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

NEW YORK, Oct 9.-Buying by az BIZ
lrage houses for London account made
the highest prices of the day in the gen
trail list at the opening. AS soon as that
demand was satisfied the market began
LC drag. There was some support when
i'rices Of the iron and steel stocks were
bid up, but the fact was obvious that
there was no vital demand for securities,
and the downward drift was renewed.
BY the close of the day the gains We're
wiped out, except in few cases, and
number of Industrial stocks showed
'uite large losses Steel and Wire was a
Notable exception and rose points on
reports of new properties acquired most
OF the gain being retained al the close.
Sugar and Tobacco enjoyed their period
OF st9eLgth, but both of them closed at
net losses.
There was some large buying of United
States Leather, but its gain was not
maintained Omaha preferred, which last
0ld at 1S5, was offered at 1873, and from
that down to 176 without finding TAX RS
81. Paul preferred sold early at III and
later at 1859 The bond market was rath-
er weaker than has been the case up to
this time, rejecting the high prevail ng
rates for money.
The situation in the local money mar
ket showed very little change, loans
low as g. The majority of loans were
made at from to 10 per cent. P. edic
tons were heard that money was to be
easier this week, but no evidence was
forthcoming to corrobOrate the preiic-
ton. The gold shipped from Europe Is
now in New York vaults, and no more
Is to be expected for the present from
that source. 1t was reported that the
treasury department had decided to an
%folrN h.
as was done last year, but no announce
ment of such a decision came from WASH
ington.
The detailed statement of New Y, rk
banks on Saturday showed that consider
ably more than half the members of the
clearing house are still below the legal
reserve limit, and the necessary conse-
Quence was a further calling of loans.
Banks in the West and even in Canada
G~e reported to be placing call loans on
the stock exchange. 1t is evident that
Western banks are drawing on their de-
posits in New York banks to meet de-
mands upon them for moving the crops
and for regular commercial uses. The
calling of loans by New York banks,
which is thus made necessary, rushCs up
the call loan rate in New York and the
Western banks are getting the advant ge
of the higher rate for their surp us furd ;
WHICH are pIdCSu Ill " all street. Ear. Ter
II the season Wall street expected to be-
relieved from the usual pressure for crop
moving money, on account of the large
reserves in Western banks. But the lat
ter have found more prof able method
Of conducting operations
London took a more cheerful VI w of
the outlook today, and the open ma t
discount rate fell below the bank Of
fetal rate Sterling exchange eased off
In sympathy at Paris and Berlin, hut
held stiff n New York for demand hi Is
and cableG-
The bond market was dull and weak.
Total sales, par value, $1,5lO,O0O. Uni ed
States boz Is were unchanged.
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: