The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-10-03
STOCKS GO ON A
DOWNWARD SLIDE.
Liquidation in London Causes
the Decline.
FUTILE ATTEMPT TO CHECK
!. !
English Markets Not Prepared to Part
With More Gold to New York
Without Making Every Pos
sible Effort to Prevent 1t
FUTILE ATTEMPT TO CHECK

New York, October 1.-The stock market,
had to face this morning the accumulated
depression of three days trading in a sag
glng market in London while the exchange
was closed here. The drop In prices at the
opening was a wide one, numerous rail-
read stocks showing a loss of a point or
over and Tennessee Coal and Iron showing
an extreme decline of points. The local
traders were inclined to feel that London
was unduly depressed, especially with ref
erence to American securities, and they
started to bid prices up again. The first
lean of the day was made at 6 per cent,
and this encouraged an optimistic view of
the money outlook The rally was short
lived and the course was quite consistently
downward for the rest of the day. A sharp
advance in the eoalers on the advance in
the price of anthracite was Intellectual to
check the decline. London sold not only
during the first hour, but as long as there
was an opening for business. Liquidation
from that source reached between 10000
and $4,000 shares. The violent decline in
British consols had an important senti-
mental effect although 1t was afterward
explained that this was partly due to the
expectation of a new issue. But the new
Issue is as significant of practical certainty
OF war as any incident that has thus far
occurred so that the explanation did not
afford relief to the stock market depression,
The sharp rise In London discount rates
caused an advance of Nths of a cent in
the actual rate for demand sterling here
spd had an equally marked effect ON the
ss<sAhg exchange rate both at Berlin and
Parfs. This development is equivalent to
notice that London is not prepared to part
with more gold to New York without maxi
ing every possible effort ito prevent it. Long
sterling was weak on selling against ster-
ing loans. The local money rate quickly
moved upwards when the renewal of loans
carried over last Thursday began to in
Hnence the market The call loan rate was
carried up TO IL per cent, while the money
market was still in full activity. 1t was
then rushed up to 80 per cent, after which
there were violent fluctuations down to 10
per cent and up again to IS per cent. at
WHICH rate the last loan of the day was
made.
The closing was 80 and 35 asked. None of
the expected relief to the money market
was IN sight today. The DEVELOPMENTS in
London and the probability of further gold
imports and the condition of New York
exchange at interior points indicated con-
flnuance of the demand fer funds from
that source. The money left in the city by
the visitors to the Dewey celebration was
not in evidence In Wall street. though
much had been said of this prospect
of relief by the speculative contingent.
The sub-treasury has gained nearly 81 $780,
600 from the market since Friday. Money
seemed to be in supply at the higher rate
from the proceeds of time loans made
some time ago, but the Ioaning resources
or the banks are evidently exhausted at
present. The decline in prices was made
without any evidence of demora liza ton,
but last prices We're the lowest Net losses
in the railroads are quite generally be-
tween l and points and the selling was
well distributed Through the list. Among
the Leading specialties losses ranged from
2 to 3%. the latter sugar. The bond mar
ket was not active, but was weak in SYM
pathy with stocks. Total sales par value
81. 23O 900.
(By Private Wire to Talbot & Palmer)