The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-12
Continued Demand at New York
From Interior For Money.
WERE FLOODS OF OFFERS
TRADING BECAME DULL, DE-
MAND BEING AT MINIMUM.
Standard Stocks Thrown Upon the
Market By Call of Loans-Large
Losses In Changers and Trunk
Lines-Possible Measures Of Re
lief For the Money Market.

New York Sept 11.-Forced liquidation
was in evidence, all day GA the stock ex-
change. as the consequence of the efforts
OF the banks to reduce their deposit la
biiities by reduction of loans. Satur-
days hank ststehaent revealed the fact
that the surplus reserves were approach
ing exhaustion with the prospect of in
roads being made upon the legal reserve,
having PREPARED the speculative pubhc los
some such development Ihe continued
demaud from interior sources for money
and payments for taxes in the sub-reas-
ury today confirmed the expectation; Inc
market went down under successive IIoeus
of offers. At various times during the day
the pressure Of selling seemed to have eX-
hausted itself. The rally in prices al Such
times was feeble and the trading became
very dull, the demand being al mlni-
mum
:he standard stocks suffered in an equal
degree with the more speculative lndus-
trials This feature was doubtless due IN
some part 20 the recent Discrimination on
the part of the money lenders TO accept
the industrials as collateral for loans. ~
was, therefore, the standard stocks Whicn
were thrown upon the market by the cali
OF loans. Aside from a few OF the iron
and steel stocks which have been under
manipulation for Q rise. the largest losses
of the day are in such stocks as the
grangers and trunk lines. There were
few spots in the railroads that were rela-
lively firm. notably Louisville, Southerh
l.
cific The hears seized the opportunity OF
the prevailing depression To put out eN-
tensive short lines. Brooklyn RAPID IRAN
sit was a notable sufferer. and was rtlueu
down TO within 4 Of the recent low level
and within 3 OF par. The stock CLOSED
only fraction above the lowest Metro
politan Street Railway was also aeutely
affected and lost Az on the day. Tennessee
Coal and Colorado Fuel rose in the carry
dealings, but fell 2 points below SATURDAY
level before the close. Sugar was 9hly
fnn ifa.ffa
Republic Steel both common ana pre-
ferred Tin Plate 1referred, Gonllnenlal
Tobacco. Pullman. National Steel NAH
haitian and Peoples Gas We're especially
The net losses on most of the active
railroad stocks range between ana :
points The quotations for ordered lois
ranged above a full lot quotation IN most
cases indicating the. presence OF bargain
hunters during the decline. The market
totally ignored the tendency to recovery
on foreign stock markets. although Lon
don bought some %. 900 shares IN the early
dealings Call loans We're made al 9t2 per
cent soon after the opening, out -qulchds
rose to and then ana even per Sent,
dropping to per cent after the day ;
needs had been practically all met. Posi-
BILE measures Of relief for the money mar
llet were the subject of discussion IN al
circles The leaving on deposit OF pay
ments for taxes is considered the- most
available relief and the presence in Wash
fngton of an influential financla ieaust
was generally believed to be with the Cd
iect of urging such a measure
TIE present high price of government
bonds. which must be deposited with the
treasury by the banks as security LOT gov
ernment funds left on deposit with theIn,
Is i nossible drawback to this plan, lhough
81 is asserted that the banks will be able
20 borrow government bonds to use Tor
.his purpose The sterling eXchange IA es
failed 10 Weld. in spite OF the tlghthess o.
money and buying for London account
but exchange on Paris did fall a traction,
Bonds weakened m, sympathy VIII
stocks. but the selling pressure was not
severe Total sales Cpar valued. SZ.ZSS,VVV.
United States bonds were unchanged IN
hid nnnf Z lions.