The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-09-12
THE WORLDS MARKETS
Daily Record of Commercial and
Financial TRANSACTIONS.
NEW YORK STOCK REPORT
Digest OF Exchange News-Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review of Trade.

New York, Sept 11.-Forced liquidation
was in evidence all day on the stock ex-
change as the consequence of the efforts
of the banks to reduce their deposit LA
biI.ties by reduction o. loans. Satur-
days bank statement revealed the fact
that the surplus reserves were approach
ing exhaustion, with the prospect of in
roads being made upon the legal reserve,
having prepared the speculative public
for some such development. The con-
tinued demand from interior sources for
money and payments for taxes in the
sub-treasury to-day confirmed the ex-
pectation. The market went down I'M
der successive floods of offers. At various
times during the day the pressure of SELL
ing seemed to have exhausted ITSELF The
rally at such times was feeble and the
trading became very dull. The standard
stocks in an equal degree with the more
speculative industrials. This feature was
doubtless due in some part to the recent
dissemination on the part of the money
lenders to accept the industrials as COL
laterals for loans. 1t was therefore the
standard stocks which were thrown upon
the market by the call of loans. Aside
from a few of the iron and steel stocks
which have been under manipulation for
a RISE the largest losses of the day are in
such stocks as the grangers and the trunk
lines. There were few spots in the rail-
roads that were firm, notably Louisville,
Southern Pacific, Union Pacific and
Northern Pacific.
The bears seized the opportunity of the
prevailing depression to put out extern
sive short lines. Brooklyn Rapid Tran
sit was a notable sufferer and was raid
ed down to within a quarter of the recent
low level and within half a point of par.
The stock closed only a fraction above
the lowest Metropolitan Street Railway
was also acutely affected and lost Az
points on the day. Tennessee Coal and
Colorado Fuel rose in the early dealings,
but fell two points below Saturdays level
before the close. Sugar was only slightly
affected. American Steel q Wire, Repub-
lie Steel, common and preferred, Tin
Plate preferred, Continental Tobacco,
Pullman, National Steel. Manhattan and
Peoples Gas were especially weak Ine
net losses on most of the active railroad
stocks ranged between one and two
points.
The market totally ignored the tenden-
cy to recover on foreign stock markets,
although London bought some 10000
shares in the early dealings.
Call loans were made at 81 per cent.
soon after the opening, but quickly rose to
., then and then per cent, dropping to
per cent. after the days needs had
been practically all met. Possible meas
ures of relief for the money market was
the subject of discussion in all circles. The
leaving on deposit of payments for taxes
is considered the most available relief,
and the presence in Washington of an
influential financial leader, which is gen.
orally believed to be with the object of
urging such a measure.
The present high price of government
bonds, which must be deposited with the
treasury by the banks as security for
government funds left on deposit with
them, is a possible drawback to this
Elan, though it is asserted that the banks
will be able to borrow government bonds
to use for this purpose.
Bonds weakened in sympathy with
stocks but the selling pressure was not
severe. Total sales, 81 $685. 600.
U. S. bonds were unchanged.