The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-22
Carried Another Heavy Load o.
Liquidation Yesterday.
TRADING on SMALL SCALE
EXCHANGE AFFECTED By DIS
TURBING LONDON NEWS.
Bears Were Active and Circulated
Rumors Regarding Fresh British
Disasters IN South Africa-Easy
Rate Ruled For Call Money-Deal-
ings In Grain In Chicago.

New York, Dec. 2l.--The stock market
had TO carry another heavy load of liqui-
dalton today. Trading was on a smaller
scale than on any previous day this week,
but the tone was feveTlsh and unsettled
throughout and he fluctuations were con-
sJant. The principal selling pressure came
from London. where the money difficulty
was aggravated by renewed apprehension
of the SAFETY oyer the British columns in
South Africa and the advance of the dis
count rate OF the Bank OF France. Much
Importance seemed 10 be attached TO the
jatger's action as an obstacle 10 the ac-
quirement Of gold by the Bank of Eng
land. London pressure upon Paris was
reflected il \ jump of confines TO ster-
ling exchange rate at Paris.
Forced liquidation on the London ex-
change was on large scale and over
flowed to the New York market The in
ternationally listed stocks were acutely
depressed AT The opening, and were not
able TO make any substantial headway all
day. In the last hour there was renewed
selling of this group which forced down
prices all through the railroad list from
~ to points, the extreme decline being
in Northwestern. The leading specialties
were also at the low point of the day in
the last hour.
The bears were active in the late drive
and circulated stories of panic in Lon
don on account Of a fresh disaster to. the
British arms in South Africa. Buying to
cover short contracts caused some sharp
rallies, but they were not well he'd and
substantial losses compared with last
night close.
A notable feature of the weakness. as
was the case yesterday, was the easy rate
ruling at the time for call money. After
lending at Z per cent in the morning, loans
were being made at ) TO 3 per cent at the
time when prices were dropping most IA p
idly. The weakness was not so much con-
fined to the speculative inGustrials as
was the case yesterday, and ii liquidation
was being forced by Discrimination as TO
coilaterals, the standard railroad stocks
were thrown over 10 obtain funds for the
protection of holdings of indusfrials. The
prices in a number of stocks approached
or fell below Mondays low point. and
this fact seemed TO incline holders to re-
aewed selling. Brooklyn Transit was by
no means so conspicuous as yesterday.
but the dealings were very large and the
fluctuations very wide. 1t was vigorously
supported in the early dealings. but APP
parently only for the purpose OF making
a market for further liquidation. Support
was forthcoming from time TO time dur
ing the day which checked the down.
ward tendency. Sugar was very erratic
at a level below last night and fell to
within Il of Mondays low level Metro
pOlitaH and Manhattan were acutely de-
pressed. the former falling S points. The
New York gas stocks were strong during
the early dealings on rumors of a settle
ment of the gas war, but they weakened
Except for the continued strict discrim-
ination against some classes of stocks a $
collateral, easy conditions were main
tanned in the money market. A slight de-
cline in the sterling exchange rate might
be due TO engagements of gold for ship
lnent on Saturday. which il is now taken
for granted viii be large. Interest begins
10 center on what the effect If the weeks
events in Wall street will be on the Sat
urday bank statement.
Bonds were weak, in sympathy with
stocks. Total sales, par value. s., $40 600.
Z. S. IS and the old As advanced Il in the
bid price.