The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-21
The Stock markets.

NEW YORK, Sept. 2O.-The stock market
today presented all the characteristics of
genuine reaction Last weeks sharp recovery
eliminated the short interests very largely,
and the forced liquidation of profits had been
mostly completed during the previous contin-
ued decline. The market was thus freed to a
great extent from technical influences and in
condition to respond to the prospects for gen.
eral business in the country. It's failure to
do yesterday was attributed to the unset
Ting influence of the slump in Sugar. The
the campaign further against Sugar, and were
inclined to cover, so that this influence
towards reaction was removed. Nevertheless
the market dropped heavily towards a lower
basis with one or two exceptions in the list,
and closed only barely steady at a level gen.
orally 1 per cent or more below last nights
level.
The tone of the market was not different
in character from that which prevails at
time when the business outlook presents gen.
eral Encouragement, contraction or activity
and declining profits. The demand for stocks
was very small all day, and prices went down
easily under comparatively light offerings.
Weakness was particularly manifest in To-
bacco the grangers and Pacifics.
The reaction of these stocks indicated the
liquidation of heavy individual speculation
on the long side The sharpest break in the
market was coincident of the marking up of
call loans to per cent. This furry in the
money market was a disappointment to bull
operators, especially in the view of the en-
enlargement of gold for import and mailing
checks for interest on registered 4 per cent
bonds due Oct. /, amounting to 81 $40 COO
which are payable Immediately. The sub
treasury's debit balance at the clearance
house also ran up today to 81, 261, 458 reflect
ing large increase in government expendi-
lures The sluggishness of the gold movement
is somewhat remarkable in the face of condi-
tons. Call money in London is ID per cent
against per cent here today. London dis
count is IL to rs, against per cent here.
Last months trade, balance in this country's
favor was $50, GOO coo, on. top of the favorable
balance for every month In the preceding
year. In addition, London has recently bought
securities in this market 1t is fact that
part of today's gold engagements was made
by bullion dealers here, who are shipping sill
attributed to Spanish account There Is not
sufficient demand for the exchange against
the silver shipment to make a market and
there is a better dpreft in importing gold.
Exchange is thus clearly demonstrated to be
at the gold import point, and the question
arises what has been done with the country's
credit abroad that they do not bring q larger
gold movement. The immediate future Of the
local money market is, however clearly
towards greater ease. II
Dealings in bonds were not on large scale
today and prices were towards lower level
Total sales $1,S1Q, coo. United States As. old
and new, were u lower in the price bid
today
Total sales of stocks today were 459 100
shares, including 1858 Atchison pfd, 14,725
do pfd. 1928 R. l.. 1885 IT, p. 2s.19O St
Paul So 495 u P. pfd, 22150 Tobacco. Q 120
G. G.. w. II $40 Peoples Gas. $3.50 General
Electric. 122,3OO Sugar. 1855 Leather pfd.
STOCKS
The following were the fluctuations of the
leading railway and industrial shares fur
nished by c. H. F. Saith & Co.. members