The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-09-21
FINANCIAL ANDCOMmERCIiL
Quotations Of Staple Products in the
Leading Markets
(From Price, Mccormick s. Co. sis
Middle STD

(From Price, Mccormick s. Co. sis
Middle STD
New York, Wednesday, Sept so, 1889.
Except for brief psricd after the open
jng. and except for the last is minutes.
today's market was ragged. irregular and
with downward ten dency. There were
more rumors flying about the Street than
at any time since last February when the
anks started to refuse to lend on the
dustrials. 1t was stated In tbs street
that large loan had been called. Ore
prominent commission house was reported
to have sold 5000 shares. large portion
OF the selling being said to be forced,
owing to the refusals on the part OF the
banks to accept the collateral that was
offered. In the general market the trad
ing Is not active, but In b. X. I. trans
actions were larger than at any time
since the stock has been put on the Ex-
change. During the greater part of the
day, the pressure has been very heavy
and caused decline to 75 1-2, the lowest
price reached since Mr.. Flowers death.
During the last half hour cleverly ar
ranged drive at the shorts was made caus-
ing very sharp rally, the close being
close to the highest figures Of the day. A
reason given for the sharp recovery was
that harmonious relations had been es-
tablisheu between the b. X. n. Company
and Air. Tom L. iJohnson. AS asmatter of
fact, the stock had been oversold, giving
the powerful interests who have been
buying the stock today a chance to drive
the shorts to cover. An incident which
caused no little gossip on the Exchange
today was the decline which took plaos
in U. S. Flour Milling Company. ..saYes-
terday, the preferred stock sold at rs and
the common stock at Sc. Today the pre-
ferred stock opened at so. which price a
good many hundred shares changed hands
while the common stock opened at 25.
The stock has been recently listed on
the Exchange and the outside speculation
in 1t has been comparatively small. That
the parties who are responsible for the
stock being brought before the public
would leave 1t in such an absolutely I'M
protected position naturally called forth
considerable criticism. 1t was said that
the selling was due to- the fact that one
house had {, 900 ehares OF the preferred
stock in q loan and that today the bank
which had accepted it as collateral re-
fused the house In question to take the
stock up. the result being that it was
put upon the market and was offered
down until buyer could be found. 1t
is incidents such as these which cause the
banks to discriminate aga inst the new
industrials. 1t may be safely asserted
that 1t will be some time before
any financial inst tuition in New York
viii advance money on such a
stock and it is quito certain that com
mission houses which have any preten-
sions to conservatism will refuse to buy
either the common or preferred stock,
except for cash.
There was not much definite news. De-
spat ches from England We're rather pessi-
mistic in regard to the Transvaal outlook.
In fact. papers generally predict that war
Ia now unavoidable.
I. @. 1. came out with the August
report showing q surplus after dehucting
fixed charges of 1921, 677 as against sur
plus last year of only Si,76z.
NEW YORK, Sept 20.
Money on call at 6a7lA per cent; last loan
OF Ier cent; prime mercantile paper at 4A
oslo per CT Sterling Exchange easier, with
actual business in bankers bills at S51aG
g63z for demand 92a4 S2lA for six-