The times. [volume] (Washington [D.C.]) 1897-1901, 1900-09-23
FALLING OFF IN PRICES
The Bear Movement in Stocks
Aided by Bank Statement.
The Decline intensified by Anticipa-
From New York--Attnck on Pco-
pIe,s Gas Especially severe-Shnrp
Fail in Steel and Iron shares.

NEW YORK, Sept. 22.-The stock mar
ket was weak from the beginning today
and the appearance of the bank statement
was followed by heavy sales and an abrupt
falling off in prices. There was a slight
recovery at the close in some stocks from
profit-taking on shorts. The bearish tenn
per of the professional speculative element
was intensified by the anticipation of a
continued large outflow of cash from this
centre Apprehension was excited that a
contraction in loans would ensue, together
with discrimination in collateral. 1t was
this rather than prospect of higher rates
for money that induced selling of stocks.
In the matter of the decrease in cash
the bank statement about conceded with
preliminary estimates. In most other re-
spects the statement was at variance with
calculations. The loss of Sc, 752, 200 in cash
was brought about entirely by transfers
of funds to the West and South. Moreover,
it did not fully represent the extent of the
transfers for the banks gained in the
week from the Treasury on clearing
house balances. A decrease of s., $40, 400 in
deposits was accomplished by the decrease
in cash and a decrease of $2,6S9. 60G in
loans. The surplus reserve was decreased
s4,2s3, $50 to S16,552 1926. The surplus a
year ago was 81, 963, ECO, but it was brought
up 10 that amount in a week from s275, $50
by calling loans 1t would appear that
loans were called this week. There is no
other way of accounting for the decrease
in this item, except in part by the liqui-
dalton of the loans of failed stock
brokers firm. Surprise was manifested
that there was no reflection of the German
and Swedish loans in the bank statement.
The promise had been made that the loans
would be handled without disturbance to
the money market, but it had not been
supposed that they would not figure more
or less conspicuously in the operations of
the banks.
In the trading on the stock exchange
the attack on Peoples Gas was especially
severe, and a heavy fall in the price was
the Consequence. Many orders for the sale
of the stock came from Chicago. Strong
efforts were also directed against Sugar
Refining. The purpose was said to be to
disrupt a large pool in the stock that had
been in existence for several weeks.
There was a sharp decrease in Tennessee
Coal and Iron, which was accompanied by
a rumor that dividends on the stock might
be suspended. The other steel and iron
stocks receded, but the only ones at all
prominent in the dealings were American
Steel and Wire and Federal Steel.
The transactions in Brooklyn Rapid
Transit were moderate for this stock and
the outcome was lower price. Manhat-
tan Railway and Metropolitan Street Rail
way yielded when pressure was applied
10 them. The concessions in the railroad
shares were in the main proportional.
The active issues were Union Pa
cifc, Southern Pacific. Northern Pacific.
Atehison, Burlington and Quincy, St. Paul,
Rock Island, Louisville and Nashville,
Baltimore and Ohio. and Pennsylvania.
Reading first preferred receded on the
news of the closing of the mines belong
ing to the company. The other anthracite
stocks were quiet.