The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-24

and Bank Statement Meet Selling to
Realze-The Weeks Operations.
NEW YORK, Aug. 23.-The interest in
today's stock market was rather languld,
in spite of some brisk operations on. the
part of speculative pools and a SubStan-
tial Increase in the surplus reserves Of
the banks, which is usually made a signal
for an upward movement of stocks. = 1t
actual reserves of the banks failed to
show the expected small improvement.
the turn in the tide of the subtreasury
operations having taken up entirely the
contribution to the money market made
earlier In the week, so that the cash OF
the banks was decreased some 1900,
The contraction in the loans of $1560. :
600 shows that the funds which supplied
the stock market during the week came
from the trust companies and from pro-
ceeds of borrowings abroad as had been
supposed. The action of the banks in re-
ducing their loan account is in expecta-
ton of the coming demand from the In
terror which has evidently set in for the
season. The decision to postpone the
dissolution Of the Southern Railway vot-
ing trust by refraining from the declara-
ton of the dividend on the preferred
stock had only a slightly depressing. eff
feet upon that company's stock, as it is
supposed to be step toward the COM
pletion of the arrangement with the
Louisville & Nashville. Colorado Fuel was
6IIdI1C anu DGCdfHC W6dh dltCI I'LL CcI ~
advance. The newly arrived operator
whose buying advanced Southern Pacific,
published extensive announcements to ex-
plain the faith that was in him, and the
demand for Pennsylvania was supposed
to come from the same source. The mod
crate advance that followed these move
ments and the publication Of the bank
statement met selling to realize and the
market closed irregular.
Rounding Up the Week.
somewhat vacillating sentiment re-
garding the speculative outlook has been
reflected by the fluctuations of prices IN
the stock market during the week. Con
f1dence has continued undated over the
prosperity of the general conditions In the
country, but solieitude has been manifest
ed at different times over the resources OF
expanded credits through the period of
expanded circulation of money in the
country The return to New York OF j.
P. Morgan after an extended vacation
gave rise to a revival of speculative ami
nation which was followed by sharp re-
actions.
The belief that the anthracite coal min
ers' strike would be Immediately settled
by Mr.. MorganS presence was naturally
disappointed. The faith is strong in
Wall street, however that the end of the
sion of mining is not likely to extend into
the season of demand for winter supplies.
The undecided situation in which LOUIS
vile & Nashville has remained ever since
the passage of control in the speculative
buying of til ? stock in the open market
and the subsequent deposit of the stock
with j. E. Morgan & Co. for settlement
is not likely to endure much important
influence in the market, not only on that
stock but in the whole Southern field. as
it is expected that comprehensive read
juStment of railroad relations IN that
field will be involved.
The Gould Stocks. -
The entry of the st. Louis g. San
Francisco into that field is supposed to
enter into the final settlement and the
movements of the Gould stocks have sug-
gested the possibility that they are also
involved. It Is evident also that the
situation caused by the impairment in
the health of the president of the. United
States Steel corporation commanded the
early attention of the leading spirit in
that combination. Mr.. Morgan's re-
sumption of the active direction of the
was therefore an important incident in
the financial world and was clearly re-
flected in the stock market.
There was also an easier tone developed
in the money market, after slight furry
on Monday as consequence of the un-
favorable bank statement of last Satur-
day. The e,. source Of the relief to the
alleged at first to be due to funds att
tracted from the interior by the higher
rates prevailing here, but this view was
regarded with skepticism, in view Of the
active money markets Of the interior and
the transfer Of some funds from New
York to interior points.
Explanation More Plausible. es
The more likely explanation was that
the New York trust companies were
thus relieving the pressure on the clear
ing house banks. There were also
further large transfers of credits to for
eigners early in the week. but as the
change rate hardened and the offerings
of finance bills in the exchange diminished
markedly. The fact that a further 20 per
cent installment of subscriptions on the
$3.50, 900, 900 of the loan companies due on
Sept.4, the. talk of an early issue of a
Transvaa1 loan in London and report
soon a new loan of $3.50, 600, 900 were adj
ditiona1 influences in hardening the ex-
change market in which the short interest
Is now very large.
London also sold stocks here steadily
all week. The movement of currency to
the interior. is expected suddenly to de-
yelop into large proportions as soon as it
sets in and the transfers through the
sub-treasury- on Wednesday and Thurs
day and Friday were regarded as proba-
bly, the initiation of the movement.
Last year the course Of the current
condition in the week ending Aug IT.
when the interior gained less than half a
million as was the case in the following
the interior gained $3.424. 900 at the ex-
pense of New York and varying sums
every week thereafter until Nov. 3, when
the current turned again.. In the week
ending Sept. IA the orderly course of
events was interrupted by the assassina-
ton. of President Mckinley and heavy
liquidation was precipitated. Up to that
time the reserves of the New York clear
ing house banks had declined s19, 500, 400,
compared with Aug. II and loans were
contracted $12, 544, 200. In September of
last year also the money market had the
benefit of payments by the United States
treasury of 2,270 on account of re
demptions of United States bonds.
nc rot 4I1.I
week by the reduction of the yearly in
terest disbursements In the Central of
Georgia, first income bonds, from to 3
per cent and resulting active liquidation.
The general market has been irregular.
and the only important dealings were in
the speculative issues. United States
new As and old As advanced Y the Is
% and the IS u per cent, as compared
with the closing call Of last week.
Stocks.