The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-07-11
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New York, July 10-The continued
tightnese in the money! market precipi-
tated liquidation of speculative ac-
| counts to-day which resulted in losses
| in value ranging from one to three
| points In all the principal active stocks
traded in. Heavy selling for London
account marked the opening on the ex-
loans were marked up to per cent.
This rate forced many spectators on
the long side to close out. There were
special points of weakness besides in
one or two prominent stocks which the
bears were quick to take advantage of
and which were potent influences in the
general sentiment fayoring a decline
Most conspicuous of these was People,
Gas which opened at III against 120A
on the last sale Saturday There were
heavy offerings of this stock but de-
termined support worked a quick rally
of IA
Afterwards it fell below the opening
prices and closed with a net loss of
nearly three points. The motive of the
selling was the reported plan of rival
company to organize competing ser
vice upon the expiration of present
agreement
The demands made upon the Metro
politan Street Railway company on be-.
half Of its employees and fears of cost
ly strike caused the stock of that com
pany to drop So at one time. The
dealings in 1t were not heavy but the
tone was very feverish throughout the
last sale showing net loss of az. All
of the local traction stocks were affect
ed sympathetically, Manhattan losing
three points and Brooklyn Transit over
two on the day. Sugar also was nota-
bly, weak, the selling being credited to
realizing by speculative holders. The
combined weakness of these influential
stocks was sufficient to cause a demor-
allied feeling throughout the Industrial
speclalties. In the railroad list the
weakness was more restricted to the
stocks which have been recently push
ed up by speculative manipulation.
Pennsylvania, New York Central, Atch-
ison, pref, Burlington, Reading first
preferred, and other stocks equally
prominent in the speculative world were
at one time two points or more below
prices The .grangers gen
orally, the coalers and the trunk lines
declined from / to 2 points. The South
ern and Southwestern stocks, as a rule,
showed resistance to the decline and
their net losses are for the most part
small fractions
The break In prices is due to the mis- |
calculation of spectators as to the pc |
'iod of relief expected in the money |
market. The delay in this matter |
seems to be due to the uneasiness caus-
ID in foreign centers by the continued |
ension over the situation in the Trans
'aal. Paris is very heavily involved in
<affir speculation, and the feeling there
S nervous over the possible effects of |
IN outbreak of hostilities in South AT
lea.
France was an eager bidder for gold
n London to-day, and the rate of dis
cunt in London was marked up a frac-
ion, although call money was easier
here. The pressure on London from
'aris was reflected here in sales esti-
mated as high as $4,000 shares. The
hrinkage in values, coming on the low
lvel of New York bank reserve, neces-
itated the calling Of loans which in
lany cases it was found difficult to re-
lac ewith other accommodations. The
larket showed very feeble rallying
over and closed very slightly above
ne lowest.
In the early dealings there was large
emand for ST. Louis Southwestern Sec
nds, which gained IA, all of which
40 subsequently, lost ROn5S oapernllv |
ere weak Total sales par value, ST.
4 900.
United States IS registered advance
Is and the old fours- registered de-
ined IS in the bid price.