The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-09-20

NEW YORK, Sept. 19.-The delicate
tension of the speculative temper was
we'll illustrated by the course of todays
market, which seemed to be going pros
perously on its way towards recupera-
ton and recovery in prices until the last
hour of the trading. After that time
prices were bowled over in every direc'
ton, like a set of ten pins which mad
been set up simply to be knocked down
The selling movement was in full force
when the market closed, and prices
tending rapidly downward. Some of the
earlier gains, though, in other prominent
stocks, the notable advances achieved
earlier in the day, were completely wiped
out. The market gave every appear
ance of having thrown off the incubus
of the money scare The reports from
abroad were of a more conciiiatory attl-
tude on the part of President Kruger, and
the decision of the French government to
pardon Dreyfus caused a rally in foreign
markets. There, as we'll as here, the
short interest had been largely over
extended, and they found some di3ulty in
securing stocks to cover short contracts.
Professional operators who had SEQUEL
stocks at yesterdays low level had
turned BULL and there was a fail vo. ume
of buying orders in commission houses
this morning attracted by Yesterday S
late recovery in prices, and trading was
very active at the opening, but on a
! descending scale.
After prices had gone back to near
Yesterdays close, demand of sub
stantial character developed for stand
ard railroad stocks. Some of the spa-
cialties, notably the New York Traction
stocks which have suffered recent vic
lent losses, were marked up rapidly. Late
in the day a very buoyant tone carried
the coalers upward under the lead of
Lackawanna, which advanced an ex
! IRENE 11E. Other members Of the
group rose from 212 to points. Metz o.
politans extreme rise was 6la. Brook
Ign Transit was up at one time to AZ.
Many other specialties were up between
2 and points and the active railroads
very generally showed gains of from l to
Up Such was the state of affairs when
traders began to take profits in the
coalers and Metropolitan. 1t did not
take the bears long to wipe out all Of
the gains in Brooklyn Transit and the
course of prices turned quickly down
ward, the selling movement continued &C.
lively to the close.
The advance in prices was accompanied
by professions of confidence that money
market difficulties had been passed. Gail
money ruled at 6 and above during the
day. The banks are not losing quite "a
heavily as last week. either to the sub
treasury or to the interior. But the
outward movement of money is more
than sufficient to make inroads upon the
legal reserve of the banks. It is known
that many loans which have been ca:lad
have been placed with other borrowers,
or have resulted simply in a shifting
of collaterals, while the loan was mark
but left otherwise undisturbad. Reports
found currency that considerable money
has been placed in call loans for the
account of Canadian banks. One New
York bank took out additional circula-
ton in Washington to the amount Of
$2oO,CO0, for which notes had already b zen
printed and made available for circua-
ton. Except In these cases there is no
evidence of any actual replenishment of
cash for the New York market, nor is
any discernible in the immediate future
Bankers express the opinion that money
will continue hard at 6 per cent or
above. One of the Vagaries of the situa,
ton is that sterling exchange held
steady today with buying for London
account of over $4,000 share of stocks,
while it dropped yesterday sharply in
spite of London selling of over 40, coo
shares. Competent authorities do not
look for gold imports until much later
| in the fall.
Bonds showed gains and held better
than stocks in the late weakness. Total
sales, par value, $2,29O,0O0. United S ates
bonds We're unchanged in bid quotations.
STOCK QUOTATIONS.
-, FURNISHED by Charles H; F. Smith &
change, Pioneer Press building, VINO have
direct wires to Chicago and New York,
Closing prices are bid: