The San Francisco call., 1899-09-19
EASTERN MARKETS.
Ne7u York Stock Market.

NEW YORK. Sept 1S.-There was further
drastic liquidation OF speculative accounts on
the Stock Exchange in response to the contin-
ued attraction Of credits by the banks. who
entered upon a struggle to maintain their re-
serves within the legal limit Since Friday
more than enough money has gone from the
banks to the sub-treasury and the interior to
wipe out the Insignificant surplus shown by
Saturdays bank statement. AS only half
hour was afforded after the appearance Of the
statement Saturday for the liquidation
of accounts, a very large volume of selling
orders from all quarters had accumulated in
brokers' hands when the market opened to-day.
Prices took downward plunge on opening
transactions throughout the list The profes-
sional traders were very bold on the bear side
and helped on the decline by large sales for short
account. The highly speculative industrial
Epecialties showed the most serious losses the
opening sales showing anywhere from TO over
: Joints clipped from Saturday last prices for
pretty much all OF the active industrials. The
New York municipal stocks, Sugar. Tobacco,
the Iron and Steel stocks and the so-calIed
Flower stocks group led in the decline
Rock Island as a member of the latter group
fell 3hc Declines IN the railroads otherwise
were not as violent as IN the speciaItes. pul eA-
tended very generally between one and two
and upward in practically all stocks dealt IN
within the first few minutes. The bears were
somewhat dazed by their own success and al
most Immediately proceeded TO take quick
profits by buying to cover shorts. Rallies Of
two to three points resulted in many stocks.
But before noon the pressure was renewed.
when a deluge of Brooklyn Rapid Transit was
poured upon the market The New York Trac-
ton and Gas stocks moved in close sympathy.
Brooklyn Rapid Transit dropped an extreme
ga Metropolitan 5A Consolidated Gas Z. Man
haitian az Third avenue AS and Brooklyn
1-nion Gas G The lowest prices of the day
generally were touched on this movement, st.
Paul extending its loss to 2&. The very vio-
lence Of the movement invited some recovery
and soon after l o'clock prices generally haG
turned upward. The evident relaxation of TIE
they had oversold the market, and the buying
demand became rather urgent. Prices of the
epecialties recovered from two TO over four
points. The absorption OF railroad stocks be-
came quite conspicuous, New York Central es-
pecially moving up 80 from the lowest ahd
many others rallying from one to two points
Shgiiu gains over Saturdays prices were re-
corded for New York Central. Atchison pre-
1erred, Burlington, Union Paclhc preferred
Reading first preferred Northwestern and
Lackawanna- Best prices were not maintained
and the market closed easy. The late rally in
prices assisted by an easing of the rate for
call money to Z per cent After ruling at IL
per cent a sharp drop of 4 per cent in the
actual rates for demand sterling and cable
transfer, and the marking down of post rates
y, also had an influence in relieving the strain
on the stock market. Rumors circulated
of a conference Of bankers to take measures
looking 10 the relief Of the money market b.
MED and bankers seemed free from anxiety
over the outcome. One bank only took out all
ditionaI circulation according to reports from
Washington, and that TO the extent Of only
about 5000. 900. Since the first of the month the
New York banks have Increased in circulation
less than million dollars London SOLD heaV-
fly in this market account Of the Transvaal
excitement to the extent Of about 10000 snares
and no gold movement from that quarter seems
likely for the immediate future. The October
coupons Of United States 4 per cent bonus OF
1907 were payable to-day at the sub-treasury,
and slight relief was afforded to the
money market by that means No reliable esti-
mate is possible of the extent to which loans
were lqudated to-day, but that repayments II
the banks we're very heavy is the testimony OF
MI au.hCritles on the subject
Bonds were weak in sympathy with stocks,
and liquidation of the speculative issues wers
on a large scale Total sales, par value,
S2277,GCG.
United States Is and the old As coupon nj
vanced " bur old as registered lost Il in The
bid price.