The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-14
Stock Market Closed In Highly Ex-
cited Condition.
PRICES ON DOWN GRADE
CAUSED BY GLOOMY APPREHEN-
sIoNs OVER FUTURE.
Money Conditions Were Apparently
Much Easier, But Sentiment Re
garding the Outlook Was Exceed
ingly Feverish and the Street Was
Full OF Contradicting Rumors.

Now York. Dec f3.-The market yield
ed TO decentralization during the latter
part of today ans stocks were thrown
over wholesale on the down grade Prices
went below the low point OF Moneay an
around and the market closed IN a hlsn-
ly excited condition. The few rallies that
were effected were due to nasty taxing
of profits By the bears, Which were SUI
ficiently attractive on the day 10 ihouce
the closing out or snort accounts Dy me
professional operators. VINO. perslStenliy
sold the market at the higher level Inc
market made some headway against the
depression during the early dealings anG
at one time had very largely overcome
the opening losses. which were reflections
from the foreign exchanges
The weakness abroad was due 10 the
growing seriousness of the situation OF
The British campaign in South Africa
London was heavy seller in the New
pretty well absorbed The grangers rose
notably above last nights level and sugar
and Brooklyn Transit also made conspic-
uous progress toward recovery from the
recent depression. But during the latter
part of the day the operators in stocks
shut their eyes to everything but the
gloomy apprehensions over the future
The existing condition OF the money mar
ket was al no time stringent and in the
late dealings the rate for call money ran
down 10 AZ per cent
The announcement of the determine
ton of the Pennsylvania railroad 10 dis
tribute stock par TO the extent of 10 per
cent of the capital came as a total sur
prise and under ordinary circumstances
would have been a determining factor in
raliying the market. 1t lifted Pennsyl-
vSnia points and New York Central rs,
ana caused a temporary luil in the spasm
of liquidation. but the pause was only
momentary. Equally without effect was
the extra dividend declared on Northern
Pacific common, bringing the rate for the
year up TO 3 per cent. The persistent
liquidation in Sugar gradually spread
throughout the list;
In the final dealings Sugar went u
points below the highest, Tennessee Coal
1917. Continental Tobacco preferred S52.
Great Northern preferred Z. Metropolitan
z, American Tobacco 81 ana Lackawanna
not so wide as rule the liquidation in
them was very heavy. The declines reach
over points in ST. Paul. Louisville and
a number of the coalers. and exceed .
points in an extended list.
The conditions were apparently much
easier in the money market. but senti-
ment regarding the outlook was exceed
ingly feVerish and unsettled and The
street was full of contradictory rumors
regarding developments. The violent
bump in sterling exchange rates both here
and at other points made it sufficiently
evident that London was the real seat
of trouble and apprehension was eX-
pressed of future difficulties there. The
denial of yesterdays canard of a loan of
SO 000,0O0 by the Bank of France to the
Bank of England was a potent influence
in upsetting the market. Indications
pOiDleu 10 a nope on the part OF LONDON
of obtaining gold in New York The old
story of d loan by banks of the United
States to the Bank of England WAS re-
vived, with the additional detail that the
banks had accumulated government bonds
which the secretary of the treasury was
10 buy, thus supplying the needed gold
from the United States treasury. The
amount rumored was SO, 600, 600
In the morning the Canadian banks
Were said TO be calling in their extensive
loans with a view of RENTING gold to
London, but in the afternoons came the
report that the Canadian branch banks
have received S2.c00.9G0 in gold from Can
ada since Friday and have been free
lenders of money today. The fact that
the sub-treasury this week has already
absorbed &.503.0o0 from the money mar
ket arouses hope in speculative circles of
some measure of relief by the treasury
department. But the certainty that any
plentiful supply of money would necessf-
tate shipments to London on account of
the Imperative needs of that center de-
priyes the stock market OF any hope of
real relief until the situation in London
becomes easier.
Bonds We're off sharply in the late
dealings. but declines were comparatively
small. compared with those in stocks.
Total sales. par value. S1,795.000 United
States 5s advanced Il in the bid price