The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-09-19
LIQUIDATION Is HEAVY
Slump in Stocks From the
Opening of the Market.
LATE RALLY IN PRICES
Bankers In No Panic Over the
Money Situation.

New York, Sept. N.-There was a fur
Their drastic liquidation Of speculative &C
counts on the stock exchange in response
TO the continued contraction of credits by
the banks, who entered upon struggle
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
half-hour was afforded after the ap-
pearance of the statement on Saturday
Tor the liquidation of accounts a very
large volume OF selling orders from all
quarters had accumulated in brokers
hands when the market opened today.
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 loss, the opening sales |
showing anywhere from two to over five |
points 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 Flour stocks, as a group,
led in the lecline Rock Island. as a
member of the latter group. fell Ia.
Declines in the railroads were not as ac-
tive as in the speculatives but extended
generally between 1 and 4 points. The
selling in I
upward in practically all stocks dealt in
IN the first few minutes. The bears were
somewhat dazed by their own success
and almost Immediately proceeded TO
take quick profits. rally OF to
points resulted in many stocks But be-
fore noon pressure was renewed. when "a
deluge Of Brooklyn Rapid Transit was
poured upon the market The New York
Traction and Gas stocks moved in close
sympathy Brooklyn Rapid Transit
dropped an extreme 9 IA. Metropolitan
IA, Consolidated Gas :, Manhattan
IA, Third Avenue rs and Brooklyn
Union Gas c. The lowest prices of the
day generally were touched on this
movement, st. Paul extending its loss to
ga The very violence invited some re-
covery and after l o'clock prices had gem
orally turned upward. The evident relax
alton of the pressure TO Hquidate warned
the bears that they had oversold the mar
ket and the buying demand became rath-
er urgent. Prices of the specfalties re-
covered from to over points. The
absorption of railroad stocks became quite
conspicuous, New York Central. especi-
ally. moving up 3 Is from the lowest
and many other rallying from ] to 9
points. Slight gains over SATURDAYS |
prices were recorded for New York Cen
raj, Atchison preferred, Burlington.
Union Pacific preferred Reading first
preferred, Northwestern and Lackawana
Best prices were not maintained and the
market closed easy. The late rally in
prices was assisted by an easing of the
ate for call money to per cent. After
'ullng 10 per cent a sharp drop Of IL !
Ter cent in the rate demand sterling and
al transfer and the marking down of
posted rates 1-2c also had an influence in |
chewing the strain on the stock market. | .
tumOrs were circulated Of a conference
# bankers TO take measures looking 10
ne relief Of the money market by an 2
Increase of circulation. but these were =
enied and bankers seemed free from
nxiety over the outlook. Only one bank a
ook out additional circulation. according q.
o reports from Washington. and that 20 ;,
he extent Of only about s2O1.oD0 Since :.
he first OF the month the New York .
anks have increased their circulation =
ess than a million dollars. London sold =
cavity in this market on account OF the ;,
'ransvaal crisis, to the extent OF about r
leo0 shares and no gold movement from >
hat quarter seems likely for the irnrne- n
late future. The October coupon. Of
United States I per cent bonds Of 1907 y
-ere payable today at the sub-treasury a
nd some slight relief was afforded to the =
honey market by that means No reIi- 2
bic estimate is possible OF the extent 10 n
hitch loans were Iquidated today. but h
hat re-payments to the banks were very =
eavy is The testimony of all authorities .
n the subject p
Closing prices Of stocks were as fol- y
,vs:
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