The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-09-16
Financial Review,

New York, Sept. 15-Bradstreet's FL
nancial Review tomorrow will say:
Variations between strength and weak
ness in the stock market have been more
than usually sharp during the last six
days. A higher call loan market at the
beginning of the market caused heavy liq-
uidation of public holdings of stocks, and
gave opportunity for successful bear at
lacks by professional operators. The de-
cline in prices thus brought about was
checked, however, by the somewhat bet
ter tone which appeared in the call loans
market on Wednesday following the an
nouncement that the secretary of the
treasury would anticipate payment of OC-
tober interest on the per cent. govern
ment bonds, covered by the short interest
experimenting renewed bullish manipula-
ton by the pools in several stocks. re-
sulting in a general recovery throughout
the list.
This lasted, however, only until Thurs
Gay afternoon when the fact that the ST.
Paul directors made no increase in the
regular 212 per cent semi dividend
on that stock, a part of the street
had hoped they would. resulted in renewed
selling of the granger stocks and some
further losses in quotations throughout
the general list. On Friday the unset
Ting factor was the continued weakness
of Brooklyn Rapid Transit which, caus-
ing declines in other stocks controlled by
fish close. The rise of call loan rates this
week was, of course, foreshadowed by the
bank sta tement of last Saturday. The
reduction of the bank reserves to nearly
the legal limits constituted a notice that
should the demand for funds at the in
terror continue with anything like it's
recent volume, the New York banks, in
order to meet it, would be obliged to re-
duce their outstanding call loans to the
stock market This is what has occurred
this week, though the extent to which
banks and other lenders have called in
loans was probably exaggerated. The
general marking up of the rate of ac-
commodation by bankers to brokerage
houses to per cent, and the hardening
of time loans to 10.5 per cent, were
proper steps under the circumstances.
The quotations of as high as per cent
made for call money at the stock ex-
change on Tuesday and Wednesday
would, however, represent to some extent
the temporary over-anxiety of borrowers
and in a, certain degree. also the manipu-
1ation OF bearish speculative interests.
There was, in fact, no dearth of money,
nor was the tirmness in rates accompan-
led by any particular evidence of in
creased discrimination in regard to the
quality of collateral. Some further larger
amounts OF money are said to have been
loaned in the New York market this week
by Chicago institutions. but this assis-
lance was not important and the quiet
ing OF money to a per cent level was
largely the result of the action referred
to above, taken by Secretary Cage sup
plementlng the discovery by the street.
The decline in exchange rates. which was
one of the results of the rise in interest.
led to some discussion of the possibility
of gold imports 1t is, however. generally
concluded that at the present time a
movement of that kind is unlikely mas
much as the situation in South Africa
and the financial position at Berlin stiIl
impose caution on the International money
markets and would produce resistance
TO any movement of specie to this coun-
try.