The times. [volume] (Richmond, Va.) 1890-1903, 1899-09-17
MARKET WAS
DEM0RALKED
Appearance of Bank Statement Al
most Causes Panic,
PRICES PLUNGED DOWNWARD.
And Heavy Blocks Of Stock Were Lii
quiGatcd For What They Would
Bring-Bonds Moved In Sympa-
thy With Stocks.

NOW YORK, Sept 1G.-Thc appearance
or the bank statement cmeCtually dispelled
SI the encouraging Illusions or specu.a-
ton by holders OF stocks INDUCED IN Tor
Tho past few days, and threw the market
into = generalization. Prices were oierea
down in plunRcs, and very heavy DOCKS
they would bring. Inc local traction
stocks were special marks, seemingly on
the theory that they had not responded
adequately in sympathy with Brooklyn
Rapid Transit. Metropolitan slumrcd an
extreme 1872 points. ana Manhattan y
points. Brooklyn Rapid Transit itself was
somewhat relieved from the severe pres
sure. and held firmly at IS or above
through most Of the storm In the late
market The other Flower stocks were
derccly attacked, Peoples Gas dropping
nearly 4, Rock Island pa and Federal
Steel 1i3 Sugar fell an extreme As and
Tobacco 39i. Losses elsewhere in the
sDcCfaltles extended between and 3 points
IN numerous cases. ST. Paul suffered
from continued liquidation, even before
the late break, and after the bank state
mont appeared IT dropped an extreme IA
10 12S
Many railroad stocks fell point or over.
The violent declines invited the taking Of
some quick profits by III" bears which
caused fcVerish rallies. In Metropolitan
the rally reached over points. But the
tone OF the speculation az the closing was
completely demOralized. and prices I'm
many cases were still being offered down
10 unload.
The losses in cash by the banks for the
week were over S2.OOOOOO less than had
been foreshadowed by the known move
ment but, on the other hand, q conirac-
ton IN loans had been expected 10 be as
high as 100000, according 20 some esti-
mates. As the return showed reduction
OF only 81 .S544O In loans. the net result
brought the surplus reserves down 20
about a quarter OF a million dollars OF the
legal requirements. -,,,.
stocks this week but not as widely.
United states 5s advanced "a IN the pid
sales Of stocks were 39o,1OO shares. in
cluding AtchlsQn preferred, 500, bur
llngton, Is 500. Rock Island, lO,4Si Man
haitian. - go. Metropolitan $3.50 81
Union Pacific. 900: American Tobacco,
l. 90: Brooklyn Rapid Transit ITO;
Colorado Fuel and Iron, $500 People
Gas, $50; Sugar, 1910.
MONEY AND EXCHANGE.-Mone on
call easier at 3 per cent; prime mercan-
tile paper. 4&0JiR per cent Sterling eN-
change steady, with actual business IN
bankers bills at S4&3i AZ. SO for demand
and at "a S2tt0 A. S2& for sixty days; posted
rates 81 8SiRGfs4 and S4S704 S7j2; com
merciai bills. A.S1h44S2 silver cerun-
Gates. BQd5qR bar silver. 80; Mexican dol
lars. 47lb. State bonds inactive railroad
bonds weak Government bonds firm.
BANK sTATEMENT-The weekly bank
statement shows the following changes:
Surplus reserve, decrease ......S = lS54t3
Loans, decrease ...... .-....... t'o2ttOy
Specie, decrease ........ ....... O'0@OD
Legal tenders. decrease ........ $50 ~
Deposits. decrease ...... ....'. l1V95'lV3
increase ........... los 80
me banks now hold S275, 4JO in excess
u the legal requirements