The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-09-26

NEW YORK, Sept. 25--Students of
stock market cycles have observed that
violent movement In either direction
Is certain to ovefrun itself Thus the
forced liquidation of the last few weeks
has invited a horde yof bear followers.
When the liquidation had spent it's force
the short contracts of the bears were left
uncovered and the demand from that
source worked a sharp rally. In the nor
NAL course of things period Of dullness
Was then Que, and 1t arrived on time to-
day. With money still tight, no new spec
ulative demand is to be expected tmmedf-
ately. On the other side, speculative &C
counts on the long side have been pretty
well shakn out and the bears are rather
chary of making venturesome 1ncursions
into grounds that do not promise large
returns. But stagnation of demand means
declining prices, though the progress may
be but slow. The conviction is not strong
that the process of loan contraction Is
completed entirely. study of the de-
tailed statement of the clearing house
banks reveals the fact that the surplus Is
made up from the holdings OF few or
the clearing house institutions. while the
majority of them are still below their
legal reserves.
There was a sharp reminder of this con-
dition of affairs in the last hour of the
trading today when call loans were sud-
denly marked up to IL per cent The
ouickness with which they receded, how
ever, to per cent again, gave the higher
rate the appearance Of being manipulate
ed. Borrowers sometimes hold Off till
late In the day in a hope of getting bet
ter terms, and they find offerings largely
curtailed while their necessities are still
unsettled The rate was down to 51a per
cent earlier in the day. The furry in
the last hour caused the most active
selling of stocks Of the day. Those who
reason that the point has been turning
towards easier money conditions found
little in todays occurrences to encour-
age them.
New York exchange was heavy at prac-
tically all important interior points and
shipments to the interior continue The
New York subtreasury also continues to
absorb funds from the banks The large
supply Of gold certificates now available,
far from improving conditions in New
York, rather aggravated them, as 1t SIM
ply facilitates the movement into the in
terror. A f1rmer tone Of sterling exchange
precluded hopes of an early gold move
nent. Discounts atBerlin stiffened sharp
ly, and sterling exchange there fell
fraction. Discounts in London responded
with q rise Of fraction.
No marked strength was manifest in
stocks at any time during the day, In
spite of the bidding up of Brooklyn
Transit and Leather preferred. The spe-
cialties show the sharpest losses reach
ing between 2 and points in number
of instances. In the railroads the grang-
ers We're most affected, but a number OF
Their railroad stocks are down as much as
q point.
Bonds were not as weak as stocks, as
there were number of firm spots In the
market Total sales, par value, Sl,24o,0oo.
United States rs declined a and the old
As, registered, advanced Is in the bid
price bss~
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: