The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-09-15

| NEW YORK, Sept. 1.-THE greater part
Of the gains in prices which were estab-
lished yesterday, and during the greater
part of today, were wiped out in the lat
ter part of the days trading. A period
of almost stagnation succeeded until the
announcing of the fixing of the st. Paul
dividend at the regular rate, and the
large selling of the Changers induced by
this news, was met by supporting orders,
which rallied prices from the lowest
Losses are the rule on the day, how
ever, which extend to a point in many
stocks.
The rate for money was not lifted above
the low level established in yesterday $
relapse and the reaction in prices can
not be attributed to calling of loans Ii
| was rather due to the reconsideration OF
the optimistic view engendered yesterday
| by the easing of the money rate and the
sentimental effect of the treasury depart
ment's decision to anticipate the payment
| of October interest on government bonds
! Yesterdays upward movement had been
| reduced to It's true proportions of bear
| scramble to cover short contracts, after
| having oversod. the market in the rush
! OF heavy liquidation on the preceding
! day. Estimates varied widely as to- Wheth-
/ err the liquidation had proceeded to SUM-
! cient lengths to. re-enforce the banks
I against the present anu luIulc uCiioiiu
upon their own cash resources. Money
! continues to move to the interior, and the
| banks have parted with upward OF $4,0oO,
| 600 to the subtreasury since last Friday
| There was no evidence today of further
urgent contraction of credit, but the out
! look for the future is that further nqu1od-
| ton may become necessary.
Foreign houses are reported to have put
| out considerable sums in loans yesterday
| and today and this may account for the
| comparative firmness of the foreign eX-
| change market. Discounts hardened to-
day in London and Berlin in spite of the
improved condition reflected by the Bank
! of Englands weekly statement, and Lon
! don bought stocks moderately In Ne"
York in continuation of the fortnlgntly
settlement.
The failure to increase the st. Paul d1V1-
| dend is accepted as an tnt1mat1on ina
present prosperous conditions of the rail-
| road are not so we'll established, but tha'
ample provision must be MADE against
| recession The extreme decline from
| the early high point ranged from l to
points generally among the active rail-
! rcs DIS. The Changers and trunk lines
were especially affected. In the special
ties, movements were wider. Brooklyn
| Transit was under pressure all day, aho
in the final dealings broke It's previous 10"
| record on the movement, ana Iell W o4?4
az which point 1t closed, AZ below yester,
day. Tennessee Coal ranged over 81
points. and closed with net loss OF z
! Sugar. Tobacco, the local munlclpa
stocks, Peoples Gas, and the iron stee
| stocks were all weak before the close.
number of obscure stocks showed
wider average than the usual. PullInah
Twin City Rapid Transit Mobile & Ohio
Pacific Coast common and preferred
gained between 21k and H. and Knicker-
| booker Ice dropped 51a. United States
Milling continued their upward course
and gained 111hc each.
Bonds were only moderately active. TO,
tai sales, par value, $1,9S5,OO0. United
| States bonds were unchanged IN olo quo
tation.