The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-09-13

NEW YORK, Sept. 12-Values of secu-
rites have suffered today from further
drastic liquidation of speculative ac-
counts, induced by the contraction OF
leans by the banks for the purpose Of re-
pienishing their depleted reserves Some
sentimental effect was produced by the
sudden death of Cornelius Vanderbilt.
Rut this even, though sudden, was not
wholly unexpected, and those properties
with which the name is most closely as
sociated gave evidence of support. Late
in the day. after loans had either been
readjusted or paid off, there we're some
notable recoveries IN prices, not a lew
Of the railroad stocks rising above yes
terday's level. In the final hour there
was a rather urgent demand from the
shorts to cover, which helped the rally
Some stocks gave the appearance, also,
OF a demand from bargain hunters. All
grades of stock 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 industrials, as evidenced
by the weakness of the Changers and a
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
transaction. The most strenuous efforts
at support failed to hold this stock and
it fell to 5. The Flower group showed
keen sympathy with the weakness in this
stock Peoples Gas, Federal Steel and
International Paper dropped from to 8
points below last nights level and Rock
+ nd IN he of no
Tennessee Coal opened off 91a points and
1uctuated very feverishly over a range
of points. Colorado Fuel moved in SYM
pathy, 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 ac-
tive stocks to show notable losses were
Chicago q Eastern Illinois, Consolidated
Gas, Mobile & Ohio, Cleveland, Lorain &
Wheeling preferred, 500, Omaha and
Lackawanna in which the declines rang
ed from to 51a. Manhattan was weak at
one time, but rallied strongly on the dec
laration of the regular quarterly divi-
dend of l per cent
The newly listed milling stocks gained
~ and respectively.
Railroads in the Southern group, the
Pacifics and Atchison preferred, showed q
better resistance to the weakness than
the general list, and in some cases estab-
lished 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 loans, after rising to 9 per cent,
fell again to 6, but this was only after
the days demand had been satisfied. Re
ports from Washington indicated that the
treasury department was indisposed to
offer measures of relief so long as liqui-
dation was not forced beyond purely spec
ulative limits. The foreign exchange rates
in London, Berlin and Paris all yielded
fraction today, but discounts at these
centers did not respond with an advance
as they would almost certainly do If a
movement of gold to New York were i'm
pending. New York banks generally
marked up the time loan rate today ia G
per cent though the demand in that de-
partment is not heavy.
Bonds were weak, in sympathy with
stocks, and there was considerable liqui-
dalton manifest in the speculative issues
Total sales, par value, $1,915,00O. United
States old As, coupon, declined 4 in the
bid price.