The age-herald., 1899-09-26
4 RALLY CAUSED
 BY THE BEARS
 lg.
 r. Their Short Contracts Were Left Uncovered. LIQUIDATION SPENT FORCE Bonds Not as Weak as Stocks, and There Were a Number of Firm Spots in Market -sTotal
 Sales $l,24o,ooo
LIQUIDATION SPENT FORCE

New York, September 25.-Students of stock market circles have observed that violent movement in either direction is eer- tain to overrun itself. Thus the forced liquidation of the last few weeks has in- Vited horde of bear followers. When the liquidation had spent it's force, the short contracts of the bears were left uncovered and the demand from that source worked sharp rally. In the normal course of things. period of dullness was then due and 1t arrived on time today
 Wl.h money still tight no new specula- tive demand is to be expected. On the other hand speculative accounts on the long side have been pretty well shaken out and the bears are rather chary of making vepturesome incursions into grounds that don't promise large returns. But stagnation of demand means declining prices though the progress may be but slow. The convie- tion is now strong that the process of loan contraction is completed entirely. A study of the detailed statement of the clearing house banks reveals the fact that the sur plus is made up from the holdings of few of the clearing house institutions, while the majority of them are still below their
 
 hinder of this condition of affairs in the last hour of the trading today, when call money was suddenly marked up to 12 per cent. The quickness which they receded, however, to per cent. again gave the higher rate the appearance of being ma nipulated. Borrowers sometimes hold off till late in the day, in a hope of getting better terms and they find offerings largely curtaiied while their necessities are still unsatished. The rate was down to 5Ib per cent earlier in the day.
 The furry in the last hour caused the most active selling of stocks of the day. Those who reason that the point has turn ed toward easier money conditions found little in the days occurrences to encourage them. The New York exchange was heavy at practically all important interior points and shipments to the interior continue. The New York sub-treasury also con- tlnues to absorb funds from the banks. The large supply of gold certificates now available, far from improving conditions in New York, rather aggravated them, as 1t simply facilitates the movement to the interior. A frmer tone of sterling ex- change precluded perhaps early gold movement. Discounts in Berlin stiffened sharply, and sterling exchange there fell 8 fraction. Discounts in London responded with rise of a fraction. Marked strength was manifest in stocks at any time during the day in spite of the bidding up of Brook lyn Rapid Transit and Leather preferred. The specialties show the sharpest losses reaching between two and four points in number of instances. In the railroads the Grangers were most affected, but a number of other railroad stocks are down much a point.
 Bonds were not as weak stocks, as there were a number of firm spots in the market. Total sales par value, S1,240,00o United States 2s declined fl, and the old As, registered, advanced ls in the bid price.
 New York, September 25.-Money on call firm at 51zG12 per cent; last loan, per cent.
 Prime mercantile paper, 51AGper cent.
 Stecling exchange frmer. with actual business in bankers bills at $4S53s04. .S51s for demand and $4S1B44.S2 for sixty days.
 Posted rates, aSS and $4S61s.
 Commercial bills, 4.S1.
 Silver certificates, 596f59si.
 Bar silver, 5Sa4.
 Mexican dollars, All.
 Government bonds irregular. = State bonds steady.
 Railroad bonds irregular