The times. [volume] (Richmond, Va.) 1890-1903, 1899-09-19
ANOTHER SHARP
BREAK IN STOCK.
Contraction of Bank Credits Causes
Heavy Liquidation.
BEARS WERE DAZED BY SUCCESS
And Proceeded 60 Take Quicks Profits
Causing Slight Rally, Which,
However, Was Of Quite
short Duration
BEARS WERE DAZEO BY SUCCESS

NEW YORK. Sept. 1s-There was
further drastic liquidation OF s-tcaiau.1
accounts on the stock ENchanGe in ~
Spouse 20 the continued CONTRACTION OK
credits bv the banks. VINO entered upon a
struggle 10 maintain their reserves "ltAtl
the legal limit Since Friday more Nldil
10 me eub-1re4surv and the Interior 10
wipe out the Insignificant surplus SHOWN
by Saturday bank statement. AS Only
half hour was AFFORDED aIlti thc appear
ance OF The statement ON saturday lot lhc
liquidation of accounts, very large
voluo Of selling orders from an quarters
had accumulated in brokers hands when
the market opened to-day Prices took
"a downward plunge on opening tranaac-
lions throughout the list
The profess IOnal traders were very bold
on the bear side. and helped on the decline
b. large sales for snort account Inc
highly speculative industrial spec.aues
showed the most serious losses. The OPEN
ing sales showing anywhere from TWO 70
over nvc points clipped from saturday
last prices Tor pretty much all of the acc
tive indusrials. The New York munic.pal
stocks and tho sO-cailcd Flower stocks
CAS- a group. led I'm the decline. ROCK
Island. AS member of the latter group
fen 3i. Declines in the railroads other
wise were not as violent ass IN the spe-
cialtcs. but extended very generally bee
tween one and two points. The bears
were somewhat dazea bY their own sue
cess. and almost Immediately proceeded
20 take quick profits by buying 90 cover
shorts. Rallies OF 10 3 points resulted
in many stocks. But before noon pressure
was renewed when deiuge OF Brooklyn
Rapid Transit was poured on the market
The New York traction and Eas stocks
moved in close sympathy. brookllh
Rapid Transit dropped an extreme "a.
Metropolitan 90, Consolidated Gas q
Manhattan 3i Ihird-ANcnue as. ana
d. rnf..
OF the day generally were touched ON THIS
movement. ST. Paul extending JUS loss TO
-. Tho very violence of the movement
invited some recovery. ana soon AFTER /
o'clock prices generally had turned up-
ward. Prices Of the speca.tes recoered
from two TO four points. The absorption
of railroad stocks became quite conspicu-
GUS New York Central especially moving
mp 5is from the lowest, ana many others
rallyDg from 1 to points. Best prices
were not maintained. and the market
closed easy.
am easing of the rate for call money 20
per cent. after ruling at 10 per cent a
sharp drop of p per cent in the actual
rates for demand sterling and cable trans
fer. and the marking down or posted
rates &c. also had am influence i'm reliev-
ing the strain on the stock market The
october coupons of United States 4 per
cent. bonds Of 1901 were payable to-day
at the sub-Treasury and some slight re-
by that means. No reliable estimate ls
possible Of the extent 90 which loans We're
lQuldated to-day. but that reu1Nmcuts
10 the banks were very heavy is the tesu-
mony Of all authorities ON the subject
Bonds were weak In sympathy with !
stocks. and liquidation or the speculative
issues were on a large scale. Total sales. |
par value. $2211,OoO United states rs
and old AS coupon advanced D, but old |
as registered lost ls i'm the bid price
The total sales of stocks were lV3jHO !
shares, including AtchisOn, G.Jp0. do. pre- |
ferred, $3.50. Chicago Great western |
1910; Burlington. 2f1Jo; Rock Island /
"a. SO: Louisville and Nashville. 1920, !
Missouri Pacific ITO; Missouri Kansas |
and Texas preferred. 100: New York /
Central, 1880. Norfolk and Western /
b 90. Northern Pacific. 1860: Ontario !
Reading first preferred. 1850; ST. Louis 4
and Southwestern preferred. $3.50. ST. /
Paul. J9G2J: Southern Pacific 2915O. /
Southern railway preferred, 944f. Union
Pacific 2232o: do. preferred. l04No; amer
lean Tobacco. $1,000, Anaconda Mining |
Company. G15O. Brooklyn Transit l9G1Il;
colorado Fuel 2O12D. Continental To-
lacco. 1880. Federal Steel. 4oNI5. DO. |
preferred, 1860, sugar 3llt0. National |
steel. GOO. Tennessee Coal 1850. United
MONEY AND EXCIIANGE.-Money on
'all firm al J01O per cent, last loan 40 5
per cent; ruling rate. z per cent; prime
ng exchange weak with actual business
p bankers bills at $iN5is0i. sl3s for de-
nlnd and at SlS2ni e2ls for sixty DAYS,
posted rates SiS@ai So and 81 10 .-NfeH
numerical bills SlS1i2oIe2. silver GER
ihcatos 590594. bar silver oe'i. Next
AN dollars 44l.. Government bonds irIes-
ilar State bonds steady, railroad bonds
weak.