The San Francisco call., 1899-09-17
EASTERN MARKETS.
Ne1u York Stock Market.

NEW YORK, Sept. 15.-The appearance Of
fhe bank statement enfectually dispersed all the
ercc1Irsstng Illustrations that speculative hold
srz Of securities have been indulging for several
days uast and threw the market into demoral-
Latch. Prices were offered down by punges
sId Zter-v heavy blocks were uquidated apparl
emily for what they would bring. The local
traction stocks were a special mark, seemingly
on the theory that they had not responded
sit Metropolitan slumped extreme 14lA
points and Manhattan s. Brooklyn Transit it
Eevere pressure and held firmly at SIS or above
through most Of the storm in the late mar
+aclzed PEOPLES Gas dropped nearly 4 Rock
Island 21t and Federal Steel ~. Sugar fell
an extreme AS and Tobacco 3@4. Losses else
Trbe-e n the specialties extended between 2
and 3 points in numerous cases. St Paul suf
fered from continued !lqui3Iati3n I even before
the late break, and after the bank statement
appeared 1t dropped an extreme ~ TO 12S
Many railroad stocks fell point or over The
violent declines invited the taking OF some
quick profits by the bears, which caused fever
ish rallies In Metropolitan the rally reached
over points. But the tone OF tne speculation
at the closing was completely denoralized. and
prices in many cases We're still being offered
down rapidly in the frantic enorts OF holders
Tor the week were over 81, ,0OO, 900 less than had
been foreshadowed by the known movements,
but on the other hand a contraction in loans
had been expected 10 reach high SIS. .000,-
40 according 10 some estimates. AS the re-
turns showed a reduction Of only s7,S45,4 400 IN
loans the net result brought the surplus re-
e-l---es down TO about a quarter of a million
on margin and with borrowed money have been
forced TO sale in large volume during the week.
with resulting raids on the market prices
reaching a considerable figure in some cases.
Last Saturdays bank statement showing re-
serves Of a number Of the clearing house In
Etttutions already below their legal limit, MADE
II certain that there would be loan contraction
and the bears were eager to anticipate the
eelliug which was in prospect Rates ior call
loans were marked up on MONDAY and tues
dey by reason Of the eager DiddlnS OF the
yrq7lId he borrowers who were seeking 10 shit
loans which had been called. The volume OF
liquidation indicated clearly enough that many
The higher level The bears sold so indus
triously that their endeavor TO cover snort con-
tracts worked a sharp rally on Wednesday,
when the banks ces Ssd 10 call in Ioans ana the
pressure OK forced liquidation was relaxed
But when the demand from the shorts was
satisfied the market fell back again. Inc re
dictionary tendency was eTilpLasIZeu ~ S rttS ~
fusal OF the st. Paul directors TO eHtehd the
disbursements OF the larger surplus earnings
OF the year beyond the regular DIVIDEND rate.
The decision was calculated to have the more
have been lifted on speculative DuylnB paseu
on ..xpectation OF increased DIVIDENDS. rev
Of these stocks show as large a surplus
Of current earnings as st. Paul, ana many arc
IN EAR more urgent need Of expenditures on
structure and equipment in order 10 increase
the operating efficiency. The annual report
Of nearly every important railroad that comes
to hand contains the same story OF diminish
ing rates FOR transportation.
Tou-ufe revenue was never 50 low before
and is stiIl declining, and the Iurtner feuuSs
rf94ls ia ton-r1ile cost Of operation thus made
necessary is only 10 be achieved by enormous
OUTLAWS Of capital FOR improving roadbeds ana
track equipment and structures, putting down
OF grades 50 TO make possible the carrying
~ heavier trainlOads The relaxation Oh the
money stringency after the banks had reduced
their Liabilities on account OF loans led 70 an
oTfirnfstie rnidWeek view Of the money OUTLOOK
which however, not long maintained
Somewhat exaggerated effect was produced on