The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-09-19
CONTRACTION OF LOANS HAD Ell
Feet UPON THE DEALINGS
IN SECURITIES
SOME LOSSES WE'RE SERIOUS
Hfgh-CIass Industrial SpecfaIties
Suffered the Most in That Direc-
tion-Very VtoleHse, of the Move
ment of the Day Caused Some
Rally Toward the CIOse-BOnds
Weak in Sympathy With Stocks.


NEW YORK, Sept. 1S.-There was a
further drastic liquidation Of speculative
accounts on the stock exchange in re-
spouse to the continued contraction of
credits by the banks who entered upon a
struggle to maintain their reserves with
In the legal requirements Since Friday
more than enough has gone from the
banks to the sub7treasury and the in
terror to wipe out the insignificant sur
Plus shown by Saturdays bank state
ment. As only half hour was afforded
after the appearance of the statement on
Saturday for the liquidation of accounts
very large volume of selling orders
from all quarters had accumulated in
brokers hands when the market opened
today. Prices took a downward plunge
on opening transactions throughout the
list. Professional traders were very bold
on the bear side, and helped on the de-
cline by large sales for short account.
The high-class Industrial specialties
showed the most serious losses, the open
ing sales showing anywhere from to
points clipped from Saturdays last
prices for pretty much all of the active
1ndustrfals. The New York municipal
stccks,- Sugar, Tobacco, the Iron and
Steel stocks and the so-called Flower
STOCKS as group lead in the decline.
Rock Island, as a member of the latter
group, fell 81. Declines in the railroads
otherwise were not as violent as in spe-
c1alties, bat extended very generally be-
tween and points. The selling was in
thousand-share lots and upwards in prac-
t1caliy all stocks dealt in the first few
minutes. The bears were somewhat dazed
by their own success and almost i'm
med1ately proceeded to take quick profits
Dy buying to cover shorts. Rallies of 2
to points resulted in many stocks. But
before noon the pressure was renewed
when deluge of Brooklyn Rapid Tran
sit was poured upon the market. The
traction and gas stocks moved in close
sympathy. Brooklyn Transit dropped an
extreme "a, Metropolitan, 81; Consoli-
dated Gas, Z; Manhattan, 81; Third Ave
nue., AS, and Brooklyn Union Gas, 6. The
lowest prices of the day were touched on
this movement, st. Paul extending it's
loss to 2a.
The very violence of the movement eff
fected some rally, and soon the market
turned upward. The relaxation of pres
sure to dQuidate warned the bears that
the.t had oversold the market, and the
buying demand became rather urgent
Prices from the specialties recovered from
2 to over points. The absorption Of
railroad stocks became quite conspicuous,
New York Central, especially, moving up
IS from the lowest, and many other rally
Ing from l to points. Slight gains over
saturdays prices were recorded for New
York Central, Atchison. preferred, Bur-
lington, Union Pacific preferred, Reading
first preferred, Northwestern and Lacka-
wanna. Best prices were not maintained
and the market closed. easy
The late rally in prices was assisted
by an easing Of the rate for call money
to per cent. After ruling. at 10 per cent,
a sharp drop of per cent marked the
marking down of posted rates &C. which
had an influence in relieving the strain
on the stock exchange Rumors were cir
culated of a Conference of bankers to
take measures looking to the relief of
the money market by an increase of cir
cuiation, but these were denied, and bank
ers seemed free from anxiety over the
outlook. Only one bank took out adj
dftional circulation, according to reports
from Washington, and that to the ex-
tent Of only about 100000. Since the
first of the month the New York banks
have increased their circulation less than
$l,00O,0OO London sold heavily in this
market, on account of the Trans
vaal crisis to the extent of about 10000
shares, and no gold movement from that
quarter seems likely in the immediate
future. The October coupon Of the United
States per cent bonds of 1907 were pay
able today at the subtreasury, and some
slight relief was afforded to the money
market by that means. No reliable esti-
mate is possible to the extent to which
loans were liquidated today but that re-
payments to the banks were very heavy is
the testimony of all authorities on the
subjects.
Bonds were weak in sympathy with
stocks, and liquidation Of the speculative
issues were on a large scale Total sales.
11rIn
old As coupon advanced 4, but old As reg
istered lost * In the bid price
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
Co., members of the New York stock ex-
change, Pioneer Press building, who have
direct wires to Chicago and New York
Closing prices are bid: