Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-09-16
GOVERNMENT DOnuS NTnI.
State bonds inactive.
Railroad bonds weak.


State bonds inactive.
Railroad bonds weak.
Stoeks-There was pressure to sell
Brooklyn Transit and st. Paul from the
outset to-day. Brooklyn Transit occu-
pied the centre of the stage all day.
The dealings in this stock were on ALI
enormous scale and the amount thrown
overheard on the decline made the fact
of inside liquidation obvious. The bears
of course were also very active in this
stock and the occasional covering by
this element afforded the only effective
checkmate the downward plunges OF
the stock. There seemed to be no sup
port accorded at all until it had touched
80. From that stage there were occa-
sional checks and rallies before it
touched the extreme low point at 863s.
After final rally to SO, it closed again
under pressure at net loss of GA.
The other members of the Flower group
did not develop any keen sympathy I'M
til late in the day, when Peoples Gas,
Federal Steel and Rock Island were
down from ~ to 3 points These
stocks rallied somewhat before the
close. Holders of st. Paul, disappoint
ed over yesterdays dividend action
broke the price a point at the opening.
There was a subsequent recovery OF
practically all the loss and the whole
railroad list moved up nearly to last
nights level, in manner to suggest
the Inauguration of an influential buy
ing movement. The appearance OF
strength was increased by a brisk de-
mand for the coalerS which rose from
to 31a. The upward movement came
to an abrupt end before noon, when
Brooklyn Transit, Sugar, Peoples Gas
and the western railroad shares gener-
ally led by st. Paul fell away by rapid
stages. st. Paul dropped to 1291s ana
ruled below 100 for the rest of the lay.
Except in a few isolated cases there
was no subsequent demonstration OF
strength. The closing was feverish and
irregular at net losses throughout ex-
tending to over point in the grangers
and some other railroads. The depres-
sion on the foreign stock market had
some effect here, the drop to the low
point in st. Paul coming close upon the
announcement Of the afternoon weak
ness in British conSols. The apprehen-
sion of an unfayorable bank statement
break.
Preliminary estimates indicate that
the banks have lost during the week
by shipments to The interior and by
sub-treasury operations over IS 900, 000
Without taking account of the reduction
of deposit liability by reason of the
weeks loan contraction this would in
dictate fall in bank reseres to a level
Ill, -
so that the loan contraction must have
proceeded to the extent of at least $14,-
100000 in order that the legal reserve
should be preserved intact, and loans
must have been reduced as much as
S24,000,000 in order to prevent de-
crease from last weeks small surplus
reserve of less than $2,500,000.
The tone of the money market during
the latter part OF the week indicates
pretty clearly that the banks are with
in their legal reserve limit. Whether
this is due to the fact that the loans
have been reduced as much as above
indicated, or whether there has been
a supply of cash from hidden sources
and not reflected in the known move
ment will be revealed by tomorrow S
statement. Foreign houses have lean
ed money during the week which was
presumably borrowed in London for
that purpose. This operation may have
gone further than has been suspected
The bond market moved in sympathy
with stocks, but changes as a rule
were not large. Total sales, par value
S1,495, 900. United States new As cou-
pom and the IS advanced Is in the bid
price.
onfg