The times. [volume] (Richmond, Va.) 1890-1903, 1902-09-24
LIQUIDATION IN
STOCK MARKET
Closing Furiously Active With a
Rapid Downward Course.
HARD TO BORROW MONEY
Jump in Prices of Wheat and Coitor
Has Checked the Export Buying.
Private Discount in London Rose
Above Bank Rate Yesterday.
Ry Associated Press

NEW YORK, Sept. 23.-The stock mar
ket was subjected TO drastic liquidation
to-day and spectators OF all classes from
the smallest TO the greatest threw over
their holdings with increasing signs of
disorder, There We're q. few pauscs in
the activity Of the selling. but when
stocks in the fear that they were over
extending their short account 1t proved
so easy 10 get stocks that the offering
down of prices was constantly renewed
with a constant uncovering of fresh stop
loss orders. which turnbied stocks upon
The market in heavy volumes. The clos
ing was furiousiy active and with prices
stu pursuing a rapidly downward course.
The growing difficulty Of borrowing
money TO carry speculative holdings OF
stocks on margin was the root of the
crate calling of loans by the banks, In
stead of relieving the trouble. seemed
to aggravate 1t. The disturbance of the
money market was due in some part to
which were through new and unaccuS-
TONED channels. Thus the high rate for
money resultin Efrom yesterdays loan
contraction, offered an inviting oppor-
unity for all who had available deposits
in the banks TO draw out their deposits
and replace them on loan in the stock
market The deposits Withdrawn from
the banks TO be loaned had to be re-
placed by heavy calling Of loans put out
by the banks. This shifting process was
largely responsible for the continual fur
street was decidedly upset by the convic-
ton that no relief is Immediately avail
able for the stringent condition or the
supply of money.
It was noticeable also that the sterling
exchange rate failed to yield to any ma
terial extent. The Jump in the prices, OF
wheat and cotton has checked the export
buying and the making of exchange. Pr!-
waite discount in London rose above the
bank rate to-day, and it is generally ex-
Pected that the bank rate will be adj
vanced to per cent. on Thursday, and
such other obstacles interposed to the
movement of gold 10 New York are
exacted by brokers for time loans are
growing, and there are complaints OF
scarcity in other departments Of the
money market, owing to the Withdrawals
10 take advantage of the high ruling rate
for call loans. The considerable shrink
age to-day in the prices of securities in
,voived calls for additional collateral on
loans. which was further factor in the
pressure in the money market The con-
iidence IN values which has been so per-
sfstently maintained received a decided
of circumstances. AT least one powerful
speculative combination liguidnted ac-
counts to the extent of 5000 and 100000
shares of various stocks most largely
OF Missouri Pacific. One of the impor-
tant mainstays of the recent market was
thus withdrawn. An opening life of
points IN St Paul was the only. impor-
tant attempt to contest the declining ten
dency from the start. Last prices show
that the important stocks are from to
points lower than then We're last night
Bonds were. active and weak Total
sales, par value, s5.5s5,e0. United States
%. coupon. and the SIS advanced 4 per
cent, and the rs. registered. declined y
per cent the last call.
The total sales of stocks for the day
were l.0S2,500 shares
MONEY AND EXCHANGE Money on
cali strong at 6a19 per cent: closed Of
fered at per cent: prime mercantile
paper. per cent Sterling exchange
1rather heavy, with actual business in
bankers bills at $3.50 for demand and
at s4S25oGi. S2.s5 for sixty DAYS bills:
posted rates, $4.sS1zd4S4 and 1885,; com
nrecial bills. $4.S2Gp4.S2S. Bar silver. sig;
Mexican dollars. 4012. Government bonds
ii'resllar; State bonds inactive; railroad