The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-09-16
BROOKLYN TRANSIT LOST.
Dealings I'm This stock Enormous
After the Decline

After the Decline.
New York Sept. 15.-There was a pres
sure 10 sell Brooklyn Transit and ST. Paul
from the outset to-day. Brooklyn Transit
occupied the center of the stage all day.
Dealings in this stock were on an enor-
smous scale, and the amount thrown over
board on the decline made the fact OF In
side liquidation obvious. The bears, OF
course, were also very active in this
stock, ana the occasional covering by this
element afforded the only effective checks
tc the downward punges of the stock.
There seemed to be no support accorded
at all until II had touched 30. From that
stage there were occasional checks and
rallies before II touched the extreme low
point OF S61s. After final rally TO 49, 1t
closed again under pressure at a net loss
OF 81.
The other members of the Flower group
did NOT develop any keen sympathy until
late In the day, when Peoples Gas Fed
oral Steel and Rock Island were down
from ~ TO points. The stocks rallied
somewhat before The close. Holders of
ST. Paul disappointed over yesterdays
dividend action, broke the price a point
az the opening.
There was a subsequent recovery of
practically all the loss and the whole rail-
road list moved up nearly TO last nights
level in a manner 10 suggest the inaugural
ton OF an influential buying movement
The appearance of strength was increased
by a brisk demand for the Coalers. which
rose from / to 3l5. The upward movement
came to an abrupt end before noon, when
Brooklyn Transit, Sugar Peoples Gas and
the Western railroad shares generally, led
by ST. Paul, fell away by rapid stages.
81. Paul dropped to 1914 and ruled below
1870 for the rest of the day. Except IN a
few isolated cases there was no subse-
quent demonstration of strength. The
closing was feverlsh and irregular at net
losses throughout, extending to over l
point IN the Changers and some other
railroads.
The depression on foreign stock markets
had some effect here on the drop to the
low point in 81. Paul. coming close upon
the announcement of the afternoon weak
ness i'm British consols.
The apprehension of an unfavorab,e
bank statement tomorrow had its effect
IN the late break Preliminary estimates
indicate that the banks have lost during
the week by shipments 10 the interior
and by sub-treasury operations over
SS,000000 Without taking account Of the
reduction of deposit liability by reason of
the weeks loan contraction, this would
iriicate a fall in bank reserves to level
about SO, 100000 below the legal limit, so
ceeded to the extent of at least S14,0000o0
In order that the legal reserve should be
preserved intact and loans must have been
reduced % much as s24,00O,0Q0 in order to
prevent a decrease from last weeks small
surplus reserve Of less than S2,500000. The
quiet tone OF the money market during the
latter part of the week indicates pretty
clearly that the banks are Within their
legal reserve limit Whether this IL due
to the fact that loans have been reduced
as much as above indicated, or whether
there has been a supply of cash from hid
den sources and not reflected in the known
movement will be revealed by to-morrow's
statement. Foreign houses have loaned
money during the week, which was pre-
sumably borrowed IN London for that pur-
pose. This operation may have gone fur
Their than has been suspected.
The bond market moved in sympathy
with stocks, but changes, as a rule were
not large. The total sales, par value,
81, $4,000. United States new As, coupon,
and the IS advanced V In the bid price.
The total sales of stocks were 7OS5q0
shares including Chicago. Burlington and
Quincy p, 45i; Rock Island, l2.575; Louis
willie and Nashville $3.50; Manhattan, 80
$50; Missouri Pacific $3.50; Northern Pa
cihc, $500; Reading, first preferred, 1900;
81. Paul, $780, Southern Pacific, 13,120;
Union Pacific preferred 5.200 American
Tobacco. 2O120; Brooklyn Rapid Transit,
go, ISL; Colorado Fuel and Iron, 1870; Peo-
pies Gas, 232s0; Sugar, 2S,6 Tennessee
Coal and Iron, SO55; United States Leath-
err, 1860; United States Leather preferred,
ex-dlv., 1900.
New York Stock List
Afohf1cu 0OIhfT q DaedC 1917