The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-13

New York, Sept. 12.-Values of securities
suffered today from a. further drastic IL
auldation of speculative accounts induced
by the contraction of loans by the banks
for the purpose of replenishing their de-
pleted reserves. Some sehtlnenlal eI-
feet was produced by the sudden death
of Cornelius Vanderbilt But this event,
though sudden. was not wholly une&-
pected and those properties with winch
the name is most closely associated gave
evidence of support Late I'm the day,
after loans had been readJusted or palu
of. there were some notable recoVeIles
in prices. not few OF the railroad STOCKS
rising above yesterdays level. In the
final hour there Was rather urgent oe-
mand from the shorts TO cover, Wnlcn
helped the rally. Some stocks gave the
appearance also OF demand from pdr-
gain hunters.
All grades of stocks were thrown upon
the market during the day as the rate for
catl money was marked up by the sue
right The standard railroad stocks sur
fered in equal degree with the industrials,
as evidenced by the weakness OF the
grangcrs, and a 2-point decline IN Penn
sylTania on large offerings me
bears were watchful for oDpor-
tuniilcs all day. and were quick to
take the market away from sellers. They
had their greatest success in Brooklyn
Transit which broke TO par on the OPEN
ing transaction. The most strenuous ct
forts at support failed to hold this stock
keen sympathy with the weakness in this
stock. Peoples Gas. Federal Steel and
International Paper dropped from to
points below LAST nights level, and Rock
island leading the van of the -rangers.
Tennessee Coal opened off 9l2 points and
fluctuated very feverishly over a range
OF points. Colorado Fuel moved IN
sympathy bat otherwise the iron ana steel
stocks were relatively firm and came up
IN the final dealings to a lever above
Yesterdays close in several instances.
the active list. Some of the less active
stocks 10 show notable losses were Chi
cago 4 Eastern Illinois. Consolidated Gas,
Mobile a Ohio Cleveland. Lorraine q
Il $. ;. Marie Omaha and Lackawanna
in which the declines ranged from 3 TO
BIZ points. Manhattan was weak al one
time, but rallied strongly on the declara-
ton of the regular quarterly dividend of
The newly listed milling stock gained u
and respectively. Railroads of the
southern group, the Pacifics and Atchi-
son preferred showed a better resistance
TO the weakness than the general list,
and in some cases showed net gains be-
fore The close
The heavy liquidation of the last two
days has undoubtedly resulted in greatly
Strengthening the condition of the banks.
The call loan rate after rising to per
cent. fell away to s. but this was only
after the days demand had been salts
fed. Reports from Washington indicated
tnat the treasury department was mas
posed to offer measures of relief so long
as liquidation was not forced beyond
purely speculative limits The foreign ex-
change rates on Lodon. Berlin and Paris.
all yielded d traction today. but discounts
at those centers did not respond with an
advance as they would almost certainly
do If a movement of gold to New York
were impending. New York banks gener-
ally marked up the time loan rate today
10 6 per cent. though the demand in that
department is not heavy.
= Bonds were weak in sympathy with
stocks and there was considerable liquf-
dalton manifested in the speculative is
sues. Total sales, par value 81, 195, 099.
United States old Is coupon declined Il In
the bid price.