The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-09-23

NEW YORK, Sept. 22-There was a
spasm of liquidation in the stock mar
ket this morning and in a somewhat
feyeriSh and irregular movement during
the rest of the day. This was inevitable
after the showing made by the banks on
Saturday of a deficit of over $1,000, 600
in the reserves required, but the COM
paratively small effect in the market and
the persistence with which efforts were
renewed to advance prices the moment
there was the slightest relaxation in the
selling pressure We're again surprise to
all observers.
The selling was somewhat scattered in
its origin, as shown by the comparatively
stall size of the selling orders. The
buying orders, however, were concen-
trated and in many cases We're for
thousand shares and upwards, indicating
the large resources of the interests sup
porting the market. Considerable inroads
were made upon prices, nevertheless,
ferer, with a loss of 81. During the latter
part of the day that stock scored a full
recovery, and st. Paul was at one time
over last week. Another furry in the
money market to 20 per cent sent prices
off at the last. and made the closing
heavy.
Old Burlington Stock Bid Up.
A feature of the trading was the bid
ding up of the old Burlington stock to
21O without bringing out any offerings,
as practically all the stock has been re-
tired in exchange for the joint bonds.
The last sale was in April at 194H. The
advance in the bid today seemed in
tended as an additional demonstration of
the comparative cheapness of st. Paul.
The money market was decidedly fever
1Sh all day, as might have been expected.
A small amount loaned at the opening at
per cent, but the rate ran up quickly to
10 per cent, reacting to 10 per cent, and
then rose again to the highest at 20 per
cent. The banks are under practical
necessity of contracting their loan in
order to compare the deficit in their re-
serves, but the process of contraction
seems to be done reluctantly. There was
no apparent purpose to push the pro-
cess beyond the actual necessities of the
situation created by the reserve deficit,
and preparations for additional future in
roads upon the cash reserves were not
perceptible. There was no symptom of
its and the disposition of tenders includ-
ing the banks, seems to be to keep at
loan every available dollar they can mus
ter, trusting. to future contingencies to
check or offset the actual drain upon
their reserves.
A Little Relief.
The subtreasury statement today
in the shape of a contribution of several
hundred thousand dollars by that in
stitution to the banks. This was due tc
decline from the recent average of Gus
ments and the additional disbursements
Of government funds Small parcels of
Klondike gold are arriving on the Pacific
coast are made Immediately available by
telegraphic transfer, and the $1,000000
shipment from London is expected to ar
rive by the middle of this week On the
other hand, 100000 was transferred to-
day through the subtreasury to New Or
leans, and the sharp fall in sterling ex.
change was met by a rise in the price of
gold and in discount rates in London.
,@N,n, Il
vancing money rates. Effective meas
ures for the relief of the local money
market situation remain in short, to be
found.
Bonds were easy but not very active.
Total sales, par value, $4,025, 600. United
States Is advanced "A and the registered
Is u per cent on the last call.
Stocks.