The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-10-03

NEW YORK, Oct. 2.-The stock market
had to face, this morning, the condition
of three days Sagging market in Lon
don, while this exchange was closed. The
drop in prices at the opening was a Wide
one, numerous railroad stocks showing
loss of point or over, and Tennessee
Coal showing an extreme decline of
seven points. The local traders were in
clined TO feel that London was unduly
American securities and they started to
bid prices up again. The first loan OF
the day was made at per cent, and this
encouraged an optimistic view of the
money outlook The rally was short
lived and the course was quite consistent
ly downward for the rest of the day. a
sharp advance iE the coalerS on the adj
vance in the price of anthracite was in
effectual to check the decline. LONDON
sold not only during the first hour, but
as long as offices there were open for
business. Liquidation from that source
reached between 600 and $4,000 shares.
The violent decline in British consols had
an important sentimental effect, al
though it was afterwards explained that
this was partly due to the expectation
of a new issue. But the new issue is
as significant Of the practical certainty
of war as any incident that has thus far
occurred SO that the explanation did not
afford relief to the stock market depres-
siCn.
The sharp rise in London discount rates
caused an advance Of &c in the actual
rate for demand sterling here and had an
equally marked effect on the sterling eX-
change rate both at Berlin and Paris.
This development is equivalent to notice
that London is not prepared to part with
mere gold to New York without making
every possible effort to prevent it. Long
sterling was weak on selling against
sterling leans.
The local money rate quickly moved up
wards when the renewal of loans carried
over from last Thursday began to in
fiuence the market The call loan rate
was carried uD TO II per cent, while the
money market was still in full activity.
1t was then rushed up to So per cent, after
which there were violent fluctuations
down to 10 and up again to IS per cent,
at which the last loan was made. The
closing was 80 bid and IS asked. None of
the expected relief to the money market
was in sight today. The development s in
London lessen the probability CT fulther
gold imports and the condition of New
York exchange at interior points indicates
a continuance of the demand for funds.
The money left in the city by visitors
to the Dewey cele bra ton was not in evil
dence in Wall street, though much had
been made of this prospect of relief by
the speculative contingent The sub
treasury has gained 2arly $1,560,000 from
the market since Friday. Money seemed
to be in supply at the higher rate from
the proceeds of time loans made some
time ago, but the -loaning resources of
the banks are evidently exhausted at
present.
The decline in prices was made without
any evidence of decentralization, but last
prices were the lowest. Net loses in the
railroads are quite generally between 1
and 2 points and the selling was we'll dis
tributed, among the leading specialities
losses ranged from 2 to 524, the latter
Sugar
The bond market was not active but
was weak in sympathy with stocks. Total
sales par value s, $50, DOC.
STOCK QUOTATIONS.
Furnished by Charles H. f Smith &
Co.. members of the New York stock ex-
change. Pioneer Press building. who have
direct wires to Chicago and New York
Closing prices are bid: