The Anaconda standard., 1899-07-11
THE WORLDS MARKETS
NEW YORK STOCK REPORT
Daily Record Of Commercial and
Financial Transactions.
Digest OF Exchange eNews-Mining Stocks.
Metal Quotations-wooi Prices and
Movements-0rain and Pro-
ducs-Review OF Trade.

New York, July 10-The continued tight
ness in the money market precipitated
liquidation of the speculative accounts to-
day. which resulted in losses in values
ranging from 81 to 50 share in all the
principal active stocks traded in. Heavy
selling for London account marked the
opening on the exchange and as the day
progressed the successive callings OF loans
resulted in the raising of the loan money
rate to per cent. This rate forced many
SPECTATORS on the long side to close out.
There were important points of weakness
besides In one or two prominent stocks of
which the bears were quick to take ad-
vantange and were a potent influence in
the tendency towards decline. Most con-
spicuous of these was Peoples Gas.
which opened at III against 120h on the
last sale Saturday. There We're heavy Of
ferings of this stock. hut determined sup
port worked q quick rally Of ia points.
Afterwards It fell below the opening price
and closed with net loss of nearly
points. The motive of the selling was
the reported plan of a rival company to
organize a competing service upon the
expiration of the present agreement.
The demands made upon the Metropoli-
tan on behalf of It's employees and the dan
ger of a costly strike made the stock of
that company decline SIS points at one
tine. The dealings in it were not heavy
and the tone was very feverish through
out, the last sale showing net loss Of
21a points.
All of the local traction stocks were af-
fected sympathetically, Manhattan losing
8 points and Brooklyn Transit more than
2 on the day.
Sugar also was notably weak, the sell
ing being credited to realizing by specu-
lative holders. The combined weakness
nf hos inf ftc1 ct w
to cause demoralized feeling throughout
the group of industrials.
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. Atchison preferred, Burlington,
Reading first preferred and other stocks
equally prominent in the speculative
world were at one time 3 points or more
below Saturdays price.
The grangers generally, the coalers and
the trunk lines declined from / to
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 af-
fected by the prevailing weakness. The
break in prices was due to the miscalcu-
lation of spectators as to the period of
relief expected in the money market. The
delay in this matter seems TO be due TO
uneasiness caused in foreign centers by
the situation in the Transvaal.. France
was an eager bidder for gold in the Lon
don market to-day and the rate of dis
count in London was marked up frac-
tion, although call money was easier
there. The call loan rate went to per
cent in New York, but the only effect
on the sterling exchange market was a
fall of a fraction in the rate for long
standing. The pressure in 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 the New York bank reserve
necessitated 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 there was a large
demand for the Southwest seconds, which
gained ~ all of which was subsequently
lost
Bonds generally were weak. Total sales,
par value. sat- goo.
u. 8. SIS registered advanced VI per cent.
and the old As registered declined " per
cent in the bid price.