The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-07-15
Only Short Period of Strength In
Some Stocks.
CAUSE OF THE WEAKNESS
MONEY DIFFICULTIES ABROAD
MAY BRING TROUBLE.
Report That Shipment of Gold For
Europe Was Contemplated For
Today's Steamer, Had Strong Eff
feet In New York-Fear the
Bank Statement Today.

New York, July 14-There was a short
period of strength in some stocks this
morning, but it was insufficient TO over
come the saeging tendency in the gen.
eral market. The weakness of Brooklyn
Transit coming on the duh market en-
phasized the reactionary tendency. The
main cause of the general weakness was
the increasing fear that money difficulties
abroad would case future trouble for the
New York money market, and would take
out gold as soon as the local rate for
money fell to a point where the London
rate would prove attractive. Rumors
were abroad all day that shipment of
gold was contemplated for tomorrow s
steamer, but up 10 the close none had
been announced.
Money worked easier here calls ranging
from TO per cent. The cali rate in
London went TO 81 per cent and discount
held at the Bank of Englands minimum
rate of 312 per cent. London sold moder-
ately in New York, but gave good support
to few favorites in the American de-
partment OF its own market. There was
no quotable change in sterling exchange
rates. but sight bills showed aShardening
tendency, while the 90 day bills We're
easy. Not so much confidence is felt in a
favorable bank statement for tomorrow.
These considerations prompted pause in
the buying movement in stocks and the
early strength in the southwestern group,
the trunk lines and Northern Pacific gave
way in the afternoon TO decidedly lower
PRICES
ne cause Oh crop damage III the HOTln-
west affected the srangers ulifaVorably
in the late trading Losses from the top
point in many active railroad stocks
ranged from l to points Northern Pa
cific was marked up above last night
level in the final dealings, though II was
little affected during the day by the re-
port of an amicable agreement with
Great Northern interests. Chicago Ter
minal was strong on the reported sale to
the Alton syndicate Brooklyn Transit
was weak throughout on the prospects of
strike, and closed at the lowest, "a be-
low last night.
The early strength in Sugar gave way
10 weakness and Rubber dropped pa, with
a subsequent partial recovery. Manhat-
tan was marked up TO 12O at one time, on
the theory that a surface railroad stock
would add to its business. Missouri Pa
cific closed a point lower on the day. \
number of specialties showed some
strength during the day. among them Cot
ton Oil. National Biscuit preferred. Tin
Plate, Anaconda and Steel & Wire. New
York Air Brake gained 81 points.
The bond market was dull and prices
yielded with the weakness in stocks. To-
tai sales. par value, S., $40 600. L. 5. IS adj
vanced Is in the bid price.
The total sales of stocks today amount
Steel, 5000; American Sugar. 1900; Ana
conda, 1920; Atchison preferred. 2l,S00:
Brooklyn Transit, 81, 100; Burlington, 1900;
Continental Tobacco. 1900: Federal Steel,
4,SO0; Louisville & Nashville, $500; Man
haitian, Al 600; Northern Pacific. 29,lG9;
Northern Pacific preferred. 5000; Peoples
Gas. 5000: Rock Island $500; ST. Paul,
5000; Union Pacific 3400; Union Pacific
preferred, 4.9OO; American Cotton OIL. 7,0-0; /
American Tin Plate, 5000: Chesapeake &
Ohio. 5000: Missouri Pacific. y, 100; Penn
sylvania 400; st. Louis & Southwest ern |
preferred, $500; Tennessee Coal * iron, |
5. 400: Texas Pacific. 200: U. s. Rubber, |
4, 100; Wabash preferred, 300.