The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-09-13

NEW YORK, Sept 12.-Call money
advanced to 20 per cent shortly before
the close of todays market, and the
list, which had been heavy throughout,
closed with marked declines. Opening
prices were lower, though mostly frac-
tional, but the unsettled tone, which
characterized the days comparatively
moderate transactions, was apparent
from the outset. London came lower
in the absence of New York support,
though later there was considerable
improvement and better demand for
internationals in the market
Missouri Pacific was the chief suf-
ferer in the early trading, selling off
about 2 points and making no recov-
cry The decline in the Changers and
PaciflcS was in part due to reports OF
frost in the corn belt. The selling Of
Baltimore e Ohio was accomplished
by reports that insiders had discount
ed the extra stock issues. st. Paul re-
ceived better support soon after the
opening, but in the main stocks which
then held their own were of the So
called pool class. There was no great
pressure against any particular stock,
but the early high rate for call money
10 per cent-coupled with reports
that some of the banks were showing
discrimination in the matter of COL
lateral, added to the increasing I'M
easiness.
Few Stocks Firm.
Louisville & Nashville and Rock
Island were among the few stocks that
reflected firmness at this juncture, the
latter selling ex-diVidend. Trading re-
ceiVed another check in the second,
however, when call money advanced
some more, but no great amount of
long stock seemed to be offered. New
ertheless it was clear that a number
of weak accounts were shaken out.
There was a rally in the Granger
group on reports that the frost had
done little damage. and at the same
time Manhattan also selling ex-div-
idend was being absorbed in small lots
on rumors of closer relations with New
York Central.
The United States Steel shares were
heavy, with little or no evidence of
support, but the strength of Union Pa
cific and st. Paul was suggestive of
pool support, while the weakness of
chesapeake & Ohio was attributed to
inside selling. A further reactionary
movement set in during the second
hour of the afternoon when money adj
vanced to Is per cent. Declines at that
time embraced all the active issues
and brought prices to the lowest level
of the day. Maximum declines to 2 per
cent were registered by st. Paul, Mis-
souri, Pacific Norfolk & Western and
North Western, with a 3A point de-
cline in Louisville & Nashville and
even greater losses in the speeialties.
Announcement of the 20 per cent rate
in call money was the signal for an
other selling movement, but partial re-
coveries were made by st. Paul and
Louisville & Nashville The final deal
ings brought some more liquidation,
and the closing was heavy and unset
tied. e .9.. ~ 81
Other Stocks That Declined.
In addition, to the net losses already
mentioned, nets declines of point or
over were made by Atchison, Baltimore
& Ohio, Chicago & North Western,
Minneapolis, st. Paul & Sault Ste. Ma
RE preferred, North American, Read
ing second preferred, Westinghouse
Electric, New York Air Brake, General
Electric, Virginia Carolina Chemical
issues, the Copper stocks and numer-
Gus others. Net gains were the eXcep-
ton and mostly fractional. London
traded in about $4,000 shares, mostly
on the buying side, during the decline.
Aside from the squeeze in call money,
the monetary outlook generally was
diSquieting.
Forecasts showed further heavy loss
es of cash by the banks, the greater
part of it to the subtreasury, which
paid out over $4,000 for pensions and
almost $2,000,O00 for gold, also trans
ferring $150,000 to New Orleans for
crop purposes, but these operations
will not show in tomorrow's bank
statement. 1t was understood that the
heavy loss in the surplus reserves had
been met by calling in of loans. Re-
ports of approaching imports of $6,000,-
900 to this center and Boston were not
confirmed.
The bond market was less active to-
day and reactionary in sympathy with
the depression in stocks. Total sales,
par value, $685. 900. United States
bonds were all unchanged on the last
call.