The sun. [volume] (New York [N.Y.]) 1833-1916, 1900-09-23
FINANCIAL AND COMMERCIAL.
SATURDAY, Sept q

SATURDAY, sept ~
The stock market was weak from the be-
ginning to-day, and the appearance" OF mo
hank abatement vas followed by heavy sales
and an abrupt fall in prioes. There was n
slight recovery AT the close In some stocks
from pront-taklng on shorts. The bcarish
temner of the professional sreCulatiye element
was intensified by the anticiration OF "A con-
tlnued large outflow of cash from this centre
Apprehension Was excited that n CONTRACTION
in loans would enaIe, together with discrimina-
ton in collateral. II was this, rather than the
prosrect Of higher rates Tor money. that in
ducnd selling ~ stock~.
In The matter Of the decrease In cash the
bonk statement about colncided with prelimi-
npry estin ates. In most other respects me
statement WIS., at variance with calculations.
Tho loss Of So 752, 200 H. cnsh wss brought about
entirely b, transfers Of funds to the West and
South. Moreover, II did rot fully represent mo
extent OF the transfers. for the banks gained
In the week from the Sub.Treasury on tearing
House balances. 4 decrease OF W,'7S,AVn IN
deposits was accomplished by the decrease In
cash md a decrease u e., fsn.GnO In loans. The
surplus reserve was decreased t.2s3'S5o 70
siGbb2.s25 The surplus a year ago was w.
sC3, 7Oo. but II was brought up to that amount
In n week from s27S. 80 by calling loans. II
would appear that loans were called this week
mere ~ no INV way "
decrease In this item except In part by the
uouldaton 81 the loans of a failed stock brokers
Arm. Surprise was manifested that there was
no reHection Of the German and Swedish loans
In the hank statement The promise had been
made that the loans would be handled without
disturbance to the money market. but II had
not been supposed that they would not n41lre
more or less conspiciously In the operations
Of the hanks
Considerably more railroads are reporting
gains than losses In earnings, but the roads
reporting losses have latterly been Increasing
IN number. and likewise in the case Of the roads
reporting gains the ratio Of the gains has been
decreasing This Ia something. however, that
It not unnatural Comparisons are now made
with a period Of phenomenal earnings As
a fact. II Il enough TO excite wonder that there
should be any gains at all In earnings over
last year The question Is obtruded as TO
whether a permanent decline In earnings has
set In. Railroad managers do not seem to
think so. They have the notion, which is a
reasona BILE one. that the Presidential campaign
has unsettled general business temporarily,
but that normal conditions will resume after
the election In other words. they think that
trafno is merely deferred. and that when re-
stralning influences are removed. the volume
Of freight and ravel will be heavier than ever.
Railroads uaverslnR regions In which there
have been crop shortaRes. will, of course. sustain
some deficiency in traflc which cannot be re-
covered later. but the difference may be made
up, and more, too. by the natural growth In
miscellaneous tonnage. The great grain carry
ing roads find themselves each year less de-
pendent on this particular traf1c, as is shown
IN the annual reports Of those roads which
furnish olassihcations OF their business. The
development of the manufacturing Interests
- Al. ,.,nt-, L.. kalI,yaJ D., afnrd acrtranCo |
OF sustained prosperity for the railroads. The
iron and steel industry. for instance. is more
likely TO expand than TO contract. There is a
constantly charging use for these materials, |
and, furthermore. a foreign trade of immense
proportions may be built up In them. There
has recently been a slack period in iron and
steel, but a reimbursement of conditions and
prices has been effected, and the output bids
fair before long To be again unrestricted. There
has been overstooking in several lines Of mer- |
c~handise, but this Is a passing matter. Con
sumption Is undiminished.
In the trading on the Stock Exchange the
attack on Peoples Gas was especially severe. |
and heavy fall in the price was the conse-
auenoe. Many orders for the sale Of the stock
came from Chicago. Strong efforts also We're
directed against Sugar Refining. The purpose
was said To be to disrupt a large pool In the
stock that has been in existence for several
weeks. There was a sharp drop In Tennessee
Coal and Iron. which was accompanied by q
rumor that dividends on the stock might be sus-
pended. The other steel and iron stocks re-
oeded. but the only ones at all prom
incnt In the dealings we're American
Steel and Wire and Federal Steel. The
transactions In Brooklyn Rapid Transit we're
moderate for this stock, and the outcome was
a lower price. Manhattan RAILWAY and Metro
poltan Street RailWa y yielded readily when
pressure was applied 10 them. The conces-
sions In the railroad shares were In the main
fractional. The active issues were Union
Pacific. Southern Pacific, Northern Pacific.
Missouri Pacific, Atchison. Burlington and
Quincy, st. Paul. Rock Island, Louisville and
Nashville, Baltimore and Ohio and Pennsvl- |
vania Readlng ttr1t preferred receded on the
company. The other anthracite stocks were
quiet.
Saturday, the entire lat Is lower. The more
IMPORTANT not declines are In Tennessee Coal
and Iron II. per cent. Consolidated Gas 81, |
So, American Tobacoo a., Metropolitan street
Railway 3, Baltimore and Ohio ~, Manhattan |
Railway. Pennsylvania Railroad and Read
Refining, Brooklyn Rapid Transit and Fed
eral Steel preferred IA each, Federal steel
AZ each. Louisville and nashville 2l.. AMER
f fape s' and S SSy YY95rFEk ttesGGttrraaif : ca iR,' 2@TtS6ra
and linton Pacific preferred u, each, Atchi-
s s%G RsE 6nt5crd Rail Rail wR BgT'i ngsle2ro9 and so &g5ingg
and United States Leather u. each, ST. Paul
Is, Texas Pacific !. and Atchison =, per cen.
New york stock EIchanze-saIcs Sept. n
UNITED STATES AND STATE BONDS TN ,IoOOs).
Tenn Set Recommendations. OAK