The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-01-25
TUMBLE IN WALL STREET
STOCK PRICES RECEDED sTEanrry
YESTERDAY, CLOSING AT
THE LOWEST
ST. PAUL LOST 1-s POINTS
Others of the Stronger seeur.,Ja.
Also Observation-Disclosures
Late Room I'm the Steel
Group Disappeared.

15aT Prsv
Par s,,,,o. NJ 80. Close. Day.
Call money, New York 1873 ~ Oh
NEW YORK, Jan. H24-The realizins, ~
speculative profits Proceeded steadily to-
o 10y, at resulting expense of prices The
was due to purely technical causes. Even
the opening advance in prices was lsroeIv
que TO manipulation which began in the
LONDON market on cabed orders from
mere before the market in New Yoril
opened. The general steadiness in The
m Ii ,Iid market helped this purpose The
Sank of England, and the Continued casa
or money there. in spite of LARGE with
araWals from the market by the bank.
o IF 10 an early reduction in the Bank
Oh GIngland rate. The opening prices Of
STOCKS mere proved in most cases to be
me highest: The weakness of the steel
ss I'1la, which began from the opening,
ulators VINO hoped that the group would
assume the leadership of new advance
IN IN prices ne because of the strength shown
9Sv 'iie Y1estulnlg steel stocks late yester-
nc1ent to bring in selling orders, and the
speculative hackers Of these stocks SEEM
no tiolsP3sea TO oIfer very vigorous sup
port; The cotorie which bought stocks
on MONDAY was credited with heavy SELL
ing to realize, ard there were large Sell.
ms orders all day, which We're attributed
OF the largest individual operator IN the
street, who has been supposed to be long
Of stock. had considerable influence on
sentiment, but the real basis of the re-
action was the failure to attract any re-
newed outside speculation, as clearly
demonstrated by the marked decline IN
ton was given to the reports of friction
between the English and Russian adj
r1irals in Chinese waters
THE MONEY SITUATION.
The days statement of the treasury OPP
erations reflected the payments on ac-
office for export, which more than wiped
out the weeks previous gain by the
banks. A notablelf feature Of the current
money situation is the heavy rehux OF
Try statement shows that receipts of
bank notes for current redemption thus
far this month have amounted to $13SGi.-
Cos. For the six rnosths ending jan /,
the total was S63, S9SGaSE The average per
working day prevfoustto this month was
a little over 100000, while for this month
$3OO,GoG per working day. Experience
shows that this return movement of bank
notes is likely to Continue heavy during
February and March, and in view of the
expansion of the newt law about S95000,-
600 in national bzlnlSnote issues, it is
likely to be aggravated this year. The
limitation of sS,O0O,00O per month as the
maximum allowed for retirement of bank
notes remains in the law, and will act
as an obstacle to the contraction of cir
Culation. The current redemption of
bank rotes plays a large part in the large
gains making by New York banks on
sub treasury operations, as New York
banks receive a large proportion of in
terror bank notes by return shipment
and besides receive drafts on account Of
bank notes received by their interior
correspondents. This large return of
bank notes from circulation and the re-
str;ction on their retirement is expected
to stimulate the pressure to place loans
in the money market, and will operate
to foster the tendency to ship, gold
abroad, notwithstanding continued case
III foreign money markets.
SOME OF THE DECLINES.
Extreme declines reached AZ IL St.
Paul As in Brooklyn Transit. 27s i'll Steel
& Wire, 29s in Federal Steel and Man
haitian "a in Northern Pacific, in Great
Northern pfd, IA in Sugar, and from. to
in a large number of active stocks.
show of strength. ttr
The bond market was reactionary in
spots in sympathy with stocks, but ad-
vanced at others. Total sales, par Value,
S.. 675, 600. United States new As advanced
4 per cent on the last call.
STOCK QUOTATIONS.
Furnished by Charles II. F.. Smith g
Co., members of the New York stock
Exchange, Pioneer Press building. who
have direct wires to Chicago and New
York. Closing prices are bid: