The San Francisco call., 1899-09-12
EASTERN MARKETS.
Ne1U York Stock Market.

NEW YORK, Sept. u.-Forced Liquidation
was In evidence all day on the Stock Exchange
as the consequence Of the efforts of the banks
10 reduce their deposit liabilities by reduc-
tion Of loans. Saturdays bank statement re-
vealed the fact that the surplus reserves were
approaching exhaustion, with the imminent
prospect OF inroads being made upon the legal
reserve having prepared the speculative pub
lie for some such development. The continued
demand from interior sources for money and
payments for taxes in the sub-treesury to-day
confirmed the expectation. The market went
down under successive foods OF offers. At
various times during the day the pressure of
selling seemed to have exhausted Itself. The
rally IN prices at such times feeble and
the trading became very dull. the demand be
ing at a minimum The standard stock SUI
latIve irdustrials. This feature was doubtless
due in some part 20 the recent Discrimination
the part Of money lenders to accept the in
dustrials as cOlaterals for loans. 1t was there
fore the standard stocks which were thrown
upon the market by the calling OF loans. Aside
from Few or the iron and steel stocks, which
have been under manipulation for rise, the
largest losses OF the day are in such stocks as
the gTangers and trunk lines. There were few
spots in the railroads that were relatively firm.
notably Louisville, Southern Pacific, Union Pa
ciiic and Northern Pacific. The bears seized
put out extensive short lines. Brooklyn Rapid
Transit a notable sufferer and raided
down to within quarter OF the recent low
level and within a half Of par The stock
closed only a fraction above the lowest. Met
TDDOlltdn
fected and lost an on the day. Tennessee Coal
and Colorado Fuel rose In the early dealings
but fell points below Saturdays level before
the close Sugar was only slightly 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
rafIroad stocks range between ! and points
The quotations for ordered lots ranged above
q full lot quotation In most cases. indicating
the presence Of bargain hunters during the de-
cline The market totally ignored the tend
ency TO recover on foreign stock markets, al
though London bought some 20. 900 shares in the
early dealings. Call loans were made at 5i5
per cent soon after the opening, but quickly
rose to and then and even per cent drop
ping to per cent after the days needs had
been practically all met. Possible measures
OF relief for the money market were the sub
feet Of discussion in all circles. The leaving
on deposit OF payments for taxes s considered
the most available relief. and the presence IN
Washington of an influential financial leader
was generally believed to be with the object
Of urging such measure
The present high price Of Government bonds
which must be deposited with the banks Sc
curity for Government funds left on deposit
with them ls q possible drawback TO this plan
though It is asserted that the banks will be
able TO borrow Government bonds to use for
this purpose The sterling exchange ratf failed
20 Yield in spite OF the tightness Of money and
buying for London account, but exchange on
Paris did fall fraction
Bonds weakened in sympathy with stocks.