The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-07-11
STOCKS AND BONDS WEAK.
Losses From One to Three Dollars "a
share ON Account of Tightness of

Money.
New York, July 10.-The continued tight
ness in the money market precipitated Ii
quotation of speculative accounts Today,
which resulted in losses in values ranging
from 81 to IS a share in all the principal
active stocks traded in Heavy selling for
London account market, the opening on
the exchange, and as the day progressed,
the successive calling on loans, resulted in
the marking up of the rate for call loans
TO per cent. This rate forced many spec
ulators on the long side to close out.
There was special points of weakness lie
sides in one or TWO prominent stocks of
which the bears We're quick to take ad-
vantage and which were a potent influence
in The general sentiment favorfug a de-
cline. Most conspicuous OF these was Peo-
pies Gas, which opened al III against 12OA
on the last sale Saturday. There were
heavy offerings OF this stock, but deter
mined support worked a quick rally of
1s-c.
Afterwards 1t fell below the opening
price and closed with a net loss of nearly
points. The demands made upon the
Metropolitan Street Railway Company on
behalf of its employees and the danger of
a costly strike caused the stock of that
company to drop 59a at one time. All the
local traction stocks were affected sympa-
thetically, Manhattan losing points, and
Brooklyn Transit over , on the day. Sugar
also was notably weak.
In the railroad LIST the weakness was
more restricted to the stocks which have
been recently pushed up by speculative
manipulation. Pennsylvania, New York
Central. Atchson preferred, Burling on.
Reading first preferred and other stocks
equally prominent in the speculative world
t1,te or bo1~ Co.
urday's prices The Changers generally the
coalers and the trunk lines declined from
one to Two points. The Southern and South
western stocks as a rule showed resistance
TO the decline and their net losses are for
the most part small fractions. The steel
stocks also were little affected by The pre-
vailiug weakness.
The break in prices was due to the mis-
calculation of spectators as TO the period
Of relief expected in the money market
France was an eager bidder for god in
the London market to-day ana the rate of
discount in London was marked up a frac-
lion. allhough can mogey was easier there.
The call loan rate went 10 per cent
in New York, but the only effect on the
sterling exchange market was a fan of
fraction in the rate for long standing. The
pressure on London was from Paris and
was reflected here in sales estimated as
high as 900 shares. The shrinSage in wall
ues, coming on the low level Of New York
bank reserve necessitaled the calling of
loans which IN many cases il was found
difficult 90 replace with other accommoda-
tons The market showed very feeble raj
lying power and closed very slightly above
the lowest.
In the early dealings there was large de-
mand for ST. Louis and Southwestern sec
onds which gained 124. all Of which was
subsequently lost Bonds generally were
weak Total sa'es par value. 81 Isl ,000 u.
S. IS resislele1 advanced Is, and the old
As registered, declined y in The tid price
The total sales Of stocks were 54i, 100, in
olud ne Atchison, l07l0 90 pre- erred, Co.
SO; Chesareakc ana Ohio. 1880; Bu nre-
tou. ao .atO: Louisville aud Nashville. $50;
Manhattan, $3.50; Metropolitan, 9.7IO:
Reading first preferred. 800. Siissouti Pa
ci6c. 1909; New York Centre. l0.675;
Norfo k and Western, 20,05O; Northern Pa
cifc. 7.ie0; ontario and Western, 5000;
Rocl. Island, 1875 Union Pacific 5000; 81.
Paul. SO, ls5; Southern Pacific 5000; Union
Pacific rrefeyIed. $3.50; Americ Sfe.l ana
wire. $500, Federal Steel 6,S}i; Peoples
Gas. $50, Brooklyn Transit, $50; con +
mental Tobacco. 1870; Sugar, 1876; Ten
ne SEE Coal, 1885; Chi ago Great Weste a.
o. GOO.
New York c o.ing s,ocks-Wes,.
Atch'son ........ 1875 Do 90 pref. 49,. 1874
CO pref. ....... Ca St. PAN ....,...130