The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-07-11
AS A CONSEQUENCE THERE WERE
HEAVY LOSSES IN PRICES
OF STOCKS
INDUsTRIALs SUFFERED MOST
Various Causes Combined to Affect
That Line of Securities, Principal
Among Which, However, Was the
High Price of MOney-In Rail-
roads the Declines Were Re
stricted to Speculative Shares.

NEW YORK, july 1U.-Ine COnlluucu
tightness in the money market precipl-
tated liquidation of speculative accounts
today which resulted in losses in value
ranging from 81 to So a share in all the
principal active stocks traded in.
Heavy selling for London account
marked the opening in the exchange, ana
as the day progressed the successive
calling of loans resulted in the marking
up of the rate for call loans to Z 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, of which
the bears were quick to take advantage,
and which were a potent influence In
the general sentiment favoring a decline.
The most prominent of these was Peo-
pies Gas, which opened at III, against
120A on the last sales Saturday. There
was heavy offering of this stock, but de-
termined support worked quick rally
of ~. Afterwards 1t fell below the open
ing price, and closed with a net loss of
nearly three points. The motive for the
selling was the reported plan of rival
company to organize a competing service
upon the expiration of the present agree
ment.
The demands made upon the Metropol-
itan Street Railway company, on behalf
of its employees, and the danger of a cost
ly strike, caused the stock of that COM
pdny 10 QTOp 01S at one IlIle. lie uOel-
ings in 1t were not heavy, and the tone
was very feverish throughout the list
sales, showing a net loss of 2h. All of
| the local traction stocks were affected
| sympathetically, Manhattan losing
| points and Brooklyn Transit over on
| the day. Sugar also was notably weak,
the selling being credited to realizing by
speculative holders. The combined weak
ness of those influential stocks was suf-
! ficient to cause a demoralized feeling
| throughout the group of industrial spe-
| cialties.
In the railroad list the weakness was
more restricted to the stocks which have
recently been pushed up by speculative
manipulation Pennsylvania, New York
| Central, Atchison preferred, Burlington,
Reading first preferred and other stocks
| equally prominent in the speculative
world at one time, points or more be-
| low Saturdays prices. The grangers
! generally, the coalers and the trunk
! lines declined from l to 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 fractions The steel stocks also
were little affected by the prevailing
| weakness.
The break in prices was due to the mis-
! calculation of spectators as to the pc
Rod of relief expected in the money mar
| be due to the uneasiness caused in for
| eign centers by the continued tension
| over the situation in the Transvaal.
Paris is very heavily involved in
Kafffr speculation, and the feeling there
| is very nervous over the possible effects
! of an outbreak of hostilities in South
Africa. France was an eager bidder for
| gold in the London market today, and the
| rate of discount in London was marked
up a fraction, although call money was
easier there The call loan rate went
| to 7 per cent in New York, but the only
| effect on the sterling exchange market
was a fall 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 $4,000 shares.
| The shrinkage in values coming on the
| low level of New York bank reserve ne
cessitated the calling of loans which in
| many cases it was found difficult to re-
place with other accommodations. The
| market showed very feeble rallying
power and closed very slightly above the
lowest.
In the early dealings was a large de-
mand for st. Louis Southwestern IDS,
which gained IA, all of which was sub
| seceuntly lost
! Bonds were generally weak. Total
| sales par value, g. 757, 900. United States
IS, registered, advanced, Is, and the old
As, registered, declined Is in the bid
price.
STOCKS.
| Furnished by Charles H. F. Smith &
! Co., members of the New York stock eX-
| change, Pioneer Press building, who have
/ special wires to Chicago and New York.
| Closing prices are bid;