The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-04
STOCKS ARE LOWER
RATES FOR MONEY ADVANCED
OVER HOLIDAYS, IND BEARS
SELL STOCKS DOWN
IMPORTS OF eeID EXPECTED
Declines in Active issues Ranged
Generally From One to Three
Points-D. &k.sG. an
Excepties&
Closing.

Closing
Tues Mon.
Bar silver. New York .5sll 5Sls
Cali money, New York se..... ga 2-3
NEW YORK, Sept 3.-The reason for
the sudden reversal of speculative opin-
ion in today's stock market, so far as
events of the day threW any light upon
it. was rather obscure The bear party.
which was obviously iptimidated on last
Friday by the good support offered 70
stocks by inside interests, and disappotnt-
ed at the failure OF the money market
to stiffen on the eve of the triple holiday,
were apparently willing to take chances
on the short side that they were afraid
to venture upon for the interval during
which no market would be available for
them to close contracts IN. Their renew
ed .vigor in selling stocks thus represent
ed renewal Of the bear campaign based
upon the closer tendency of the money
market, which was interrupted by the
holiday. The actual condition in the
money market scenformed pretty closely
to what was expected on Friday, anu
which the Saturday bank statement
served to confirm by anticipation, but
the sterling exchange market promptly
responded to the closer condition IN the
local money market In a way to Indicate
the operation of forces at work for the
relief of the market by drawing gold
from abroad. In addition there was an
nouncement of the receipt of $l30,e In
Australian gold at San Francisco avail,
able for -telegrapflie transfer to New
York and the expected receipt later
the month of S1,250,0O0 to the same deSti-
nation. In the prevailing sentiment OF
Friday the marking UP of the money
rate which occurred today would have
been ignored if offset by these counter
effects. The ruling rate for call loans
today was 31a per cent None were made
below per cent, and the rate ran up
at enc time to A per cent. Money was re-
ported in abundant supply in London,
and the downward course of interest
there was not affected by the drop IN
New York exchange. In fact conditions
were decidedly more ehHErfui- London
this. morning, and the prospect OF being
called on for gold by Sew York is APP
parently viewed with eauR uimity. Lon-
dons higher range foTIAmerIeans had
the effect of opening AtsTfnarket higher,
but the opening prices proved to be the
highest. The action lofIthe foreign ex-
changes has been SoJ-anomal ouS or late
that some diStruSt is rehl OF the present
weakness as an index fEeeming gold i'm
ports Large loans areAHOwn to be max
ing of foreign capital shfFe, winch III
volve the selling of long exchange, to be
covered by purchase 1OfuSlght exchange
when the loans nature- 1t Is known thaI
ARRANGEMENTS also hay e. been making IN
the Paris exchange market Tor meeting
future requirements for the purchase of
American wheat The recent heavy eS-
port movement of wheat from mere IS 70
some extent artificial, Bsing stimulated
nv oralization of ocean freight rates,
caused by the extremely Escanty demand
for room to export merchandise IneSe
factors all have a bearing upon the fu-
ture of the foreign exchange market,
promising some support : at the period
when exchange is generally the weakest.
When traders perceived large selanS Or
ders today by brokers generally acting
for interests which have consistently sup
ported the market through all recent
signs of weakness, the selling pressure
became acute, causing declines G" to 8
points among the principal active stocks,
the grangers, Paci1cs leading. Denver 4
Rio Grande iss1esashewed. e1traord mary
strength, and afters -reaeting with the
markell show net gainse of B. points, for
the common and 3ss for the preferred.
Railroad bonds weakeQed=-I Sales
par value. s2e26, =. = = y 80 = 5
Tinted States bonds were zine hanged on
the last call. $1,000,
sSTOCNS. eeeS js4yeF