Salt Lake Tribune | 1918-10-31 | Page 12 | Severe Liquidation Sends General Securities Down

Stmt LIQUIDATION SENDS GENERAL SECURITIES DOWN Contraction of Credits and Reduction in Steel Extra Dividend Are the Chief Factors. NEW YORK. Oct- 30. Inflnenced mainly by further indications of a contraction of credits and the reduction in the United Statos Steel extru dividend from 3 to 2 per cent, th stock market today experienced a drastic liquid a t ing movement, with severe impairment of quoted values. Declines in the general list, after some Prly rtrmneaa In rails, shippings and toppers, ranged t rom 3 to 15 points, oils leading the collapse, just na they had featured the advance of recent re-cent weeks. The bulk of the spiling, much of which wns, clearly of an enforced character, with a liberal sprinkling of bearish pressure, again crutcred around United States Steel, that stock furnishing furnish-ing about li5 pel cent of the total turnover at a grosn reaction of G poin is lo 102, closing practically nt the tjotlom. Mexican IVlroleum. which is In disfavor with the authorltlea of th exchange because of Its spectacular performances, opened at a decline of 0'. rallied G. and in the broader selling of the last hour reacted 4 points, showing a, loss of 31 points in two days. Kven the high-grade rails and shippings, metals met-als and representative specialties broke sharply wilh speculative issues in the final hour, when I support seemed almost wholly lacking, weakness prevailing at the e.nd. Sales amounted to 075.000 shares. tireater firmness on rates at Paris was the only reflection of the more favorable developments develop-ments in the foreign situation, neutral remit-tunevs remit-tunevs remaining una Itered. Bonds were inclined to ease, but held better bet-ter than stocks, showing no uiarkod weaknesses. I Liberty 3'-s made a slight gain, but that group i as a whole was relatively iuafiive. Total sules (par value! aggregated $7,050,000. 0 Id L' ni t ed S ta tes bonds v ere uncos ngert on 1 call.