The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-10-03
THE STOCK MARKET.
1t Faced the Depression of Three
Days Trading In London.

New York. Oct. 2.-The stock market
had to face this morning the accumulated
depression of three days trading in a sag
ging market in London. while the ex-
change was closed here. The drop in
prices at the opening was wide one, nu-
merous railroad stocks showing a loss of a
point or over and Tennessee Coal showing
an extreme decline of points. The local
traders were inclined 10 feel that London
was unduly depressed, especially with ref
erence TO American securities, and they
started to bid prices up again.
The first loan of the day was made at
per cent. and this encouraged an opti-
mistic view of the money outlook. The
rally was short lived, and the course was
quite consistently downward for the rest
of the day. A sharp advance in the coalers
on the advance in the price of anthracite
was Intellectual to check the decline Lon
don sold not only during the first hour but
as long as offices there were open for bus
mess. Liquidation from that source reach
ed between 1900 and $1,000 shares. The
violent decline in British oonsols had an
important sentimental effect, although it
was afterwards explained that this was
partly due to the expectation of a new is
sue. But the new issue is as significant of
the practical certainty of war as any in
cident that has thus far occurred, so that
the explanation did not afford relief to the
stock market depression.
The sharp rise in London discount rates
caused an advance of Is of a cent in actual
rate for demand sterling here, and had an
equally marked effect on the sterling ex-
change rate both at Berlin and Paris.
This development is equivalent to notices
that London is not prepared to part with
more god to New York without making
every possible effort to prevent il. Long
sterling was weak on selling against ster-
ling loans.
The local money rate quickly moved up
ward when the renewal of loans carried
over from last Thursday began to infiu-
ence the market The call loan rate was
carried up to II per cent. while the money
market was still in full activity. 1t was
then rushed up 70 so per cent, after which
there were violent fluctuations down to
10 per cent, and up again to 50
per cent. at which rate the last
loan of the day was made The closing
was 30 bid and 80 asked. None Of the ex-
pected relief TO the money market was in
sight to-day. The developments in Lon
don lessen the probability of further gold
imports and the condition of New York
exchange at interior points indicates a con-
tinuance of the demand for funds from
that source.
The money left Ia the city by the visitors
TO the Dewey celebration was not in evil
dence in Wall street though much had
been made of this prospect of relief by the
speculative contingent The sub-treasury
has gained nearly $l.5OO.00O from the mar
ket since Friday Money seems to be in
supply at the higher rate from the pro-
ceeds of time loans made some time ago,
but the loaning resources of the banks are
evidently exhausted at present. The de-
cline In prices was made without any evil
dence OF Generalization. but last prices
were the lowest. Net losses in the railroads
are quite generally between ] and 2 points
and the selling was well distributed
through the list Among the leading spec
ialties losses ranged from TO 50, the lat
ter in Sugar.
The bond market was not active. but
was weak in sympathy with stocks. Total
sales par value 81 10000.
The total sales Of stocks were 405, 100