The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-11
MARKET CHILLED BY THE IN
CREASE IN THE ENGLISH. DIS
COUNT RATE,
GOLD MOVEMENT NATURAL
NOT LIKELY TO BE IMPEDED I'm
LESS FURTHER ACTION is
TAKEN.
REACTIoNARY TREND UNRELIEvED
Unimportant Rallies Marked the
stock Day, But the Close Was
Weak With Sharp Losses.

NEW YORK, Sept. 10-The stock market
To-Day was reactionary on decreased volume
or business. At the outset a chill was ex-
perienced on the announcement that the Bank
OF England had advanced it's minimum rate
OF discount half per cent to 2k. This
news operated adversely on two counts, the
action causing depression in British home
industries as well as in the American depart
ment, and it also encouraged theories of a
check to the imports of gold to this country
Wh1ch have served as urgently needed
SAFETY valve to the money market The adj
vance, strangely enough, appears to have been
more OF a surprise in London than it was in
wall street, but the best information is that
the movement of the metal to this country
Deing entirely natural, cannot be impeded
except by extraordinary action. This conten-
ton is sustained by the withdrawal of about
$2,2S0.0O0 in gold from the Bank of England
today for shipment to New York. The bank
followed up its advance in the discount rate
by increasing the selling prices of eagles one
haif penny, to 76s 719d per ounce. Today ad-
oltlonal arrivals of gold and orders for flu
ture delivery were announced, bringing the
a sraho soial OF engagements to about $25,620
wv VI the 4,262, 600 that arrived about 81, 000-
OO0 was deposited at the sub-treasury in ex-
cnange for greenbacks. The sub-treasury Of
ncials estimate that the deposits of the past
tnree days, when figured in the treasury re-
serve VIII bring the net gold holdings up to
about $116, 000 600. The exchange market was
irregular. but mainly weak and closed on
the basis of $4.S41a for sixty days bills but
tnis condition was offset by sitter tone in
money rates, though without appreciable
cnange IN rates. and by an unfavorable gov
eminent cotton report In add ton, uneas ness
was created by the failure of another New
Orleans bank, resulting in a recourse by the
otner institutions Of that city to the protection
AFFORDED by the clearing house rules The ex-
Pectatlon OF an increase in the dividend on
81. Raul common stock at today's meeting
OF the directors had not been general but
the announcement of the regular disburse-
ment, nevertheless, appeared to unfavorably
aHect the temper of the traders. The situa-
tion was rounded out from the bear stand
point by reports Of further cutting In trans
portation rates. The market opened weak
with Reading scoring an exceptional decline
OF Us per cent. After a brief interval prices
steaoled, but renewed bear pressure forced
general declines ranging from u to pa in the
active list. st. Paul touched and closed at
699sc as compared with 705sc, the final sale
OF the previous day. Steadiness again ruled
toward noon, but the rallies were unimpor-
tant the reactionary movement was practi-
cally unreieved up to the close, which was
weak at declines of 1@2 per cent in the &C
i've list Bonds were dull and weak, with
the principal loss in the speculative issues
and ranging 1aQ1A per cent Sales were
S607, 600. Government bonds were fraction
ally lower on sales of $4,000.
Inc total sales of stocks today were 1877 544
Shares, including the following: Tobacco,
Sl0O; Sugar, 43,S00; Burlington, II 60O Chi
cago Gas, 300; General Electric, $500; L. &
n, 500; Manhattan, $500; Reading. 1900 );
Rock Island, 1000; St. Paul, Sc, GOO; Tennessee
Coal & Iron, $500; Western Union, $500; W.
& L. E.. 4 900