Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-09-15
NEW YORK STOCKS.
Into Cover When the Secretary of the
Treasury Arrives on tire Scene
Apprehension. on the street.


Apprehensions on the Street.
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 70 be a further increase in the
deficit shown by the banks from the require
ments of the % 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 40Z. Chicago Gas followed with drop from
1873 tO 42l4, and then the Grangers and Sugar
Retneries Yielded from per cent to IL.
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 a view to coming to some
final solution of the problem Of how to relieve
the monetary str1ngency. and the bears went
into cover on the intelligence, with the result
of rallying Chicago Gas ia and the rest of the
list generally small fractions. The trading in
and the market finally closed quiet and barely
steady, generally at small fractions better than
the lowest prices of the day.
The final changes are almost invariably frac-
tional losses. and North American is down
per cent. Chicago Gas 1ss and Northern Pacific
preferred IL.
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-
prehension of what may be rather than any
realization of anything that is. Money would
be tight anyhow, even if the new tariff were
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 graiD which ever since the bad news
about the crops. has been absorbing 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 a 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 is exag-
gerated. 1t probably is exaggerated, but by
one means:orianother the people have got it
fixed in their minds that unless longer time is
given for goods TO remain in bond there will be
a crisis"
The following table shows the prices OF active
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY & STEPHENSON. old Pittsburg mem
bers of New York stock Exchange, 81 Fourth
avenue: