Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-09-14
NEW YORK STOCKS.
Markets Weak and Declining-Bears Go
Into Cover When the Secretary of the
Treasury Arrives on the Scene
Apprehensions ON the

on the sLfeeLs
NEW YORK. September 13-The stock mar.
ket to-day was again weak and declining, with
further liquidation of small long accounts. but
treer short selling The general expectation
that there was I'd be further increase in the
deficit shown by the banks from the require
ments of the 25 per cent rule gave the bearish
traders an opportunity to continue their ham,
mering operations, especially as London was
found to be a seller of its specialties at the
opening. First prices were generally but
slightly changed from those of last evening,
but the pressure was brought to bear first upon
North American, which has since its appear
ance on the list been drawing bear card, and
it retired rapidly from 43 to Al, and afterward
to 40N Chicago Gas followed with a drop from
453s to 421<, and then the Grangers and Sugar
Reineries Welded from l per cent to ~
At about IL o'clock it became known that the
Secretary of the Treasury was in town. and
would hold conference with some of the lead
ing bankers with view to coming to some
t1nal solution of the problem of how to relieve
the monetary strlngency. and the bears went
into cover on the intelligencu, with the result
of rallying Chicago Gas iss and the rest of the
list generally small fractions. The trading in
the last half hour presented no new features
and the market finally closed quiet and barely
steady, generally at small fractions better than
the lowest prices of the day.
The hnal changes are almost invariably frac-
tional losses. and North American is down
per cent. Chicago Gas 1ss and Northern Pacific
preferred IL.
Railroad bonds were dull, the sales of all
issues reaching only s30S 600. and the dealings
were barren of features of aly kind, and the
movements Insignificant in every case. State
bonds have been dull and rather heavy. Rail-
road bonds have been dull and heavy.
The exports of specie from the port of New
York during the past week amounted to 81 l44-
325, of which S37,727 was IN gold and 81, lU6 SIS
silver. The Imports of specie during the week
amounted to iS439, ,8l5, OF which 81 794 was in
gold and S435 OIL silver.
The Post says: "As TO the causes of the weak
ness in the stock market there is but the one
most important explanation, viz: that it is ap-
realization of anything that is. Money would
be tight anyhow, even if the new tariff we're
not to go into effect, because there has been
an unusual demand for money all over the
country for earlier moving of crops and for the
prosecution OF larger industrial enterprises
than usual. and especially also for the specula-
tion in grain, which ever since the bad news
about the crops, has been abs0tbingi specula-
tive capital especially in the West. But the
immediate thing which in this situation has
the most effect to unsettle confidence and
makes all the money lenders refuse to lend ex-
cepJ they have unusual inducements. is the
apprehension that there is going to be crisis
in connection with the withdrawal of goods
from United States bonded warehouses in
order to escape the advance in the tariff. 1t
does not make much difference that the amount
which the importers would have TO pay If they
withdraw their goods by November I is exag-
gerated. 1t probably is exaggerated, but by
one means:orIan other the people have got it
fixed in their minds that unless longer time is
given for goods 10 remain in bond there will be
q crisis"
stocks on the New York stock Exchange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY 4 STEPHENSON, old Pittsburg MEM
bers Of New York stock Exchange, 81 Fourth