The Saint Paul globe., 1898-09-13
TIE Stock Morkets.


NEW YORK, Sept. 12.-Thsre was a con-
ttnuatIon or apparently urgent Iiqu daion Oh
the stock exchange N S no rning cauced hv
out the recoveries of Satul day and ca ri ID
prices sharply below the IGwcsU level Of last
FRIDAY for nearly al standard stocks. but
uhe pressure OF liquidation seemed to he
relieved by noon, and there WIS dlspos =
uon TO pick up stocks quietly and to a. cord
support TO weak spots, notably st. kauI The
9ealing In ODD lots i'll some of the standard
dividend payers also became quite a feature
indicating supply Of money Tor investment
Notwithstanding the stiffne of the locIl call
money market.
ties caused the market to ease eff again be-
fore the close, but last prices Of railroads
were in many cases at sharp recoverieS trJm
the lowest. Nevertheless marked net 10 Sc;
resulted from the days trading, owing TO the
severity OF the pressure cary In the day.
There was continued apprehension over the
outlook for money, but the government crop
report and the snow storms in the West were
also material factors. The crop r>view, though
bearlsh on the corn crop, a whole showed
sharp deterioration for Kansas, Nebraska
and Iowa. This, coupled with the snow
storms IN the corn belt, very clearly in
dicated in the weakness of Rock Island,
Burlington and Union Pacific. There was no
actual development to account for dec inc
OF apprehension over the money market out
look. and how far this feeling was connected
with reported conference OF leading bankers
is not certain. There was a growth of a
conviction that there is a large available sup
ply OF money at least outside of New York
city.
Money rates are easy at interior points ani
there is even buying of commercial paper
in the New York market by Western banks
1t is quite possible a,so that a larger amount
OF the new government threes might be made
available, both for purposes Of circulation q d
as security for government deposits in the
banks than has yet been the case, in the
event Of any real stringency OF mon=y. New
ertheless, the drain Of cash from the banks
to the subtreasury on account Of sutscrp-
tions to bonds continues, and the sub
treasury was even a creditor al the clearing
house today on account OF an accumulation
of drafts from interior depository banks in
which government deposits have exceed
their security, by reason Of heavy internal
revenue collections. There were rumo s ali
day Of engagements of gold for import but
none of these were confirmed. The easier
tone of the money market, and the conse-
Quent recovery in the stock mark"t, were
apparently due to other causes. The large
foreign demand for wheat and the evidence of
underlying strength in the wheat market, in
the face of the bear,sh government crop re-
ports, had some influence in the stock mar
ket.
The bond market was dull and showed eom4
weakness in sympathy with socks. Tctu
sales, 81, 1,67O,OOO, u s. Is advanced Y and the
old As registered Il in the bid p~ice
Total sales Of stocks today, 379 GOO shares,
including 11,9O0, Atchison pfd 1S,4O5. p. & O.;
haitian; II, 1862, Metropolitan 0?3 Missouri
Pacific; 3163, New York Central: 1867,
Northern Pacific 44O0, do p'd; 10, $50, Rock
Island; 12.1O7, Union Pacific; 31S, st. Paul;
4.556. Southern pfd: 16,48S, U. P. pfd: $780,
Minnesota Iron; 5000, A. NJ. c.; 56,565. To-
bacco; 1900. Chicago, Great Western; 1855
Peoples Gas; 23,4S4, Sugar; 4,O65 T. c. & l.;
4,321, Leather pfd 1865, Rubber.
TIE following were the fluctuations of the
leading railway ard industrial shares, fur
nished by c. H. F. Smith & Co.. members
OF the New York stock exchange and Chicago
board Of trade: