The times., 1899-09-13
4 SCARY MONEY OUTLOOK
Declines in Prices Throughout the
Market.
The Loss to Standard Issues Uniform,
While Speculative Stocks Break
Observation-Disclosures Rapid Transit
and Tennessee Iron and Coal
Lead in the Downward Movement.

NEW YORK, Sept. 12-The continued
by the prevalent stringent monetary con-
ditions, resulted in further general de-
clines in the days stock market. AS wa :
the case yesterday, however, the shrinkag
in values was gradual and nothing ap-
preaching Generalization could be detect
ed in the dealings. The stock market is
plainly going through a readjustment OF
technical conditions, the upsaot o which
cannot fail to be the transfer of stocks
from marginal holders to persons whose
bank accounts or credit are such that they
are able TO take advantage of existing
conditions. In a clear comprehension of
these existing conditions, it sholld a.
ways be borne in mind that there is no
change whatever in those circums. .ances
of the outside condition upon which the
great advance in values has been based.
There is no contradiction in activity in
any of the branches cf the eountry's trade
and the current returns of railway traffic.
as well as all the other trustworthy data
bearing upon the subject. confirm this
statement, The current depression in the
stock market is a question OF speculative
margins, rather than of diminished merit,
SO far as securities are concerned. OF
course, If it were necessary to regard the
present state of the money market as a
permanent one, there would be involved
a serious and radical readjustment OF stock
market values and of investment securi-
ties, but while the monetary oatloJk is by
no means clear, it is certain to relax whe 4
the crop movement gets into full swing,
and the current liquidation in the stock
al ,T.-slz
toward the loosening up of the money mar
ket.
The general conditions of the stock mar
ket were very similar to those of yester-
day. Declines were common, and in all
the standard issues were fairly uniform.
Some of the more highly speculative is
sues, such as Brooklyn Rapid Transit and
Tennessee Coal and Iron, broke with par
ticular raDidity-a further reflection of
the purely technical character of the mar
kets weakness. London was again a prac-
tically inconsiderable factor in the mar
ket and probably no one, with even q
superficial familiarity of the general cir
cumstances of the question, regarded the
sudden death of an eminent and conspicu-
Gus capitalist as anything more than a
sentimental influence in the market. Still
it is probable that, owing to yesterday s
unsettled conditions, the event did have
more or less effect in inducing further
liquidation. There were otherwise very
few incidents in the course of the day
that received any attention owing to the
overshadowing importance of the none
tary situation.
number of exceedingly gratifying
statements of railway traffic were sub
mitted, and the regular dividend of / per
cent was declared on Manhattan Railway.
Nothing was learned from Washington as
TO the intention of the Secretary of the
Treasury in regard to diverting the in
ternal revenue payments into the banks,
and it is understood that a serious OBJ
stacle to this measure of relief exists in
the difficulty of obtaining bonds with
which to provide security to the Govern
ment against such deposits. In the mean
time the payments on account OF customs
and internal revenues continue very
heavy, the banks having lost to the sub
treaury since last Friday more than
So, ,000, 900.