The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-09-20

NEW YORK, Sept. 19.-n tomor-
rows bank statement does not make a
strong showing, spectators who
bought stocks today will be disap-
pointed. The buying was based on the
expectation that the surplus reserve
of the banks has been replenished as
result of the weeks events. The
publication of the usual preliminary
estimates of the cash movements OF
the week somewhat chilled the hope
Of a good bank statement, as de-
crease in cash reserves of upwards or
$3,OO0,000 was indicated. OF this
amount the subtreasury has absorbed
some $3.50, 900, including deposits Of
currency for Geographic transfer to
the interior.
The regular movement by express in
routine banking operations makes up
the rest, but it is not improbable that
there have been special movements OF
money not included in these opera
TONS The shipment of several mil
lion dollars from Chicago, reported as
made last Saturday night, figures as
such a transaction, and reports have
come from other interior centers of
various amounts shipped to New York
to take advantage Of the prevailing
high rates for call loans.
Contracted Loan Account.
1t is never possible to forecast &C
curately the changes in the loan item,
but it is confidently believed in the
street that there has been a large con-
traction in the loan account during
the week. The payment Of subscrip-
tons on the Oregon Short Line bond
issue on Monday would result in some
loan contraction. The engagements of
gold during the week would also figure
as transfer of loans from the local
banks to foreigners. The stock mar
ket has not reflected any heavy Hqui-
datien during the week.
The steadiness of the call money
market today in face Of the demand
for loans to carry over until Monday
was strong indication that the posi-
ton of the banks is strengthened.
The leader of the market today was
easily st. Paul, which was 57s points
over last night at one time, with a
sympathetic effect on the whole list.
The movement was unexplained, but
the early tendency of Missouri Pa
eific to keep 1T company revived ru-
mors of an alliance between the two
systems. There was a setback in Mis-
souri, Pacific when the July statement
of earnings appeared showing a de-
crease in net of $3.50, 1876. The stock
lost most Of it's gain, and the other
SOulIWeStSIuS tuEEcQ fdtiISf nSdVy Iii
sympathy. The unfavorable cotton re-
ports were also an influence upon that
group.
Why st. Paul Is Strong.
The fact that a per cent dividend
is included in the price of st. Paul
was given as an argument for it's
strength, and the old comparison with
the price paid for Burlington, which
was 200, was also revived. The con-
tinued rise above 200 of Rock Island
furnished an additional parallel The
latter stock was conspicuous for the
number of cash transactions, as the
right of exchange into new securities
expires tomorrow, and there is no
stock delivery on the exchange on Sat-
urday. These contracts for the new
securities were active and strong ON
the curb. The reversal by the New
Jersey court of errors and appeals Of
the vice chaneellor's decision against
the stock convention and bond issue
plan of the United States Steel cor
poration caused squirt in it's securi-
ties. The Pennsylvania group was
strong, and Canadian Pacific showed
the effect of large earnings. The up
ward movement Of a number Of minor
industrials was due to special causes.
Considerable realizing was accomplish
ed on the advances and the market
closed irregular and below the best.
The bond market was quite active
and strong, especially for the CONSOLE
dated Tobacco As. Total sales, par
value, $3,67O,OO0 United States refund
ing Is, the So, new As and SIS advanced
Il and the old IS Is per cent on the
last call.
Stocks.