The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-11
Liquidation On Large Scale In Wall
Street Yesterday.
RAILROAD STOCKS RALLY
MONEY OUTLOOK DOMINATES
SENTIMENT ON EXCHANGE.
Banks Continue to Call Loans For
Large Amount, and Rate Runs
Up to Is Per Cent-Interest Man
ifested In the Bank Statement
Today-Grain Markets.

New York, Nov. 10.-The early part of
the day in the stock market was given
over to continuance of the throwing
over OF stockholdings which was In evil
dence yesterday. The liquidation was on
large scale and embraced all depart
ments OF the list. The more highly spec
nlative industries showed the widest
changes, but the selling of the standard
railroad stocks ~Sras fully equal in
amount There was no stock or group of
stocks which took a conspicuous place
apart from others, unless il might be said
that the iron and steel stocks were rela-
lively somewhat firmer than the general
list. The same might be said of North
ern Pacific and Union Pacific. Declines
at the low point exceeded a point for
many standard railroad shares and in
Few cases reached upward of points
Leather, after Z break of points. rallied
somewhat and retired into the back
ground of the trading. transactions in il
being small for the remainder of the
day. Sugar and Manhattan were rather
weaker than the balance OF the list, but
they rallied with considerable vigor. The
latter Fart of the day was given over
10 gradual and very general recovery
of part OF the earlier decline on a much
diminished volume of trading. Most of
the leading railroad stocks rallied a
large fraction and number OF the spec
idities between L and points.
Consideration of the money outlook con-
tinued to dominate sentiment on the
stock exchange. The banks continued 20
can loans for large amounts, the rate
up to 10 per cent. Large amounts or
stocks held with borrowed money were
thrown upon the market. After each sue
cessive period of liquidation. the marked
fell into a condition of Semi-stagnation.
Turing the afternoon the rate for call
money dropped off as low as per cent
and the demand for stocks developed,
which caused the recuperation in prices 10
the closing level.
The usual preliminary estimates Of the
weeks cash movements showed a rather
smaller shipment TO the interior than had
been estimated though the loss TO the
sUb-treasury of $1,000 600 was up TO antici-
pations. The weeks net loss in cash Is
figured at over S40Go.C01 from all causes.
The easing in the money rate today
morrow's bank statement would show an
increase in the deficit. The loan contrac-
ton during the week has been large.
There WAS a ruTnor on the floor of the
exchange that the bank reserve had been
increased by means of cash deposits by
institutions in New York City with q
view to relieve the situation. This ru-
NOR could not be traced 10 any authen-
tic source but affected sentiment on the
stock exchange and inclined speculative
tomorrow's bank statement. The stiff
money market resulted in a further drop
in sterling exchange rates, which was
assisted also by buying of stocks here
for London account estimated at as high
as 60 900 shares. New York exchange at
Orleans the exchange continued TO run
against New York. asa
Prices of bonds moved in sympathy
with stocks early in the day, hut failed
TO respond to. the late recovery Total
sales, par value. S,a51e0o United States |
SIS advanced Il and Old IS registered Is in
the bid price. The IS registered de- !
clined Is