The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-19
STOCKS BREAK VIOLENTLY.
TIGHT MONEY HELPS THE H4RTEST
or THE BEARS.

Moro Than Million Shares soid-No signs
OF Easier Money-BRnkers Say It's Too
Late, This Year, To Meet Western Demand
by Taking Out More Circulation.
Liquidation in enormous volume demornl-
lied the stock market yesterday. Prices were
smashed In all directions and the hears had II
their own way nearly all day. The strain ed
money situation was tho dominating influence
In the market Money on call ruled on the
New York Stock Exchange at Z per cent. Some
loans were made rs high M ! o per cent. while
few were made at 8. The last loan was at 3
with the closing quotations bid. 10 asked.
II Ia worth noting. however. that the m ore
prominent stock exchange houses were able
to borrow money on call practically all day at
. per cent.
twas taken for granted by Wall street that
the weekly statement OF the Associated Banks
on Saturday last reporting surplus cash re-
serves Of only S275.450 meant that further
stock market liquidation was inevitable. With
cash continuing to leave this city in volume for
crop moving purposes in the INTERIOR and with
no important relief in sight. such rs might be
obtained through gold imports from Europe, 1t
was argued that only by reduction OF their
loans could the banks prevent their cash re-
serves from running under the legal limit OF
% nor cent OF their deposits.
The henrs were active in tho market from
the start. assisting in the selling which un
covered stop loss orders in several parts Of the
list The exhaustion OF margins caused blocks
OF stocks to be thrown on the market. and this
forced selling gavo plenty OF opportunity to the
pears to cover their short contracts.
Representatives OF London houses were
heavy sellers OF stocks. their sales being
estimated ut upward OF $4,000 shares.
The forced liquidation was particularly ur-
gent in the forenoon. lessening in VOL
ume somewhat in the afternoon though
business in the exchange was very heavy right
UP to the close. The sales OF stocks in tho two
hours prior to noon amounted to 8B5,S22
shares and for the entire five hours OF bust
ness to 1.074.5S4 shares. The sales Of bonds.
which declined in sympathy with stocks. aG-
GrcGated up to noon. Sl.17a.0OO in par value.
and for the entire day. S2.102.5OO.
The lowest prices in many instances wero
recorded about noon. The proposition to
cover short contracts as we'll as some fresh
buying for the long account was reflected In
sharp rally in prices in the final afternoon
trading. decline in the rates for sterling ex-
change. which brought them nearer to the
point at which gold imports would be war
ranted. eNerted u favorable influence. The
heaviest declines recorded by active stocks in
the forenoon were In the local traction shares.
notably Brooklyn RapidTransit and Manhattan.
though the last named recovered nearly all OF
its loss; in Peoples Gas. which also rallied
sharply In the afternoon. in Sugar Refining. in
American Tobacco In American Steel and
Wire. and in Federal Steel. The following
table. besides giving the lowest prices ycster-
day for certain OF the more important stocks.
also gives thu highest prices on Monday Of
last week, affording at a glance an idea Of the
N taip
the local money market situation became acute: