The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-03-07
Exerted Depressing Influence On
Wall Street Speculation.
STRONGER LOAN DEMAND
MONEY NEEDED FOR FINANC-
ING BIG DEALS.
Financial Authorities Describe It as
a Flash In the Pan-Prices of
Stocks Dropped and Dealings
We're Restricted = Most Stocks
Suffered Heavy Losses.

New York, March 6.-Prices dropped
steadily today on somewhat restricted
dealings each rally affording the bears
another level from which to attack prices.
With some exceptions leading shares
opened below Saturdays close. London
sold some 1900 shares on balance and
arbitrage houses made purchases in Lon
don before Our opening and sold here.
! Speculation was purely professional and
much was made of the firmness of money,
which. at one time, touched 542 for call
loans, at which price it closed. The best
authorities We're quoted as terming the
| money furry as only a flash III the pan.
| Inc Improvement in demand for money in
| dry goouS and otner lines OF trade, to-
gether with the preparations to finance
the Central Paci1lc settlement with the
government, the Chicago q Alton deal
ana some industrial combinations were
responsible Tor the improved tone. 1t was
argued that a sustained advance from
current rates would be followed by gold
| imports, but 1t was pointed out that many
I interior banks have supplies OF money
above their previous records OF the
gold on the way from the Pacific coast,
which failed to arrive in time to figure in
the bank statement, a round amount ar
rived TO-DAY. The anthracite coal shares
were strong in the early dealings, easing
Off Sympatnetically with the general mar
ket, except for Delaware, Lackawanna &s
up over points TO 1924. Chicago, Indian
apolis IL Louisville preferred was eXcep-
tlonally strong, going up over points on
rumorS that the coming dividend might
be larger than had been eXpecteI. Gen-
eral Electric was strong also in he early
part OF the day, going up 3l2 to ~, part
of which it subsequently lost. 1t was
said that the company had secured some
new contracts ana that the earnings were
improving. Sugar was rather Steauy most
of the day on the advance in the refined
article, but fell off in the late dealings.
Some realizing appeared in American
Tobacco, which broke some points, after
an initial rise The grangers We're in
clined to heaviness, with Burlington maxi
ing net loss of 23s. Most stocks showed
considerable losses, and the close was
weak. Todays bond trading was at the
expense of values, many of the active
issues giving way smartly. Total sales,
coo. L. S. old As registered declined
Is in the bid price.
The total sales of stocks today were
Atchison preferred, 46, AS; Central Pacific,
1850; Burlington, As, 745; d. & R. G., 400;
Manhattan, 1885, Metropolitan, 1926;
Reading first preferred, 34l25; Missouri
Pacific, 1850: NJ. K 6S T. preferred, 300;
Chicago, Indianapolis & Louisville pre-
ferred, 1910; Northern Pacific, n,4O0;
Northern Pacific preferred, 3,4l6; Reading,
1850; Rock Island, $4,000; Union Pacific,
II, 1856; Union Pacific preferred, 7,735; ST.
Paul, %, 290; Southern Pacific, 5000; Texas
& Pacific, 4, rs; Tobacco, 1860; Bay State
Steel preferred, 1898; Peoples Gas, $3.50;
General Electric, $3.50; b. r. r. Co., 1900;
Pacific Mail, 6,129; Sugar, 31,135; U. S.
Rubber 3 IA