The times., 1899-07-11
STOCKS Slide BACKWARD
A General Selling Movement Causes
Some Severe Declines. aA
Saturdays Closing Prices Cut All
Along the Line-Alurm Over the
in the West and Weakness in the
London Market Aid Restiessness.

New York, July 1O.-The days money
market reflected the condition of the asso-
ciated banks as it was disclosed in the
figures of Saturdays bank statement. AT
the same time there are reasons for sus-
pecting that the actual condition of the
banks is stronger than it appeared in the
statement of average balances then pub
lished. At all events several banks which,
according to Saturdays. showing. were
| either below or barely even with the law
full requirements, were able today TO re-
port cash balances well above the 70 per
cent limit. Were there no prospect that
the banks would better their position as
set forth on Saturday, thSTe might be
| cause for genuine concern, but there seems
to be little doubt that the rates for money
obtaining in the New York market will
soon ..slract Tie funus OF TIE well-forti-
fed banks in the interior. Sterling ex-
change also weakened today though ii is
hardly likely that there will be any relief
to the local money market from that quar-
ter for sixty days yet. There was little
reflection in the time money market of
the furry In the rates for call loans and
accommodations for all periods could
easily be obtained at 4 per cent 1t was
difficult to ascertain today the actual
source of the Unexpectedly large decrease
in cash shown in Saturdays bank state
ment
The apprehensions excited by the bank
statement were the main cause of a gen.
eral selling movement in the market un-
der which some severe declines took place.
In addition to the disquietude on this ac-
count there were other influences operat-
ing in the same direction. Among them
were reports of further excessive rain
fall in the Northwest and the pronounced
weakness in the London market. The de-
. clines in the American quarter attained
substantial proportions and the uneasiness
in London in regard to the situation in
South Africa was reflected in further
decline of 5-16 in English consols. These
circumstances were reflected in exception
ally heavy sales of stocks here by the for
egn arbitrage houses, upward OF 10000
shares being disposed Of in the forenoon
dealings. The local trading showed mod
crate liquidation and an aggressive short
selling throughout the market. Some OF
the earlier severe declines were precipi-
tated by the execution of the familiar stop
loss orders, but at no time were there ap-
pearances of anything approaching demor-
allzatlon. 1t was not until the last hour
of business that the pressure upon the mar
ket from the various quarters moderated
and even the rallies that ensued were
rather feeble. The most effective pressure
appeared in the local transportation shares,
where the declines were severe, but other
wise the market disclosed few features OF
interest and the variations on the list were
only in respect of activity and extent OF
decline. The particular weakness of the
local stocks was attended by further ru-
mors of labor troubles, and the disturbing
crop advices were referred to in connection
with the declines in the granger shares.
Otherwise there was nothing bearing on
the course of particular stocks.