The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-20

NEW YORK, Sept 19.-The stock market
started off this morning as though it had
shaken off the incubus of the recent tight
money scare. but the marked weakness of
Sugar, which made up two-ffths of the otal
transactions unsettled the tone early and
carried prices below Saturdays level. The
decline was quite steady and general for
the remainder of the day.
Evidently last weeks sharp recovery was
the result OF extensive covering of short
lines by spectators and the general specu-
fat1ye public is now prepared to take breath
to study how far the last oscillation of the
market has brought prices to the true level
OF values. 1t is more and more evident that
the late apprehension over a squeeze in
money was largely fictitious How far the
efforts to manipulate the money rates were
influenced by the natural desire of money
lenders to obtain better rates and how
far by purpose to effect reaction in the
stock market cannot be definitely ascertained,
but 1t might be ascertained that very power
full financial interests who have a dominat-
ing voice in the control of vast surplus
capital had taken their profits in stocks and
were willing to see reaction. 1t Is obvious,
however, that their motive in taking profits
must have been conviction that prices
were equal to or in excess of their value.
The problem of today's Spectator is whether
the reaction has carried prices below their
value or whether conditions have so far
changed as to have incressed their vahh
The monthly report of thl t's~~ury bureau
of statistics just issued, throws light on the
money question. The amount Of circulation,
after deducting sums in the treasury on
Aug. l. was 1892 727, 2O5 greater than one
year before. Saturdays treasury statement
showed that cash balance in the treasury had
increased since that time little $685.
OO0,000 This would leave an increased circu-
lation for tie year of about $100 000,0 00 not
counting the imports of gold and the in
crease in bank circulation since Aug. l.
Neither does this take account Of the large
increase in the last few weeks Of government
deposits with the banks. There is room,
therefore for a very large increased use of
money in the country in spite of the treas
ury's absorption by the loan. The actual
surplus reserve of New York banks, although
reduced to less than COO, also requires
some qualifying considerations. For one
thing, the government deposits are secured
by government bonds. thus obviating the
necessity of actual cash reserves to secure
them. Some of these banks do not reT ort
their government deposits at all in making
out clearing house statements. Furthermore
the surplus reported is above rs per cent
requirement, although the state banks are
These facts explain why the measures of re-
lief offered by the treasury department have
not been awaited of. Bonds were dull, but
yielded slightly in the late trading. Total
sales 81 ,965,OO Government bonds were I'M
changed.
Total sales of stocks, sos, 400 shares. includ-
ms: Atchison pfd., $500; B. & o., 1865; B.
& O., 10.045: L. & N, 9,6O5; Manhattan $40;
Reading pfd., 1926: Missouri Pacific 5,s25;
N. p, S626S; do pfd., 1907 U. P, 1O,59O; st.
Paul, 14,845: U. P. pfd., 15,4S0; Tobacco, 81,
goo; G. G. W., 9,255; Peoples Gas, $500; Gen
2.45S
The following were the fluctuations of the
leading railway and industrial shares, fur
rished by c. H. F. Smith Co., members of
the New York stock exchange and Chicago
board of trade: