The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-09-21
'cALL MONEY HIGHER
DEPRESSION IN STOCKS A DIRECT
RESULT OF THE ADVANCED
RATE.
NET DECLINES OF A POINT.
FEW SHARES IN THE ACTIVE LIST
ESCAPED WITH A SMALLER
LOSS.
BURLINGTON BACK TO A AGAIN.
Selling Movement and Consequent
Reaction Most Conspicuous in
the Granger Group.
BURLINGTON BACK TO PAR AGAIN

NEW YORK, Sept. 2O.-The stock market
was dull and comparatively neglected dur
ing the greater part of the day, and the ad-
vances were confined to a few special in
stances, up to the final half-hour. The bears,
encouraged by the lack of activity in the
trading and the rise in the money rate, fell
upon the market and raided it to such good
effect that few active stocks escaped with
a net decline of less than a point, and in a
few instances much larger losses were shown
as a result of the days trading. The press
ure to sell and the resulting declines were
especially heavy in the grangers. Burling-
ton, which had been pushed in the morning,
to a new high record of 1924, fell to parTin
the closing transaction, and Chicago Great
Western. which has shown great animation
and had risen to POS, fell 1as. Omaha, which
has been conspicuously strong in recent
markets, fell ~, and its parent stock, North
western, dropped off IA. Rock Island was
the feature of the market during the early
period of the day and had advanced 2 points.
The final liquidation left it still with a
fractional net gain.
The local gas stocks. whose sensational
advances had sustained the market on recent
occasions, were prominent in the decline,
consolidated Gas dropping 6 points and
Brooklyn Union 4. The Vanderbilts and
trunk lines, the c~oalers, the industrials and
specialties all shared in the weakness. and
nearly all showed declines of a point and
upwards. Louisville, which has shown weak
ness recently, on account of the yellow fever
scare, was an exception, and closed with a
net gain Of a small fraction. Western Union
and Wabash preferred, which made sharp
gains early in the day, fell heavily to be-
low Saturdays close.
The course of the London efonk narkef
caused more or less depression here at the
opening and again when London's closing
quotations were received, showing some
heavy declines from their opening prices.
The grangers were somewhat sensitive also
to reports of bad weather for crops in the
West. But the decisive influence in the de-
cline was a sudden stiffening of the rates
for call money to 4 per cent. Quite a large
amount had been offering all day at as low
as 2 per cent, but in the final hour money
tenders demanded 4 per cent. There con-
tinued to be a large demand, and figures
ranged from S@4 per cent, loans being made
at the high figure up to the last half-hour.
The closing saw a decline to 8 per cent. The
stiffening in the money rate came too late
in the day to affect the exchange market.
Interest centers in the effect which the
hardening of money rates and the calling of
loans will have on the exchange market and
the import movement of gold. Notable gains
were made by the Chicago Great Western
preferred stocks, the A stock advancing
2 points and the "B" IA; Evansville & Terre
Haute. 3; Iowa Central preferred. 2, and
New Haven, which rose 81 over the last
sale, to 1852. The bid price of the latter
stock has. however, advanced since the last
sale.
Railway bonds were not so actively dealt
in today, sales amounting to $1,000. Prices
were about steady. United States coupon As
sold at LA; United States registered As at
111&, and the coupon IS at 114A. Bid prices
for government bonds receded a fraction all
around.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by c. H. F. Smith G. Co., members
of trade: