The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-08-13
Wall Street Alarmed By Fears of a
Money Squeeze.
SHARP ADVANCE In RATES
PAYMENTS ON BONDS EXCEED
GOVERNMENT DEPOSITS.
Money Rates Eased OFF Later In the
Day and the Bulls Took Hold of
the Market-Yellow Fever Scare
From Texas-Low Priced Stocks
Made Sharp Gains.

New York, Aug. 12-There was some
continuation today of yesterdays selling
TO realize o nthe recent sustained advance
in stocks. The bears were much more ag-
gressive and sold stocks with growing
confidence as the day progressed. The ad-
vantage at the close was clearly with the
bear contingent, but the bulls were by no
means routed and continued to absorb
their faVorite stocks, which resisted the
decline quite firmly, but without overcon-
ing the general downward tendency
The effects of last nights furry In call
money were still perceptible this morning,
when call loans were made at per cent.
There IS nothing which brings SO quick d
response in a speculative market as a
stiffening of call money and the buying
of stocks halted this morning. 1t was eN-
peCted taht the cash absorbed by the
treasury on account of the government
would in the future be left on deposit with
national banks. but government deposits
with those banks. Tor some reason, have
not kept pace with the treasury's absorp-
ton on bond account The money rates
eased off during. the day and closed at IL
bid. The bears by that time were forced
TO secure other material Tor their cam
paiSn. The persistent weakness of Man
haitian all day on reports of decreased
earnings was a factor IN their favor. The
prices OF stocks hardened very perceptibly
during the middle portion of the day,
after the fears of tight money had some
what subsidized. The bulls took hold of the
lOW-priced railroad stocks and bid up
Northern Pacific and Union Pacific over
a point. The bears final raid in the last
hour was ceutereG on Louisville & Nash
vile. in connection with the statement of
earnings for the first week in August,
showing a decrease of over SIS, 900 There
was a private telegram from Chicago
in circulation, reporting yellow fever in
Texas ana Alabama. l.. & n. dropped 2
points below the highest point. The bears
expressed their apprehension that the
AnSlo-Russian crisis would result in fore
ed liquidation in New York for London
account, although London was buyer of
stocks here early in the day. The mar
Ket reacted al around, some stocks fall
ing TO the lowest. but others showing
quite a firm tone. There was only Il very
feeble rally. however and the close was
ncarthe low point of the reaction. Net
changes were very irregular. quite num-
her Of the low-Driced stocks showing
sharp gains.
There was marked falling off in the
dency of prices. The Oregon Navigation
4 per cents were the second in the list of
reorganization IS 10 touch par, following
closely the Northern Pacific prior liens.
Total sales 50. 100 600.
&. 5. new As, regular, and the old As,
coupon. declined Il in the bid price.
Total sales of stocks today We're 400 los
shares. including: Atchison preferred. s.
SIS; c. & O., 1926; c., B. q O., 1882; L.
S N, $500: Manhattan. q, $50; Missouri
Pacific. 4100: Northern Pacific. BIS; pre-
S. F.. second preferred, 1920; Union Pa
cifc, 15.SSG; St. Paul. 29,145; Union Pacific
preferred 1920; Tobacco 5000; Peoples
Gas, 1850; Sugar, IA los; Leather prefer
red APO; Rubber. 1929; preferred, 1926;
Western Union. 1926.