The Saint Paul globe., 1897-09-26
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
most part uninterrupted. Dealings were not
on q large scale, nor were they as 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 a
buyer of some stocks during the day. There
was nothing in the general news to cause a
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 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 a range of over points, but
Consolidated Gas 2h, 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-
ton in the immediate future is the decrease
shown in deposits. The actual loss in cash
was $6,548,300, 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 propor-
tions of the Withdrawals account for the
sudden calling of loans during the week,
which attributed in speculative circles
to concerted effort to manipulate the money
market. The contraction in loas is stated
at $2,72S.3G0, and this contraction served to
reduce by some much the loss in actual
cash and to save a 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 $2,650,625 by the enormous
withdrawal of deposits. The contraction of
| loans in face of the active speculative de-
nland 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 247 $50
shares, including: Atchison. 1850; Atchison
preferred, 1860; c. & O., 1920; Burlington,
$4,000; Louisville & Nashville, 11,650; Man
haitian, 4,46O; Missouri Pacific, $500; NJ, X.
T. preferred, $3.50; New York Central,
S,4OO; Northern Pacific preferred, $500; Read
ing 1850; Rock Island, 1S,62O; ST Paul, 21,-
626; St. Paul & Omaha, S,430; Southern pre-
ferred, 4,52O; Texas G Pacific, 4,2S0; Union Pa
cific, 1880; y. p, D. G., 1850; Wa
bash preferred; 1921; Bay State Gas, 9,720;
Chicago Gas, 4270; Sugar, 13, ,452; T. c. & l.,
$3.50: Western Union, $3.50; Chicago Great
Western, $3.50.
The following were the fluctuations of the
leading railway and industrial shares, fur
nished by c. II. F. Smith & Co., members
New York stock exchange and Chicago board