The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-16
Heavy Pressure to Sell Brooklyn
Transit and ST. Paul.
DEALINGS ON BIG SCALE
ENORMOUS AMOUNT OF STOCK
THROWN OVERHEARD.
Later In the Day There Was Re-
covery and Railroads Practically
Regained Their Losses-Fear of
an Unfavorable Bank Statement
Today-Money Market Quiet.


New York. Sept. l5.-There was pressure
TO sell Brooklyn Transit and ST Paul from
the outset today. Brooklyn Transit occu-
pied the center of the stage all day. The
dealings ia this stock were on an enor-
nous 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, and occasional covering by this
element afforded the only effective check
TO downward plunges of the stock. There
seemed TO be no support accorded at all
until il had touched 30. From that stage
there were occasional checks and rallies
before il touched the extreme low point at
S6ss. After a final rally TO IS il closed
again under pressure at a net loss OF "a.
the other members Of the Flower
group" did not develop any keen Sympa-
thy until late in the day, when People 5
Gas. Federal Steel and Rock Island were
down from ia 10 points. Those stocks
rallied somewhat before the close. Hold
ers of ST. Paul. disappointed over yester-
day S dividend action. broke the price at
the opening. There was subsequent re-
covery of practically all The loss, and the
whole railroad list moved mp nearly 10
last nights level in manner. TO suggest
the Inauguration of an influential buying
movement. The appearance OF strength
was increased by a brisk demand for the
coaisfs, which rose from l to 31s. The up
ward movement came to an abrupt END
before noon, when Brooklyn Transit,
Sugar ana the western srangers gener-
ally. led by ST. Paul. fell away by RAPID
degrees. St. Paul dropped 10 lZy5s and
ruled below 100 tor the resi- OF the day
Except in a few isolated cases there
was no subsequent demonstration OF
strength. The closing was irregular at net
losses throughout. I he depression on for
eign stock markets had some effect here
the drop TO the low point in st. PAU com
ing close upon the announcement OF the
wea kness in British consols The appre-
hension of an unfavorable bank statement
had its effect in the late break. Prehm-
mary estimates indicate that the BANKS
have lost during the week by shipments
To the interior and by sub-tre3Sury opera
tions over 600. Without taking ac-
count Of the reduction OF deposit laoillties
by reason of the week loan contraction,
this would indicate a fall in bank reserves
10 level of about $3,JO0.1O0 below the
legal limit, so that the loan contraction
must have proceeded TO the extent at least
of $4,000 600 in order that the legal re-
serve should be preserved intact, ana
loans must have been reduced as much as
$24,O00,O00 in order to prevent oeeIedsss
from last weeks small surplus reserve OF
less than s. 500, 600. The quiet tone OF the
money market during the latter part OF
the week indicates clearly that the banks
are within their legal reserve limit
Whether this is due TO the fact that the
loans have been reduced or whether there
has been a supply OF cash from nldceh
sources and not reflected IN the kIl e.
movement win be revealed by tomorrow 5
s-ratement Foreign houses have loaned
money during the week which was pre-
sufnablv borrowed in LONDON for the pur-
pose This operation may have gone 1ur-
Their than has been suspected.
The bond market moved In sympathy
with stocks. but changes as a. rule were
not large Total sales (par valued, 81, 4y5,-
OQ0 United States new IS coupon ana the
IS advanced * in the bid price.
Bond Quotations.
II s. 2s reg. 1902 NJ. K. & 7. eds. Il
Qc rasr 1OSla M Is. d II. As. SotS
II s. Is cou.... .10S1z n. Y. c. lists, 49, LII Y
II s. new As res. $50 n. j. 9. gen 5s. III "
Il S. new As cou. 1S0ls Nor. Pac. lists. 1lS
L. S. old As reg MA Nor. Fac. Ss-.-.. ooss
L. s. old As cOu.ll3 Nor. Fac As; iVSSs
II. s. bs reg HIS NY. C.&S.L. IS. Jos
L. s. IS cou..-.. .1llss n. x W. con as SOB
District 5 65s.ll7 n. x w. gen Is. .lS9
-Atchison gen Is. l029s ore. Nav. ISIS. .llSt2
Atchison adj As. So ore. Nay; as....- iszSs
Canada SO. IDS. .lO9l2 o. ;. l.. os.. -.lZS
q 4. % 4ibs.... g53S O. s. l.. con 5s. .ll3s4
q X o. 5s... 1882 Reading gen AS. Sl%s
X w con 7s.l45 r. 6. W. lsts... 9SA
r. ". deb SIS. .l20 iS.L.&I.M en- 5s .1l5ss
chic Ter 4s... g6 iS.L.&S. F. gn s.l24l5
D. x r. q. 1sts-106la ST. Paul consols- IssFe
u * r.. q. As. $3.50 St.P.C.&P. lsts..l21
+ nv sc. lists. .I0l StPC.&P. 5s....l2l
Srie General As. 7l1a So. Railway 5s. .l0954
y w D.C. Isis. "A Stan. r. & 7. 6s 81
Gen. Electric hs.1i6 Tex q Fac. lsts'I12
G. H. q S. a. 6s.l0S Tex; q Pac. zds. %
G. IA. & S.A. 2ds.lH Y. =. 4s........--- iy45s
II ~ Il. g. 5s..lli Wabash lists -..-ll5S4
Il * r G. con 6s.lll Wabash Ids -. .l0Jsa
Ia Central lstsll West Shore Is lib
KC.P.&G. lists. ~ Wis. Cent lsts.- q
=. q n. Tn. As. 99A
Stock Quotations.