firm except for
b's. which are weak and Il lower.
State bonds, dull.
Railroad bonds, weak.