The times., 1899-09-19
BEARS HAMMER STOCKS
Heavy Liquidation Going on in
Wall Street.
Sensational Declines During the Day
London Is Heavy SeIler-The
South African Crisis and Tight
Money Factors in the Situation
a Gradual Rally i'm the Market.

NEW YORK, Sept. 1S.-The liquidation
of weak and exhausted speculative ac-
counts was more precipitate in this morn
ing's market than it has been at any time
since the current reaction in the market
set in. The declines in number of in
stances were fairly sensational, but while
the trading, particularly at the opening
was very demoralized, it could not proper
ly be described as panicky The dealings
throughout the day presented many con-
fusing and contradictory characteristics.
Thus, covering of short contracts began at
the opening and was continued intermit-
tently throughout the day. Furthermore,
the sharp declines that appeared in various
quarters of the market@were evidently ex-
tensive enough to attract the attent. on OF
the buyer for cash, who seldom puts in
his appearance, except in some similar
circumstance On the other hand, the gen.
erai liquidation was in immense volume
and foreign banking houses were unusually
heavy sellers of stocks here, and, indeed,
the selling on this account appeared TO be
as urgent as that by the distressed and
demoralized local spectators.
The general tendency of the market was,
perhaps, adequately enough exp aimed
through the monetary conditions and by
the evident increase in anxiety in London
as to the issue of the critical South African
situation. 1t was the latter which account
ed for the heavy selling here for foreign
account, but evidently the local liquida-
tion was directly attributable to the acute
stringency in the money market As was
10 be expected, under the circumstances
rumors were set afloat of mysterious meet
I'M nf borly dor. Il
take action upon the situation and these
reports even went so far as to hint that
the issue of clearing house loan certificates
was contemplated. Investigation disclosel
an utter absence of truth in regard to
these reports.
Aside from the money market and the
South African situation there was nothing
to engage attention, and in view of the
oyershadowing importance of those matters
it is unlikely that other circumstances
would have been accorded much notice.
While the liquidation is working for the
restoration of equilibrium in the monetary
situation, it is very likely that it is also
administering a severe check to certain
new projects in railway and industrial en-
terprises now under way.
The more urgent liquidation seemed to
be completed in the forenoon, and the sub
sequent dealings showed general tendency
toward recovery, the rallies in a number
OF stocks being particularly sharp
Throughout the day the anthracite coal
shares and Western Union showed com
parative degree of strength which made
them conspicuous in the market The
afternoon recoveries in prices appeared to
reflect the influence of those technical .fea-
lures of the market already set forth;
namely, the continued covering of short
1fr-oO
sons of resources, these purchases becom-
ing effective with the elimination Of the
early precipitate liquidation. The rally
was promoted by the appearance of some
what lower rates for money in the after
noon. which was TO be expected after the
| general commission house liquidation of
the past three days.