The San Francisco call., 1899-09-16
EASTERN MARKETS.
Ne5U York Stock Market.

NEW YORK. Sept l5.-There was pressure
70 sell Brooklyn Transit and st. Paul from
the outset 10 day. Brooklyn Transit occupied
the center Of the stage all day. The dealings
in this stock were on an 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 occasional covering by this
element afforded the only effective check TO
downward plunges OF the stocks There seemed
TO be no support accorded at all until il had
touched 80. From that stage there were oc-
casional checks and rallies before II touched
the extreme low point at S6N. After a final
rally to SIS. it closed again under pressure at
net loss Of ga The other members of the
FIoWer group old not develop any keen sym
Pathy until late in the day, when Peoples Gas,
Federal Steel and Rock Island were down from
* TO points. These stocks rallied some
what 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 ali tbe loss
and the whole railroad list moved nm nearly
10 last nights level in a manner to suggest
the Inauguration OF an influential buying
increased by a brisk demand for the coalers,
which rose from to S5. The upward move
Inent % came 70 an abrupt end before noon.
when Brooklyn Transit. Sugar and the West
ern grangers generally, led by St Paul fell
away by rapid degrees: st. Paul dropped to
l29Is and ruled below 130 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 through
out The depression on foreign stock TnarIta+.
had some effect here, the drop to the low
point in ST. Paul coming close upon the an
nouncement Of the weakness in British CON
sols. The apprehension OF an unfavorable hank
statement tomorrow had It's effect in the late
break Preliminary estimates Indicate that
the banks have lost during the week by ship
ments to the interior and by Suh-Traa s1,r,y
operations over 5000, 900. without taking ac-
count of the reduction Of deposit liabilities bv
reason OF the weeks loan contraction, this
would indicate fall in bank reserves TO A
level of about SO, 500 900 below the legal limit
that the loan contraction must have pro-
ceeded TO the extent at least Of Si4 600 900 In
order that the legal reserve should be pre-
served intact and loans must have been re-
duced as much s24 O0O, 900 in order 10 pre
vent q decrease from last weeks small sur
plus reserve of less than 81 800 600. The quiet
tone of the money market during the latter
part OF the week indicates clearly that tbe
banks are within their legal reserve limit
Whether this is due to the fact that the
loans have been reduced whether there has
been a supply of cash from hidden 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 presumably borrowed in Lon
don 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 par value, 81, ,495 900.
United States As coupon and the Ia
Edyenced "a in the bid price
NEW YORK STOCK LIST.