The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-09-08

NEW YORK, Sept. THE market sue
cumbed to the combined influences Of
hardening rates for call money and the
depression in foreign stock markets on
account of the gathering war cloud in
South Africa. A few of the highly spec
ulative industrial specialties were marked
up in the early dealings and at different
times during the day in an effort to
resist the decline. The attempt proved
unaValling to overcome the depression
in the general list and the manipulative
stocks in some cases finally weakened,
though a few retained a net advance.
Tennessee Coal was marked up a point
at the opening, but that was the highest
of the day. Sugar Tobacco, Brooklyn
Transit, Federal Steel and a few other
stocks among the most prominent indus
trials vibrated both above and be.ow
last nights prices. Pullman Palace Car
was at one time up four points, but lost
1t all. The American Car stocks rose
points each, but the preferred rec=ded
to the level at the opening. Pressed
Steel Car preferred advanced a point
in the closing dealings
Those movements, a reflection Of the
large demand for railroad equipment
growing out of the prosperity of the
railroads, had little effect on the gen,
eral list. The American Hoop stocks
were strong on reported large earnings.
rising for the common and ~ for the
preferred. There were some large or
ders executed for United States Leather.
which raised the price a point. The pre-,
ferred stock advanced in sympathy, but
lost all the gain. These were the only
important exceptions to the weakness OF
the active stocks. ST. Paul showed some
resistance, but gave way with the other
grangers when intimations were heard OF
opposition to an increase in the dividend
rate on the part Of directors. Con Sept.
8, a year ago, st. Paul was pushed up in
the morning to lis on the rumor that
the semi-annual dividend would be IN
creased over the 21a per cent rate) When
the rate was announced in the afternoon
the stock slumped nearly points and
broke the whole market. The rate still
continues at 21a
Declines in the railroads are quite uni-
formly between IL and per cent, in
Guiding the prominent grangers, South
western, Pacific trunk lines and South
ern railroads. Stocks which have had
recent sharp advance show wide de-
clines. Colorado Fuel, Hooking Valley,
New Jersey Central, Northern Pacific,
the Republic Steel stocks and Tennessee
Coal are instances; though the latter
stock recovered Its decline.
Money on call commanded per cent
per cent, with only a few exceptions be-
low 5 per cent. The subtreasury had a
small debit balance at the clearing house
today, but the banks have lost over
So, 900 to that institution since Friday
and expect to increase that amount be-
fore the close of the week. There were
further transfers to the South today and
the banks are still losing on balance to
the interior. The hardness of money
here did not avail to lower the rate of
sterling exchange, in view of the increase
in discounts in London, which also had
the effect of raising the rate of sterling
exchange in Paris and Berlin. London's
sales of about 10000 shares of stocks
here helped to keep up the exchange
rate 1t is apparent that under present
conditions abroad, a considerably higher
rate for money here will be required to
induce imports of gold.
Bonds showed a weakened tendency in
sympathy with stocks, Kansas & Texas
seconds being notably affected. Total
sales par value, 81 $4,000. United States
bonds unchanged in bid price.
STOCKS.
The following were the fluctuations of
the leading railway and industrial shares,
furnished by c. H. F. Smith & Co., mem
bers of the New York stock exchange and
Chicago board of trade: