The Saint Paul globe., 1897-09-27
NEW YORK STOCKS.

NEW YORK, Sept. 25.-There was no large
and aggressive element in the stock
ket today, and the trading was largely in
the hands Of the reactionists. They were
were persistent in seeking for the weak spots
in the market, trying to uncover stop loss
orders. This they succeeded in doing in
number of stocks and accelerated the decline.
There were a few feeble rallies during the
day, but the sagging tendency was for the
most part uninterrupted. Dealings were not
on large scale, were they widely
distributed as of late Many stocks showed
no movement at all during the day. The
rise at the opening in sympathy with Lon
con, served to restrict the net declines in the
international stocks, and London also was
buyer of some stocks during the day. There
was nothing in the general news to cause
recession in prices and the heaviness of the
market has no other explanation than the
withdrawal of support and the continuance
of some offerings to realize profits. The
bears did some short selling in their efforts
to uncover stop loss ORDERS but there was
10 aggressive general selling manifest, and
much caution was apparent in putting out
short sales. Trading halted after II o'clock,
and waited for the bank statement. The re-
sponse was not immediate when the state
ment appeared, showing some hesitancy about
constituting its character. An unfavorable
view was finally adopted, and prices drifted
downward again, closing in many cases at
the lowest of the day. In some stocks, how
ever, there was a final rally of fraction.
Sugar covered range of over points, but
closed unchanged. Omaha lost points.
Consolidated Gas 21a and many other active
shares from 1 to points.
Interest today centered in the weekly state
ment of the clearing house banks. The con-
dition in the money market, after the week s
| developments, looked upon as the salient fac
| tor in determining the course Of specula-
tion in the immediate future, is the decrease
| shown in deposits. The actual loss in cash
was S654S, ,300 all in legal tenders, as the
amount in specie shows a small net increase.
The heavy decrease in deposits probably rep
resents the demand from interior banks,
| which have had funds on deposit in New
York banks for many months. The proper
| tions of the Withdrawals account for the
| sudden calling of loans during the week,
which was attributed in speculative circles
| to concerted effort to manipulate the money
| market. The contraction in loas is stated
| at $2 72S, ,300 and this contraction served to
reduce by some much the loss in actual
| cash and to save corresponding additional
| decrease in the surplus reserve. The fact
| that the decrease in surplus reserve is not
| as large as expected is due to this fact, and
also to the fact that the legal reserve is
brought down $265O,625 by the enormous
| loans in face of the active speculative de-
mand present, simply accounts for the stiff
ening of the money rates and for the falling
| off in speculative activity on the stock ex-
| change.
The total sales of stocks today were "a, ,52O
shares, including: Atchison, 1850; Atchison
preferred, 1850; c. & O.. 1920; Burlington,
$4,000; Louisville & Nashville, 1850 Man
haitian, 4,46O; Missouri Pacific, $500; NJ, X.
& T. preferred $3.50; New York Central
3,4OO; Northern Pacific preferred, $500; Read
ing, 4,O6O; Rock Island, 1890; st. Paul, 21,
e26; St. Paul Omaha, 3.43O; Southern pre-
ferred, 1920; Texas Pacific, 4,23O; Union Pa
cfc, 1880; U. p, D. & G., $3.50; Wa
bash preferred, 1921; Bay State Gas, 9720;
Chicago Gas, 4,270; Sugar, 13, 452; T. c. & l.,
| $3.50: Western Union, $3.50; Chicago Great
| Western, $50.
| The following the fluctuations of the
| leading railway and industrial shares, fur
nished by c. H. F. Smith & Co., members
| New York stock exchange and Chicago board