The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-07-11
.I|GHTESS Of MONEY
Precipitates Liquidation, With
Resultant Losses
OF ST TO So PER SHARE
Market Closes Very Slightly
Above the Lowest.

New York. July 1a-The continued tight
ness in the money market precipitated he
| liquidation Of speculative accounts To-Day
| which resulted in losses In value rang
| ing from one dollar to three dollars a share
IN all the principal active stocks t-aded
in. Heavy selling for London account
as the day progressed the successive call
ing Of loans resulted In the marking W
Of the rate for call loaas 20 Uer cent
This rate forced many longs 70 ciose cut.
There were special points of weakness be-
sides in one or two prominent stocks, Of
which the bears were quick to take ad-
vantage and which were a potent infiu-
ence in the general sentiment favoring de-
cline. Most conspicuous OF these was
Peoples Gas. which opened at III against
10 Ia on the last sales Saturday. There
were heavy offerings Of this stock. but de-
termined support worked a quick rally Of
1 81. Afterwards 1t fell below the open
Ing price and closed with a net loss OF
nearly points. All OF the local t.aC'icn
stocks were affected systematically. NJ =
haitian losing points and Brooklyu r.
sit over 2 on the day. Sugar also vs.
notably weak the selling being crot !
TO realizing by speculative holders. IL
combined weakness OF these irfuer "a,
stocks was sufficient to cause a dem5-ai-
lied feeling throughout the group % in
dustrials. In the railroad list the weak
al 20 ha -
which have been recently pushed up by
speculative manipulation. Pennsylvania,
New York Central. Atchison preferred.
Burlington. Reading first preferred. and
other stocks usually prominent In the
speculative world. al one time points or
more below Saturdays price. The Grang-
ers generally. the coalers and the trunk
lines declined 10 2 points. The Southern
and Southwestern stocks as a rule showed
resistance TO the decline and their net
losses are for the most part small frac-
lions. The Steel stocks were little affected
by the prevailing weakness. The break In
prices was due 10 the miscalculation Of
spectators as TO the period OF relief ex-
pected in the money market. The delay
in this matter seems 10 be due to uneasi-
ness in foreign centers created by the
situation IN the Transvaal France was an
eager bidder for gold IN the London mar
ket today and the rate Of discount in Lon
don was marked up a fraction. although
call money was easier there. The call
loan rate went TO Z per cent in New York
but the only effect on the sterling ex-
change market was fall Of fraction in
the rate for long standing. The pressure
on London was on sales estimated as high
as 5000 shares. The shrinksge In val
ues. coming on the low level Of New York
bank reserve necessittated the calling Of
loans. which in many cases Il was found
difficult 70 replace with other accommoda-
tons. The market showed very feeble
ra!lying power and closed very slightly
above the lowest. In the early dealings |
there was large demand for 81. outs |
Southwestern seconds which gained D.. l
all Of which was subsequently lost |
The total sales Of stocks today amount
ed 10 5i4ssa shares, including: American |
Steel, $500: American Sugar. 9o20o; Atchi- |
son, 1910: Atchison preferred. 64S0O: /
Brooklyn Rapid Transit, s 80; Burlington,
81 90: Federal Steel. 800; Federal Steel \
preferred. 335I: ouiSville and Nashville.
6. 81; Manhattan, $500; Northern Pacific. !
7.lO0: Peoples Gas. 1882: Reading first
preferred. . lCo: Rock Island. l5.l0l; 81.
Paul. 500: Southern Pacihs preferred.
6 eo0; Union Pacific. $50; Union Pacific.
preferred. e5oo: American Tobacco. 4 so;
Anaconda. 500; Baltimore and Ohio pre-
ferred. 5000; Shesapeske and Ohio. Il.50.
Chicago Great Western. 1850; Colorado
Fuel ard Iron. 400: Continental To-
bacco. 40: Metropolitan. = no: Missouri
Pacific r. 10: New York Ceutrsl, T. So;
Northwestern. 500: Northwestern pre-
ferred, 400: Ontario and Western. 500;
Pennsylvania 800: 81. Louis and South
western preferred. AGO: Southern Pacific,
3s 80; Tennessee Coal and Iron. 400