The age-herald., 1899-09-19
LIQUIDATION IN
 STOCK MARKET Continued Contraction Ge5.ts
 by the Ba THE INDUSTRIAL =. glH 5 The Late Ral'T sisted by an La .as for Ca Mo 5sof
 BL JO
THE INDUSTRIAL =. glt. 5

New York, September B.--There was a further drastic liquidation of speculative accounts the stock exchange in re- sponse to the continued contraction of cred its by the banks, who entered upon a strug- gle to maintain their reserves within the legal limit. Since Friday more than enough money has gone from the banks to the sub-treasury and the interior to wipe out the insignificant surplus shown by Satur- days bank statement. As only a half hour was afforded after the appearance of the statement on Saturday for the iquida tion of accounts. a very large volume of selling orders from all quarters had aecu- mulated in brokers hands when the mar ket opened today. Prices took down. ward plunge on opening transactions throughout the list. The professional tra ders were very bold on the bear side, and helped on the decline by large sales for short account
 The highly speculative industrial special ties showed the most serious losses, the opening sales showing anywhere from ? to over points clipped from Saturdays last prices for pretty much all of the ac- tive industrials. The New York municipal stocks, Sugar, Tobacco, the Iron and Steel SluthS ana the SD-Caileu F lOWtF StDChS, do grouped, led in the decline. Rock Island, sls member of the latter group, fell 3A. Declines in other departments were not as violent as in the specialties, but extended very generally between l and Zpoints. The selling was in the thousand share lots and upwards in practically all stocks dealt i'll except in the first few minutes.
 The bears were somewhat daZed by their own success and almost immediately pro- coded to take quick profits by buying to cover shorts Rallies of ? to points re- suited in many stocks But before noon the pressure was renewed, when deluge of Brooklyn Rapid Transit was poured upon fine market. The New York Traction and Gas stocks moved in close sympathy. Brooklyn Rapid Transit dropped an ex" treme 9l2; Metropolitan, 5A; Consolidated Gas. !; Manhattan, 3A; Third Avenue, 47s; Brooklyn Union Gas, 6. The lowest prices or the day generally were touched on this movement, St. Paul extending its loss to 2a4.
 The very violence of the movement in Vited some recovery and soon after o'clock prices had turned upward. The evident re- taxation of the pressure to liquidate warned the bears that they had oversold the mar ket, and the buying demand became ra ther urgent Prices of the speclaltieS recovered From to over points. The absorption os railroad stocks became quite conspicuous, New York Central, especially, moving up
 
 ang from l to points,
 Slight gains over Saturdays prices Were recorded for New York Central, Atchison preferred Burlington, Union Pacific pre- ferred, Reading first preferred, North western and Lackawanna. But prices were not maintained and the market closed easy. The late rally in prices was assisted by an easing of the rate for call money to per cent. After ruling at 10 percent, a sharp drop of 2A per cent. in the. actual rates for sterling and cable transfer, and the marking down of posted rates 1bc also lad m influence in relieving the strain on the stock market.
 The October coupons of United States 4 per cent. bonds of 1907 were payable today at the sub-treasury, and some light relief was afforded to the money market by this means. No reliable estimates were at hand, but heavy repayments to banks is a testi- mony of good conditions. Bonds were in sympathy with stocks and liquidation was on large scale. Total sales, par value $2.E7,00 United States 2's and old 4s cou- pon advanced A, but old fs registered lost 1s in the bid price.
 New York, September 1S.-Money on cali feversh a 5610 per cent; last joan, t per cent; ruling rate, [ per cent
 Prime mercantile paper, 4A61513 per cent Sterling exchange weak, with actual busi- ness in bankers bills at Si1519@4. i5S for demand and S4S214S2 for sixty days.
 Posted rates, $4.S3sd4S7
 Commercial bills, s4S11a@4SS
 Silver certificates, 59a591z
 Bar silver, 5S34.
 Mexican dollars, fR.
 Government bonds irregular
 State bonds steady.
 Railroad bonds weak.