The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-09-19
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest Of Exchange News-Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review OF Trade.

New York, Sept. 1s.-There was a fur
Their drastic liquidation of speculative ac-
counts on the stock exchange in response
to the continued contraction of credits
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 Saturdays bank statement. AS only
a half-hour was afforded after the APP
pearance of the statement on Saturday
for the liquidation of accounts, a very
large volume of selling orders from all
quarters had accumulated in brokers
hands when the market opened to-day.
Prices took a downward plunge on open
ing transactions throughout the list. The
professional traders were very bold on
the bear side and helped on the decline
by large sales for short account. The
highly speculative industrial specialties
showed the most serious losses, the OPEN
ing sales showing anywhere from to
over 5 cents clipped from Saturdays last
prices for pretty much all of the active
industrials. The New York municipal
stocks, Sugar, Tobacco, the iron and steel
stocks and the so-called Flower stocks
as a group led in the decline. Rock ISL
and, as a member of the latter group,
fell &c. Declines in the railroads other
wise were not as violent IN the spe-
cialties, but extended very generally be-
tween one and two points.
The selling was in thousand-share lots
and upwards in practically all stocks
dealt in in the first few minutes. The
bears were somewhat dazed by their own
success. and almost Immediately proceed
aa tn tllk nv n
cover shorts. Rallies of two to three
points resulted in many stocks. But be-
fore noon pressure was renewed when
deluge of Brooklyn Rapid Transit vas
poured upon the market. The New York
traction and gas stocks moved in close
sympathy. Brooklyn Rapid Transit
dropped an extreme ga Metropolitan 5A,
Consolidated Gas 7, Manhattan SA, Third
Avenue 4B and Brooklyn Union Gas 6.
The lowest prices of the day generally
were touched on this movement. st. Paul
extending its loss to pa.
The very violence of the movement in
vited some recovery and soon after
o'clock prices generally had turned up
ward The evident relaxation of the
pressure to liqudate warned the bears
that they had oversold the market and
the buying demand became rather ur-
gent. Prices of the specialties recovered
from two to over four points, The alb
sorption of railroad stocks became quite
conspicuous. New York Central espe-
cially, moving up 31s from the lowest. and
many others rallying from one to two
points.
were recorded for New York Central At
Gibson preferred. Burlington, Union Pa
cific preferred. Reading first preferred,
Northwestern and Lackawanna.
Best prices were not maintained and the
market closed easy. The late rally in
prices was assisted by an easing of the
rate of call money to per cent. After
ruling at 10 per cent. a sharp drop of
u per cent. in the actual rates for de-
mand sterling and cable transfer and the
marking down of posted rates half
cent also had an influence in relieving
the strain on the stock market. Rumors
were circulated of a conference of bank
ers to take measures looking to the re-
lief of the money market by an increase
of circulation, but these were denied and
the bankers seemed free from anxiety
over the outcome. Only one bank took
out additional circulation, according to
reports from Washington, and that to
the extent of only about $500 900. Since
the first of the month the New York
hanks have increased in circulation less
than a million dollars. London sold
heavily in this market on account of the
Transvaal excitement, to the extent of
about 10000 shares, and no gold move
ment from that quarter seemed likely for
the immediate future. The October cou-
pons of United States per cent. bonds
of 1907 were payable to-day at the sub
treasury, and some slight relief was af-
forded to the money market by that
means. No reliable estimate is possible
of the extent to which loans were liuui-
dated to-day, but that repayments. to the
banks were very heavy is the testimony
Of all authorities on the subject. Bonds
were weak in sympathy with stocks, and
liquidation of the speculative issues was
on a large scale.
Total sales par value, S2277,0o0.
U. S. Is and the old As coupon advanced
Il, but old IS registered lost Il in the bid
price. ..-.-.