The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-23
Kew York Exchange Affected BY
Boston Affairs.
BEARS WERE ENERGETIC
CREATE ALARM BY CIRCULAT-
ING FALSE RUMoRS.
Rate For Money Went Up Once to 8
Per Cent, But Ruled Most of the
Time at or Below-Impossible to
Forecast Today's Bank State
ment.

NV York, Dec. 22.-The stock market
rad TO undergo further liquidation TO-DAY.
Prices yielded without any very active
resistance, but there were no signs OF
panic and the liquidation was conducted
in an orderly manner. The principal
causes of weakness were evidently not
local and seemed to be largely due to the
condition OF affairs in Boston. The clos
ing of the Globe National bank there was
the cause of widespread uneasiness and
brought large offerings on the New York
market of the favorite Boston STOCKS
Sugar was the most conspicuous example.
az is shown by its extreme decline OF
points. 1'nis stock was under very neaVy
pressure all day on rumors of continue
ton of the trade war as well as on the
lington, Federal Steel and Atchison pre-
ferred were also sold for Boston.
London was large seller Of stocks in
this market and the depression there eX-
ercised y large sentimental influence. Inc
rise in the private discount rate and the
fears OF trouble at the settlement now
imminent are causes of apprehension
Some of the faVorite international stocks
Were 9cutely depressed from time TO time
timore q Ohio preferred, Missouri Pacific,
Reading FIRST preferred and Denver d Rio
GFanGe preferred. s ,Ir
The bears were energetic operators all
day and supplemented their efforts by the
circulation of some eXtraVagant rumorS
regarding the financial condition of vari-
Gus houses ana properties. Inc erect on
some of the trust companies was TO induce
large calling OF aoans a IS measure OF pre-
caution against any extraordinary de-
mands that might be made upon them
The rumor- moEgering of the bears was
so fragrant in some caSrS as to cause the
discussion by some of those who were
the greatest sufferers Of legal measures
directed against the offenders.
During the last hour the bears were
very large buyers 20 cover short contracts
and the effect on prices was seen in re-
coVeries running all the way from To
points in the principal railroads and in
dustrials- As a result net losses were re-
duced within a range of points except
in a few inconspicuOus stocks. which had
not moved previously during the week
a number of stocks. including those which
week are slightly above last nights level.
The rate for money Hurried at one time
to per cent but ruled for tne most part
al 6 or below. Estimates of tomorrow
bank statement are all at sea owing to
the extraordinary conditions that have
prevailed. The banks have gained on the
regular movement but the extraordinary
demand from Boston has offset that. so
that the ne't@losSes in The interior move
ment is about s.. 800 900. On sub-treasury
operations they have gained about $1,000
Geo. The amount Of gold exports which
will figure in the statements including
last Saturdays shipments, is about s. co.,
600. This would indicate net loss in
cash on all accounts of about 81 .000, 600.
No one ventures an estimate. of what the
loan changes may be.
Bonds were weak in sympathy with
stocks the speculative issues showing
some sharp declines. Total sales par value
81. $50. Oo0. Z. S. new As advanced =. the
old Is and IS 4 in the bid price.