The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-09-12


NEW YORK, Sept. n.-Forced liquida-
ton was In evidence all day on the stock
exchange, as the consequence of the ef-
forts of the banks to reduce their de-
post liabilities by a reduction or loans.
Saturdays bank statement revealed the
fact that the surplus reserves were ap
preaching exhaustion, with the imminent
prospect of inroads being made upon the
legal reserve, having prepared the specu-
lative public for some such development
The continued demand from the interior
The continued demand from interior
sources for money, and payments for tax
es in the subtreasury today, confirmed
the expectation.
The market went down under success
sive floods of offers. At various times
during the duy the pressure OF selling
seemed to have exhausted itself Inc
rally in prices at such times was 1eeo!e'
end the trading became very dull, the
demand for stocks being at minimum.
The standard stocks In the market sur
fered in an equal degree with the more
speculative industries. This feature was
doubtless due in some part to the recent
Discrimination on the part of money Yend-
ers to accept the industrials as collaterals
for loans. 1t was therefore the standard
stocks which were thrown upon the mar
ket by the calling loans. Aside from rev
Of the iron and steel stocks, which nave
been under recent manipulation Tor
rise the largest losses of the day are IN
such stocks az the grangers and trunk
lines The bears seized the opportunity
of the prevailing depression to put out
extensive short lines. Brooklyn Raplo
Transit was a notable sufferer, and was
ratded down to within a quarter of the
recent low level, and with II Of par. Inc
al q fraction above the
lowest Metropolitan was also acutely
affected, and lost Az on the day. Ten
nessee Coal and Colorado Fuel rose In
the early dealings, but fell points befoW
Saturdays level before the close. sugar
was only slightly affected, American
Steel and Wire, Republic Steel both
common and preferred; Tin Plate COM
mon; Continental Tobacco, Pullman Ma
tionaf Steel, Manhattan, and People
Gas were especially weak.
The net losses on most Of the active
railroad stocks range between l and z
points. The quotations for odd lots rang
ed above a full lot quotation in most
cases, indicating the presence of bargain
hunters during. the decline. The market
totally ignored the tendency to recovery
on foreign stock markets, although Lon
don bought shares in the early dealings.
Call loans were made at 81 per cent
after the opening, but quickly rose TO D
and then Z, and even per cent, dropping
to per cent, after the days need mad
been practically all met. Possible meas
ures of relief for the money market were
the subject of discussion in all circles.
The leaving on deposit OF payments for
taxes is considered the most available re
lief. and the presence in Washington OF
an influential financial leader was gener-
alEv believed to be with the object or
urging such measure. The present
high price of government bonds which
must be deposited with the treasury by
the banks as security for government
funds left on deposit with them, Is pos
sible drawback to this plan, though 1t is
asserted that the banks will be able TO
borrow governments to use Tor TINS pur-
nose. The sterling exchange rate failed
TO Weld, in spite of the ightness or
money and buying for London account
but exchange on Paris did fall traction.
Bonds weakened in sympathy with
stocks. but the selling pressure was not
severe Total sales, par VaFue, sz,z93,Voo
United States bonds were unchanged III
bid quotations.
STOCKS.
The following were the fluctuations OF
The leading railway and industrial shares
furnished by c. H F. Smith & Co., mem
bers Of the New York stock exchange ana
Chicago board of trade: