The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-09-13
THE WORLDS MARKETS.
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest OF Exchange News-Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review of Trade.

New York, Sept 12.-Values of securi-
ties suffered to-day from a further lras-
TIC liquidation of speculative accounts, in
duced by the contraction of loans by the
banks for the purpose of replenisning
their depleted reserves. Some sentiment
tai effect was produced by the sudden
death of Cornelius Vanderbilt. But this
event, though sudden, was not wholly
unexpected, and those properties with
which the name is most closely associated
gave evidence of support. Late in the day,
after loans had been readjusted or paid
off, there were some notable recoveries in
prices, not few of the railroad stocks
rising above yesterdays level. In the
final hour there was a rather urgent de-
mand from the shorts to cover, which
helped the rally. Some stocks gave the
appearance also of a demand for bargain
hunters. All grades of stocks were thrown
upon the market during the day, as the
rate for call money was marked up by
successive stages or loans were called
outright The standard railroad stocks
suffered in equal degree with the indus
trials. as evidenced by the weakness of
the grangers and a two-point decline in
Pennsylvania on large offerings.
The bears were watchful for opportuni-
ties all day and were quick to take the
market away from sellers. They had
their greatest success in Brooklyn Tran
sit which broke to par on the opening
transactions. The most strenuous efforts
at support failed to hold this stock and
1t fell to %.
The Flower group showed keen sympa-
thy with the weakness in this stock. Peo-
pies Gas, Federal Steel and International
Paper dropped from two to three points
below last nights level and Rock Island
led the van of the grangers Tennessee
Coal opened off 915 points and fiuctuated
very feverishly over range of five
points Colorado Fuel moved in sympa-
thy, but otherwise the iron and steel
stocks were relatively firm and came up
in the final dealings to a level above yes
terday's close in several instances.
Sugar was one of the heavy sufferers
on the active list. Some of the less act
i've stocks to show notable losses were
Chicago & Eastern Illinois, Consolidated
Gas Mobile &, Ohio. Cleveland. Lorraine
q Wheeling preferred, Minneapolis, ST.
Paul & st. Marie. Omaha and Lacka-
wanna in which the declines ranged from
three to five points Manhattan was weak
at one time, but rallied strongly on the
declaration of the regular quarterly divi-
dend of l per cent.
The newly-lsted milling stocks gained
Ia points respectively. Railroads of the
Southern group, the Pacific and Atchson
preferred showed a better resistance to
the weakness than the general list, AMI in
some cases showed net gains before the
close.
The heavy liquidation of the last two
days has undoubtedly resulted in greatly
strengthening the condition of the banks.
The call loan rate, after risinz to per
cent, fell away to 6, but this was only
after the days demand had been salts
fled. Reports from Washington indicated
that the treasury department was fndis-
posed to offer measures of relief so long
as liquidation was not forced beyond
purely speculative limits The foreign
exchange rates on London, Berlin and
Paris all yielded a fraction to-day. New
York banks generally marked up the time
loan rate to-day to per cent, though the
demand in that department is not heavy.
Bonds We're weak in sympathy with
stocks and there was considerable liauida-
ton manifested in the speculative issues.
Total sales, par value, 81, $4,000.
u. S. old As coupon declined 4 per cent.
In the bid price.