The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-09-26
THE MARKETS.
Wnll Street Review.

New York, Sept. 25.-Students of |
stock market cycles have observed that |
q violent movement in either direction |
Is certain to overrun itself. Thus the |
forced liquidation of the last few weeks |
has invited a horde of bear followers.
When the liquidation had spent itself
the short contracts of the bears were
left uncovered and the demand from
that source worked a sharp rally In
the normal course of things a period of
dullness was then due and it arrived
OH time today. With money still right
no new speculative demand is to be
expected Immediately. On the other
hand speculative acts on the long side
have been pretty well shaken out and
the bears are rather chary Of making
ventursome incursions into grounds
that do not promise large returns. But
stagnation OF demand means declining
prices, though the progress may be but
slow. The conviction Is not strong
| that the process of loan contraction is
| completed entirely. A study of the de-
| tailed 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 institution
while the majority of them are still he
low their legal reserves. There was a
| sharp reminder of this condition of af-
| fairs in the last hour of the trading
| today when call loans were suddenly
marked up to 12 per cent. The quick
ness with which they receded, however
to 6 per cent. again gave the higher
rate the appearance of being manipu-
lated. Borrowers sometimes hold off
till late in the day in a hope of get
ting better terms and then find offer
ngs largely curtailed while their ne
cessities ARE still unsatisfed. The rate
was down to 5la 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 been turned toward
easier money conditions found little in
the days occurrences to encourage
them. New York exchange was heavy
at practically all important interior
points and shipments to the interior
continue. The New York sub-treasury
also continues to absorb funds from
the banks. The large supply of gold
certificates now available far from i'm
proving conditions in New York rather
aggravated them, as it simply facili'
tates the movement to the interior. A
frmer tone of sterling exchange pre-
cluded hopes of an early gold move
ment. Discounts in Berlin stiffenet
, sharply and sterling exchange there
fell a fraction. Discounts in LOndor
responded with rise of fraction. NJ
marked strength was manifest il
, stocks at any time during the day il
{ spite of the bidding up of Brooklyn
: Transit and Leather preferred. Tht
specialties show the sharpest' losses
> reaching between and points in
| number of instances. In the railroads
| the Grangers were most affected but {
t number of other railroad stocks ar,
down as much as point
Bonds were not as weak as stocks, a
there We're a number of firm spots il
the market. Total sales, par value
$1,240, 900. United States &c declined 1
; and the old As registered advanced !
Y in the bid price.
QuUtatio furnished by ]. A. RUS
e | SELL & Co., 4l0 and Ali Conneil building