The times. [volume] (Richmond, Va.) 1890-1903, 1899-09-26
STOCK MARKET
CONTINUES WEAK
Rally Following the Late Liquidation
Was Short.
PRICES MAY 60 LOWER YET.
Not Thought That the Period or Loan
Contraction il Complctcd-Speciai-
ties Have Suffered Most-Bond
Market.
PRICES MAY GO LOWER YET.

NEW YORK. Sept. 2J.-Students OF
stock market circles have observed ,""
u violent movement in either olieclDn
ls certain To oNerrun Itself mus 'M-
forced liquidation OF The last Ic" WeoA9
has invited "a horde OF bear
when the LIQUIDATION bad spent IT'S ioIto
the short contracts OF the pcai7 W.
uncovered. and the demand from tnl9
SOURCE worked up "a sharp RAINY IN ga"
normal course OF things "a period OF uuI-
moss VAS thcn due. and 10 arrived on time
to-day. WITH money SIM tlghli 10 rev
speculative demand is 10 DE expected
immediately. ON the other speculative
accounts on the long side nave beeh pref
IN well shaken out, aud the pears are
rather chary Of making Yenturesone IN
cursions into grounds that do not promise
large returns. But ~stagnation OF demand
means declining prices, though me pro-
gress may be slow. inc CONVECTION ~
NOT strong that the process OF loan con-
traction Isl completely entirely. A study
OF The detailed statement OF the clear
inr-house banks reveals the iact l.st
tho surplus les made up f~m the noiu-
iuqs of a few OF the clearinghouse lnstl-
~tufions. while the ma jority OF them are
SIN below their legal reserves. mere
was q sharp reminder of tn CONDITION
of affairs in the first hour Of the traolns
to-day. when call loans were suddcnly
marked mp to l. per cent. The q~ultK'e7c
with which they rcCedcd, however, 10 %
per cent. again gave the higher rate tne
appearance OF being manipulated. The
rate was down 10 ~ per cent. Garner
T'he FURRY in the last hour caused the
most active selling of stocks OF the DAY.
Those who reason that the point mas
been turned toward easier money COLI
ditlons found little I'm the day s occur
RANGES 20 encourage theln. Ne" LIN
exchange was heavy at practictlly ai! M
portant interior points. n shipments 10
he interior continues. The New YORK
Sub-Trcasury continues 10 auSoIp tuug
from the banks. The large supply on ~"
certincates now available, far from I'M
pr0viug conditions I'm New YORK IatIeI
aperavates them. as Is SIMPLY tacllllates
the movement to the interior. a nIIhei
tone OF sterling exchange pfcctuoeo HoPts
OF an early gold movement discounts IN
Berlin stiMened sharply. ana sterling eh-
change there fell a fraction. discounts
in london responded with a rise or q
fraction. No marked strength was man
fest I'm stocks at any time duIlhg INC
dav IA spite of the bidding mp or brooh-
fvn Rand Transit and Leather preferred.
rrhe srecialties show the sharpest losses,
reaching between . and . points lh II
number OF instances. In the rallroaos lhe
rrqngers were most affected. blu q num-
Der Of other railroad STOCKS are uo"h
as much as a point.
there were a number OF hrm Spots III
the market. Total sales, par value,
sf2A0OJ0 United states seconds declined
a and old IS registered advanced Is III
tho bid price. 40 o,c
Tho total sales Of stocks were 4iSZl6
shares. fncluding AtchlsOn preferred p
7GO: Chicago. Burlington ana Quincy, -
aGo. Rock Island. $3.50; Manhaitan 10
"a. MofroDolitqn Street railway. 1000;
ontario and Western. 1000; Northern P9-
cifc. $3.50. Union Pacific, G'"VJ AmeIl-
ran Steel Hoop. 4.4J9: American Io9a.,
9g Do. Anaconda, CSC, BROOKLYN K4Ild
Transit. 1910; Federal steel 80
sugar. 2255O; Peoples Gas l4"l3 Ith-
nessee coal and Iron. $50; United states
leather. 2sO3j: do. preferred, 23,o3O.
MONEY AND EXCHANGE-Money on
can firm at 5la112 per cent; last loan
at g per cent: prime mercantile paper
-i.0c ner cent. Sterling exchange hrmer'
With actual business I'm bankers bankers
Bins ~ NSJAQtS5ig for demand ana
& ief7L04 81 for sixty days. posted rates
s4e8TigG1s. commercial bills 81 81 ~
,er certificates. 59at. bar silver oo't
NTexfcon dollars. Az. Government bonds
Irregular. state bonds steady. rallio'u
bonds irregular.