Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-09-12
STOCK MARKET DOWN
STANDARD SHARES SUFFER-
AS WELL As INDUsTnIALs.
FORCED LIQUIDATION ALL DAY.
This Consequence Of Efforts of the
Hanks to Reduce Their Deposit
IiabiIitIcs-Whent Dull and Low
cr-Proyisions Unchanged.

NEW YORK, September 11.-Forced IL
quotation was In evidence all day on the
stock Exchange, as a consequence OF
efforts of the banks 20 reduce their de-
pCst liabilities by a reduction Of loans.
Saturdays bank statement revealed the
fact that the surplus reserves were APP
preaching exhaustion, with the imminent
prospect Of inroads being made upon the
legal reserves. having prepared the spec
ulative public for some such develop
ment The continued demand from inte-
TiOr sources for money and payments
for taxes into the Sub-Treasury to-day
confirmed the expectation. The market
went down under successive Hoods OF
offers, At various times during the day
the pressure Of selling seemed TO nave
exhausted itself. The rally in prices ar
such times was feeble, and the trading
became very dull, the demand for stocks
being at minimum The standard
stocks IN the market suffered IN an equal
degree With the more speculative INDUS
trials This feature was doubtless due
in some part TO the recent dissemination
on the part OF money-lenders TO accept
the industrials as collateral for loans. IL
was. therefore, the standard stocks when
Were thrown on the market by the call
ing of loans.
Aside from a few Of the iron and steel
stocks, which have been under recent ma
nipulatiOn for "A rise, the largest losses
of the day are I'm such stocks as the
Changers and Trunk lines. There were
a few spots in the railroad list nat were
relatively nrm-nOtably, Louisville, SOutn
ern Pacific, Union Pacific, and Northern
Pacific.
EXTENSIVE SHORT LINES.
The bears seized the opportunity of the
g.rrf fg n a
short lines. Brooklyn Rapid Transit was
notable sufferer, and was raided down
70 within Il of the recent low Level, and
within y Of par. The stock closed only a
fraction above the lowest. metropolitan
Street Railway was also acutcly affected
and lost AZ to-day. Tennessee Coal and
Colorado Fuel rose in the early dealings,
but fell points below Saturdays level
before the close. Sugar was only slight
ly affected.
American Steel and Wire. Republic
Steel, both common and preferred; Tin
Plate, preferred: Continental Tobacco
Pullman. National Steel, Manhattan, and
Peoples Gas were especially weak: The
net losses on most of the active railroad
stocks range between ] and points.
The quotations for odd lots ranged
/ above full-lot quotation in most cases
! indicating the presence of Dargaln-hunt'
ers during the decline. The market TO-
| tally ignored the tendency to recover ON
/ foreign stock markets. although London
/ bought some 1000 shares in the early
/ dealings.
Cali loans were made at 81 per cent
! soon after the opening. but quickly rose
! 10 &. and then 10 7, and even per cent.
| dropping 10 per cent. after the day.
| needs had been practically all met.
MONEY MARKET RELIEF.
! Possible measures of relief for thu
/ money market were the subject OF dis
| cussion in all circles. The leaving OF
| deposit of payments for taxes is con
| Sldered the most available relief, ana th'
\ presence i'm Washington Of an inliuentia
\ financial leader was generally believed Il
! be- with the object OF urging such
measure The present nigh price o.
/ government bonds, which must be dc
/ posted with the Treasury by the banks
/ as security for government funds lei
/ on deposit with them is possible draw
| back TO this plan, though II IS ASSERTED
! that the banks will be able 10 borrow
| government bonds 10 use for this purpose
| The sterling exchange rate idlleu u
| yield. in spite of the ughtness OF none.
! and buying for London account, Dul tx
| thange on Paris did fall a fraction.
Bonds weakened in sympathy VIII
| stocks, but the selling pressure was no
! severe Total sales, par value, 81 2s3,W.
! United States bonds were unchanged ii
| bid quotations. 100
shares. including AtchsOn, 900, Atchi
| son. preferred, 1870, Chicago Great West
| ern. II go; Burlington and Quincy, 2llzl
| Chicago. Rock Island and Pacinc, 80
/ Louisville and Nashville. 5000, Manhattan
| 81 l5O; Metropolitan 5g25; Missouri Pa
/ Chc. $3.50; Northern Pacific. 1890; Penn
| sylvania, $3.50; Reading, lst preferred
| 1850; II. Paul, 1850; southern racine
| 20 $50: Union Pacific. II, go; Union Pdcii,
! preferred. 9.Ol5; American steel HooI
| 1850: American Steel and Wire, n,o9J
| American Tobacco, common, 2V2Zl; Brook
| lvn Rapid Transit, $3.50; Colorado Fue
| and Iron. $780, Continental Tobacco
d 1870; F,deral steel, 12,63o; Fede
| raj Steel preferred, 5,vlo' Ma
| tional steel. 5.+25; North American 90,
| Peoples Gas, 1925; Standard HOPE am
| Irvine. 596; Sugar, eX-dlVldend, 10, 81,
! Tennessee Coal and Iron, l2,o'5; Unite
| States Leather 600; United states Lea
| Their preferred, 300.
MONEY AND EXCHANGE.
Money on call firm at 5uS per cent.
! last loan at per cent; prime mercdhui
| paper, 4H5 per cent
Sterling exchange steady, with actua
business in bankers bills at Ne6ha
81 S6la for demand and SLSaAS3A 10
| sixty days; posted rates, s4SfQSLSF-
| commercial bills, AS2U$.S2le.
Silver certificates 5%Q5JsI; par SILVER
| 1871: Mexican dollars, 4t2
! Government bonds steady. state Dohu
inactive. Railroad bonds weak.
New York stock Quotations.