The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-13
DAY IN WALL STREET
COMING BANK STATEMENT Dis
PLACES BUFFALO ADVICEs as
THE IMPORTANT FACTOR
TENDENCY IS TO WEAKNESS
st. Paul Semi-AnnuaI Dividend of q
Per Cent Common and LIZ Pre-
ferred Is disappointing
to Spectators.
Closing


Thursday Wednesday
Bar silver, New York 5S7s 5S1l
Call money. New York 40 "a
!. NEW YORK, Sept 12.-The news from
Buffalo was practically eliminated as an
influence from the stock market today for
the first time since the event of last
Friday. The coming bank statement be-
gar to loom big on the horizon as to-
morrow's preliminary figures of the
weeks cash account will allow some esti-
mate of what the showing will be. In the
item of loans, however, the statement it
self on Friday will have to be awaited.
Apparently there can be no escape from
a weak statement on both scores. The
banks have lost cash on the interior
movement during the week, but the drain
to the SubtreaSury has been SenSihly di-
miEished. Large payments have been
made to the banks on account of Aus
tralian and Klondike gold, and the diver
sion of internal revenue receipts into
bank deposits is apparently beginning TO
affect the account with the government
institution. The increase in government
deposits from this source is TO be distrib-
uted ultimately among banks throughout
the country that have bonds with the
treasury to secure them. But the bulk
of payments to the government are made
in New York, and consequently they will
be deposited temporarily in New York
banks having what are called live ac-
counts with the government. and SO
may affect the showing of the banks this
week. The acceptanceS by the secretary
of the treasury of tenders of government
bonds were not known until after the
market closed today. and the payments
for these bonds are too late to figure i'll
this weeks statement anyhow. Yester-
days feeling of SkepticiSm of the eff
cheney of this measure to give such relief
to the money market as would benefit
Speculation in stock was deepened today.
and the additional sharp rise in the bid
price of government bonds on call in
creased the doubt as to tenders being
made at prices which the secretary would
be inclined to accept in any large amount.
The expressed unwillingness of the see
rotary to offer any considerable bonus
to owners of bonds to induce them to sell
influenced this feeling, which was con-
uncertainty which pervaded the market
all day. The St. Paul dividend episode
was disconcerting to a part of specula-
tors who had made very confident predlc-
tions of an increase in the dividend. and
had bought stocks on the strength of
their belief. Their most plausible argu-
ment was that at the time the St. Paul
authorities rejected the offer from the
Northern Pacific which was afterwards
accepted by the Burlington, assurances
were given to stock holders that they
would fare as we'll as though the offer
had been accepted. Republic steel was
particularly weak, as an after effect of
the poor showing of the annual report,
and Amalgamated copper was consplcu-
ously under pressure all day. Sugar was
sold ostensibly on account of the loss
of the frait-canning season. Other price
movements of any considerable extent
were in stocks of little prominence.
Railroad bonds were dull and firm. To-
tai sales, par value, 81, 395, 600.
United States SIS advanced 4. the old
is and IS, y, and the new As 1 per cent
on the last call today.
STOCKS