The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-09-29

securities for today was a small and tame
affair by contrast with the violent fluctua-
tons of the earlier period of the money
Stringency. The rate for call money vi
brated between u and II per cent during
the period of active demand, but after
that was satisfied fell by quick stages to
per cent. The needs of borrowers over
the three ensuing holidays was satisfied
in large part yesterday in anticipa ton
OF pressure for accommodation today,
and consequently today's higher rate did
not reach with per cent of yesterday $.
The bank statement was unfavorable
beyond all expressed anticipations. AL
though the outgo to the Subtreasury
was reduced to 81 900 four days of this
week. the loss of cash to the interior
brought the total reduction in the reserve
up to $4,545,S00. In spite of a net reduc-
ton in loans of $7,752,70O, the meager sur
plus reserve was still further reduced, ST.
239, 250 1t is obvious that loans made in
the last few days on the stock exchange
do not figure largely in this showing, and
the accommodations were probably secur-
ed by dealers in money who had supplied
themselves with time loans some time
ago, and who put their supplies out again
al the profitable ruling rates in place
of the loans called by banks to meet the
demand for the October settlement.
The showing of the bank statement and
the continued tightness of money were
offset by the additional engagements of
gold for import, and the drop in the rates
for sterling exchange to very near the
regular import point. The sentiment On
the stock exchange was that further relief
to the money market from this source is
now available, and that a regular move
ment of gold is now fairly inaugurated.
No pressure of liquidation was manifest,
and present holders of stock evidently
feel themselves strong enough to await
a more favorable turn of affairs. The
confidence in further gold imports was
empha sized by the failure of the Bank
of England to advance its official dis.
count rate, notwithstanding the fact that
the principal demand for money in Lon
don is now thrown upon the central in
stitution by reason of the higher prevail
ing private rate of discount.
The interior money markets in this
country gave no evidence of relaxation
Of pressure upon New York for funds,
New York exchange at interior points
tending rather downward. Some relief
is anticipated next week from dividend
and interest disbursements, and from the
money to be left in the city by visitors
to the Dewey celebration.
Except for a recovery of 31a in Ten
llSSSSS SOcl, gains VI LIZ anu III the
st. Louis Southwestern stocks and wide
movements in few usually inactive
stocks, today's market was without no
table incident. The total dealings fell
to the level of the midsummer period of
duilness. Dealings in bonds were on
small scale and price changes were mix
ed. Total sales, par value, 81, 1926, 900. Unit
ed States new As declined 1sc in the bid
price.
The elimination of two days from the
business week and the prospect of dull
ness next week consequent upon the
yacht races accumulated the speculative
stagnation that always follow a period
of unusual activity in the stock market,
ana limited the transaction of the last
four days. The hope is expressed that
the dividend and interest disbursements
next week may serve to relieve some
what the local pressure upon the money
market. Many widely varying estimates
are heard also, of the effect of expendi-
lures by Dewey day visitors upon the
loca! money supply, but as to the main
causes of the depletion of banking re-
serves, it is manifest that the needs of
the interior for money to move the crops
are not yet appeased. Neither is any
cessation Of the absorption of money by
the treasury in sight, as the govern
ments expenditures are now running we'll
under receipts. The August surplus will
apparently be doubled in September and
the July deficit is more than wiped out
leaving a growing surplus as the fiscal
year proceeds Many of the clearing
house institutions started the week with
their cash reserves under the legal limit
and with additional demands upon them
there has been further calling of loans.
TE& stock market has been unprepared to
move upwards under the circumstances.
But it has shown signs of resistance to
a decline also, which made the bears
wary Of raiding stocks. 1t is evident that
stocks are much less vulnerable to at
tack and that weak speculative holdings
on margin, and with borrowed money
have been shaken down upon a more
solid foundation Stocks with intrinsic
merit were taken at such times by power
full interests not dependent upon ordinary
money market resources. Some of those
provided themselves with funds on time
loans before the present stringency set
in, and have handsome profit available
now by reioaning on call.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &c
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: