The age-herald., 1899-09-12
LIQUIDATION IN
 THE STOCK MARKET Surplus Reserves Were Rapidly Approaching Exhaustion. A RISE IN CALL MONEY Bonds Were Weak in Sympathy, Though Selling Pressure Was Not ssn
 Severe-Total Sales at Par
 Value, $2,299.ooo
A RISE IN CALL MONEY

New York September u.-Forced liqui- dation was in evidence all day on the stock exchange as the consequence of the efforts of the banks to reduce their deposit habtli- ties by reduction of loans. Saturday s bank statement revealed the fact that the surplus reserves were approaching exhaus- ton with the imminent prospects of in- roads being made upon the legel reserve, having prepared the speculative public for some such development.
 The continued demand from interior sources for money and payments for taxes In the sub-treasury today confirmed the ex- pectation The market went down under successive floods of offers. At various times during the day the pressure of sell Ing seemed to have exhausted itself. The rally in prices at such times was feeble and the trading became very dull, the dc mand being at minimum. The stanGard stocks suffered in an equal degree with the more speculative industrias. This feature was doubtless due in some part to the re- cent disinclination on the part of money lenders to accept the industrials as collat- eral for loans It was, therefore, the stand ard stocks which were thrown upon the market by the lending of loans.
 Aside from a few iron and steel stocks which have been under recent man1pula- tion for a rise, the largest losses or the day are in such stocks as the granSers and trunk lines. There were a few spots in the railroads that were relatively firm, notably Louisville, South Pacific, Union Pacific and Northern Pacific. The bears seized the op- portunity prevailing to put out extensive short lines. Brooklyn Rapid Transit was a notable sufferer and was raided down to nit in Of and within half of par The stock closed only a fraction above the lowest. Metro poIftan Street Railway was also acutely af- fected and lost p2 on the day.
 Tennessee Coal and Colorado t'uei rose Tn the early dealings, but fell 2 points below Saturday's level before the close. Sugar was only slightly affected American Steel and Wire Republic Steel, both common and preferred; Tin Plate preferred; Continental Tobacco; Pullman; National Steel; Man haitian, and Peoples Gas were especially weak The net losses on most of the active railroad stocks range between and z points, The quotations for old lots ranged above a full lot quotations in most cases, indica ting the presence of bargain hunters during the decline. The market totally ignored the tendency to recover on foreign stock markets, although London bought some 20 900 shares in the early dealings
 Call loans were made at 512 per cent soon after the opening, but quickly rose to 6 and then and even per cent, dropping to per cent after the days needs had been practically all met. Possible measures of relief for the money market were the suD- feet of discussion in all circles. The leav- Ing on deposits of payments for taxes is considered the most available relief, and the presence in Washington of an infiuen- tial leader was generally believed to be with the object of urging such a measure. Tho present high price of government bonds which must be deposited with the treasury by the banks as security for gov ernment funds left on deposit with them, Is a possible fra W back to this plan. though 1t is asserted that the banks will be able to borrow government bonds for this pur- pose. The sterling exchange rate failed to yield in spite of the tightness of money and buying for London account. but ex- change on Paris did fall a fraction.
 Bonds weakened in sympathy with stocks, but the selling pressure was not severe. Total sales. par value, $2, 900. United States bonds were unchanged in bid quotations.
 Money on call firm at sos per cent; last loan 5.
 Prime mercantile paper. 4Ad5 per cent.
 Sterling exchange steady. with actual business in bankers bills at $4. S64 4Ge$4. S61a for demand and at $lS3@s4.S3A for sixty days.
 Posted rates $4.S4G$4S7lR
 Commercial bills. $4S2la
 Silver certificates, 59@r5gA.
 Bar silver, 59ls.
 Mexican dollars 471s,
 Government bonds steady.
 State bonds unchanged.
 Railroad bonds weak.