The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-07-11
Causes Loss In Values In ALI Stocks
Traded In.
THE CALLING OF LOANS.
RAISED THE RATE AND FORCED
MANY SPECTATORS.
Liquidation Was Precipitated, and
the Losses Ranged From 81 to So
Share-Important Points of
Weakness In Some Prominent
Stocks-Feeble Rallying Power.

New York, July 1O.-The continued tight
ness in the money market precipitated
liquidation of the speculative accounts to-
day which resulted in losses in values
ranging from 81 to 50 a share in all the
principal active stocks traded in. Heavy
selling for London accounts marked the
opening on the exchange and as the day
progressed the successive callings of
loans resulted in the raising of the loan
money rate to per cent. This rate forced
many spectators on the long side to close
out. There were important points OF
weakness besides in one or two promi-
nent stocks of which the bears were quick
10 take advantage and were a potent IN
nuence in the tendency towards decline
Most conspicuous of these was People
Gas. which opened at III, against 12014 on
the last sale Saturday. There were heavy
offerings of this stock, but determined
support worked quick rally of ia. Al
forwards it fell below the opening price
and closed with 4 net loss OF nearly 3
points. The motive for the selling was
the reported plan of a rival company TO
organize Il competing service upon the
expiration of the present agreement.
The demands made upon the MetrOpo4-
itan on behalf of its employees and the
danger of a costly strike caused the stock
OF That company 10 drop OPS at one time.
The dealings in it were not heavy and
the tone was very feVerish throughout,
the last sale showing a net loss of ~. All
Sympathetically. Manhattan losing )
points and Brooklyn Transit over on the
day. Sugar also was notably weak, the
selling being credited 10 realizing by spec
ulative holders. The combined weakness
of these influential stocks was sufficient
to cause demoraliZed feeling through
out the group OF industrlals. In the rail-
road list the weakness was more restrict
ed to the stocks which have been re-
Gently pushed up by speculative manipu-
lation. Pennsylvania, New York Central,
AtchisOn preferred, Burlington, Reading
first preferred and other stocks equally
prominent in the speculative world at one
time , points or more below Saturday
price.
The grangers generally. the coalers and
the trunk lines declined from TO points.
The southern and southwestern stocks as
a rule showed resistance to the decline
and their net losses are for the most part
small fractions. The steel stocks also
were a little affected by the prevailing
weakness. The break in prices was due
10 the miscalculation of spectators as
TO the period of relief expected in the
money market. The delay in this matter
seems to be due to uneasineSs caused IN
foreign centers by the situation in the
Trs nsvaal. France was an eager bidded
for eoid in the London market today and
the rate of discount IN London was
marked up a fraction, although call
money was easier there. The call loan
rate went to per cent in New YORK, but
the only effect on the sterling exchange
market was a fail of fraction in the
rate for long standing, The pressure on
l-OnOOH WAS Iipiu al 10 anu Nfi9 ASaACNeNNt
here in sales estimated as high as 5000
shares. The shrlnkage in values coming
on tbs. low level of New York bank re-
serve neceSsitated the calling of loans,
which in many cases il was found diff1-
cult TO replace with other accommoda-
tons.
The market showed very feeble rally
ing power and closed very slightly above
the lowest. In the early dealings there
was a large demand for the southwest
seconds which gained y, all OF Wnlch
was subsequently lost.
Bonds generally were weak Total sales,
par value. s., 755, 600. United States IS reg
istered advanced IS and the old Is regis
tered declined Is in the bid price.
The tatol sales today amounted TO 544, 6y2
shares including: American Steel, $500;
American Sugar 80 200: Atchison, 1000;
Atchison preferred "a. 500; Brooklyn Rapid
Transit, 4e 500; Burlington, $1,000; Federal
Steel. $500; Federal Steel preferred, $3.50;
Louisville & Nashville. $500; Manhattan.
s. 500; Northern Pacific, 100; Peoples
Gas. 10. 800; Reading first preferred, SlOJ
Rock Island. u, 100; st. Paul, $500: South
ern preferred $500; Union Pacific, 1900;
Union Pacific preferred, 500; American
Tobacco, 1850; Anaconda, 6,OcO; BaItmore
& Ohio preferred, 5000; Central Paclflc,
1900: C & o.. 100; Chicago Great West
ern. ID. 500: Colorado Fuel x Iron, 3.5JOi
Continental Tobacco, 400; metropolitan,
Central TO- Go: Northwest, 5000; North
west preferred 4O0o; Ontario d Western,
900: Pennsylvania. 1890; St Louis pre-
ferred, 3.4O0; Southern Pacific, 60cO; Ten
nessee Coal * Iron, 1880.