The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-09-13
SECURITIES SUFFERED.
Indirectly caused by Contradiction
of Loans by the Banks.


New York, Sept. 12-Values of securities
suffered to-day from further drastic Id
uidation of speculative accounts, induced
bv the contradiction of loans by the
banks for the purpose of replenishing their
depleted reserves. Some sentimental eff
feet was produced by the sudden death
of Cornelius Vanderbilt. But this event,
though sudden, was not wholly unexpect-
ed and those properties with which the
name is most closely associated gave evil
dence of support.
Late in the day, after loans had either
been readjusted or paid off, there were
some notable recoveries in prices, not
few of the railroad stocks rising above
Yesterdays level. In the final hour there
was a rather urgent demand from the
shorts to cover, which helped the rally.
Some stocks gave the appearance also or
a demand from bargain hunters. All
grades of stock were thrown upon the
market during the day, as the rate for call
money was marked up by successive
stages or loans were called outright,
The standard railroad stocks suffered
IN equal degree with the Industrials, as
evidenced by the weakness of the Gran
gors and a 2-point decline in Pennsyl-
vania on large offerings
The bears were watchful for opportuni-
ties all day and were quick 10 take the
market away from sellers. They had
their greatest success in Brooklyn lrau-
sit which broke to par on the opening
transactions. The most strenuous efforts
to support failed to hold this stock, and
il fell 10 So The Flower group showed
keen sympathy with the weakness IN TINS
stock Peoples Gas, Federal Steel ana
International Paper dropped from 70
2 points below last nights level and Rock
tI,a # N
Tennessee Coal opened off 9l9 points and
ductuated very feverishly over range
Of ( noints Colorado Fuel moved in sym
nathv. but otherwise the iron and steel
stocks were relatively firm and came up
i'm the final dealings to level above
Yesterdays close in several instances.
Sugar was one OF the heavy sufferers on
tbe active list. Some of the less active
stocks to show notable losses were Chi
cago and Eastern Illinois, Consolidated
Gas cleveland. Lorain and Wheeling pre-
ferred. Minneapolis. st. Paul and Sault
Ste Marie Omaha and Lackawanna, IN
which the declines ranged from to De.
Manhattan was weak at one time. but
rallied strongly on the declaration of the
regular quarterly dividend of per cent.
The newly listed United States milling
stocks gained IA and l, respectively. Rail-
roads in the Southern group, the Pacihcs
and Atchison preferred showed a better
roSista nee to the weakness IMAM tie 5Su-
eral list and in some cases established
net gains before the close The heavy liq-
uidation Of the last two days has undoubt-
edly resulted in greatly strengthening the
condition of the banks. The call loan
rate. after rising to per cent, fell again
TO 6. but this was only after the days de-
mand had been satisfied. Reports from
washington indicated that the treasury
denarfrnent was indisposed 10 offer meas
ureg of relief so long as liquidation was
not forced beyond purely speculative linn
It's.
The foreign exchange rates on London,
Berlin and Paris all yielded a fraction
to-day. but discounts at these centers
did not respond with an advance. as they
would almost certainly do If a movement
OF gold to New York was impending. New
York banks generally marked up the time
loan rate to-day to s per cent, though
the demand in that department is not
heavy.
Bonds are weak in sympathy with
stocks, and there was considerable iqui-