The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-09-17
Increased Activity Accompanied by
Lower Range of Prices.

NEW YORK, Sept. f5-The same fac
tors which caused the break in prices IN
yesterdays afternoon stock market con-
unued In force today and more busi-
ness was done during the two hours of
the Saturday short session than on any
Iu1l day for months 70 Liquidation was
plainly In evidence and the bear opera
tors added their selling to the burden of
the market in the confidence that lower
prices ECuld enable them to cover at a
Proht The decline which they brought
ABOUT IN this way uncovered many stop
loss orders, which had been placed in the
market as precautionary measure by
recent speculative buyers. The points
OF weakness made 1t evident that the
counts. In Peoples Gas there is large
snort account already, and the demand
10 cover was large enough to keep that
STOCK comparatively steady until near
the close. Otherwise the weakness was
quite general and evenly distributed. The
principal railroad stocks are down l to
~, the coalers, grangerS, Pacffcs and
trunk lines being the principal sufferers
The steel stocks and the leading special
ties show the same range of losses. The
were extended from 9 to g points In SUI
gar Tobacco. Metropolitan, General EIec-
tr1c, North-W eStern. Erie LIST preferred
and Baltimore & Ohio preferred. The
bear traders covered in some stocks but
III others the selling continued in large
volume to the close, which was active
and weak. THE decrease in the cash re-
serves of A,s54.20 came close to the pre-
hmlnary estimates. showing that nation
al bank notes have not taken the place
Of legal tenders to any extent in the
outward currency market The loan ex-
panSien of $7,022 500 is largely due to the
operation of the German loan subscrip
ton and is a reminder that if the gold
goes out in payment OF the subscriptions.
the demands upon the local money mar
ket VIII have the effect of Absorb lng
serves still stand at over $40. coo. 900. COM
pared with merely nominal surplus at
this time last year, the sequence of last
years events was SO unsatisfactory that
the parallel does not yield a feeling OF
confidence over the ability of the money
market to meet such rapid rate of de-
rletion as is disclosed by today's bank
statement.
TREASURY BALANCES Washington
Sept. Birthdays statment of treasury
balances: Balance in the general fund.
exclusive of the $3.50, 900 gold reserve
in the division of redemptien. shows:
$751; 500.
The Financter says: The two factors
New York hank statement a week ago
namely, the rapid expansion in loans
and the reduction in cash holdings in re-
in a further shrinkage, of the surplus
reserve OF the clearing house institutions
for the current six DAYS period. The
loss in cash was $4;954. 200. traceable for
the most part to shipments of currency
by the banks although they also lost in
the operations to the subtreasury. The
reserve requirements are something like
a quarter OF a million higher than week
age. and the surplus shows a falling off
Of $5g22. 125, bringing the total to $40 1885,
1I5 This is caused by the increase of
loans by about $1,000, GEO. and the increase
in deposits by about s1,7OO00O. The rise
in the loan item was much larger than
expected, and, contrary &c the usual ex-
plantations. cannot be accounted for by
the operations CT g few large banks. In
fact, the increase is rather We'll distrib-
uted.
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: