The age-herald., 1899-07-11
LOSSES RESULTED
 IN STOCK MARKET
Caused by the Continued Light
 ness in Money
FRANCE AN EAGER BIDDER
Shrinkage of Values Necessitated Call ing of Loans Bonds Were Weak, With Total Sales Amount
 ing to $2,75o,ooo

New York, July 10-The continued light ness in the money market precipitated H- quidation of speculative accounts today, which resulted in losses on value ranging from S1 to $3 a share in all the principal acn.e stocks traded in. Heavy selling for London account marked the opening on the exchange and as the day progressed the successive calling of loans resulted in the marking up of the rate for call loans to T per cent. This rate forced many specu- lators on the long side to close out. There were special points of weakness besides in one two prominent stocks, of which the bears were quick to take advantage, and which were potent influence in the gener- al sentiment favoring decline. Most con- spicuous of these was Peoples Gas, which opened at IT, against 120A on the last sales Saturday. There were heavy offerings of this stock, but determined support worked a quick rally of 1A. Afterwards 1t fell be- low the opening price and closed at 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 agree ment. The demands made upon the Met ropolitan Street Railway company on be- half of it's employees and the danger of a costly strike caused the stock of that com pany to drop 59s at one time. The dealings in it were not heavy, and the tone very feveriSh throughout the last sale showing a net loss of 2h.
 All the local traction stocks were af- fected sympatheticalIy, Manhattan losing points and Brooklyn Rapid Transit over 2 points on the day. Sugar also was not ably weak the selling being credited to realizing by speculative holders. In the railroad list the weakness was more re- stricted to the stocks which have been re- gently pushed up by speculative manipula- tions. 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 below Saturdays prices. The grangers generally, the coalerS and the trunk lines declined from 1 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 were little affected by the prevailing weak ness. The break in prices was due to the mlScalcula ton of Specula tors as to the pe- riod of relief expected in the money mar ket. The delay in the matter seems to be due to uneasiness caused in the foreign
 
 France an eager bidder for gold in the London market today and the rate of discount in London was marked up a frac- ton. although call money was easier there The call loan rate went to per cent. in New York, but the only effect on the ster- ling exchange market was a fall of a frac- tion in the rate of long standing. The pressure on London was from Paris and reflected here in sales estimated as high as 50,000 shares.
 The shrinkage in values coming on the low level of New York bank reserve, neces- sitated the calling of loans, which in many cases 1t was found difficult to replace with other accommodations. The market showed very feeble ralying power and closed very slightly above the lowest
 In the early dealings there was a large demand for St. Louis and Southwestern seconds which gained 1A, all of which was subsequently, lost.
 Bonds were generally weak Total sales par value, $2,750000 United States 3s reg istered advanced 1s and the old Is regis tered declined Is the bid price. Money on call firmer at 5GD7 per cent: last loan, 51a per cent.
 Prime mercantile paper, BOA per cent
 Stefllng exchange, easy, with actual busi- ness in bankers bills at $4.S76$4.S7 for de mand, and $4S41s@$4.S4& for sixty days
 Posted rates, $4S51a0$4S61s and $4SS1s Commercial bills, $4.S31a6pS4.S4.
 Silver certificates, 60@61
 Bar silver 6015.
 Mexican dollars, 47%.
 Government bonds, irregular
 State bonds inactive.
 Railroad bonds, firm.