The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-09-16
THE WORLDS MARKETS
Daily Record Of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest OF Exchange News-Mining Stocks.
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review OF Trade.

New York, Sept 15.-There was pressure
to sell Brooklyn Transit and st. Paul
from the outset to-day. Brooklyn Tran
sit occupied the center of the stage all
day. The dealings in this stock was on
thrown overheard on the decline made
the fact of inside 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 it had touched 80. From
that stage there were occasional checks
and rallies before it touched the extreme
low point at S65s. After a final rally to S.
1t closed again under pressure at net
loss of 6a. The other members OF the
"Flower group" did not develop any keen
sympathy until late in the day, when
Peoples Gas, Federal Steel and ROCK
Island were down from Ia to points.
Those stocks rallied somewhat before the
close Holders of ST. Paul, disappointed
over Yesterdays dividend action, broke
the price 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 a manner
to suggest the inauguration of an infuen-
tai buying movement. The appearance
OF strength was increased by brisk de-
mand for the coalers, which rose from
to 3I2 The upward movement came to an
abrupt end before noon, when Brooklyn
Transit. Sugar and the western grangers,
generally led by St. Paul, fell away by
rapid degrees. St. Paul dropped to 1885,
and ruled below 1870 for the rest of the
day. Except in a few isolated cases, there
was no subsequent demonstration of
strength. The closing was irregular at
net losses throughout. The depression of
foreign stock markets had some effect
here, the drop to the low point in St.
Paul coming close upon the announce
ment of the weakness in British consols.
The apprehension of an unfayorable bank
statement had it's effect in the late break.
Preliminary estimates indicate that the
banks have lost during the week by ship
ment to the interior and by sub-treasnry
operations, over IS, 600, 000 without taking
account of the reduction of deposit LA
bilites by the reason of the weeks loan
contracts. This would indicate a fall in
bank reserves to a level of about S,5O0. 600
below the legal limit, so the loan con-
traction must have proceeded to the ex-
tent of at least S14DOo,O0O Whether this
is due to the fact that loans have been
reduced or whether there has been a sup
ply of cash from hidden sources and not
reflected in the known movement, will be
revealed by to-morrows statement.
Foreign houses have loaned money dur
ing the week, which was presumably bor-
rowed in London for the 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 81 $4,000.
U, S. As coupon and the SIS advanced
Is in the bid price.