The Saint Paul globe., 1902-10-07

NEW YORK, Oct. 6.-Today's reac-
tionary stock market was typical or a
well-ordered liquidation. The bears were
alert and aggressive all day to take away
the market from the long interests, but
they showed their fear of overrunning the
market by the frequency with which they
bought to cover their short contracts. This
operation caused a number of checks to
the downward course of prices and OF
rallied reaching from one to two points
in a few stocks.
Reading was twice lifted above last
weeks level by these rallies and rumor
was busy in Wall street all day regarding
the next developments in the coal strike
situation. The continued manifestation
of interest in the subject by President
Roosevelt gave rise to the expectation
of new steps to be taken by him. There
intentions of Gov. Stone, of Pennsylvania,
concerning the use of the military The
anthracite group was inclined to resist
the reactionary tendency on this ac-
count.
ST. Paul Resists Decline.
st. Paul also made a visible resistance
to the decline and shared in the occa-
stockholders to issue new stock to the
extent of $25,000,000 and the subscrip-
ton rights thus implied helped the stock.
1t will be seen that neither of these
stocks entirely escaped the prevailing
pressure to sell which carried the general
list down from 10 to over 8 points with
The Southwestern cotton and corn car
riers were notable sufferers, doubtless on
account of unfavorable crop reports.
There were yer some heavy declines in the
States Express dropping Is points, New
York Air Brake 10, North Western nearly
3 81 Laekawanna ma ~ and Brooklyn, Union:
the. losses were curtailed, by, the rally
which was in progress at the close of the
market, due to the covering by. shorts.
TodayS money market reflected clearly
enough the policy of the banks in re-
calling loans from the stock market, as
was foreshadowed by the action of the
clearing house committee on Saturday in
the proffered release Of the reserves
against government deposits. The money
rate ran up to II per cent at midday. and
again to that level before the close. There
was strict discrimination also in ac-
cepting collateral for loans.
Must Take In Credit.
This policy by the banks is a peremp-
Spectators to take in credit. 1t is well
recognized tenet of financial policy to ac-
cord credits the disastrous contraction of
credits. The emergency measure Of the
cred justified in such a crisis. That the
banks should insist upon the contrary
upon liquidation proceeding at this time
is evidence of their confidence of the So
absence of fears that any substantial and
legitimate business will be harmed by
the liquidation Of loans. employed in the
speculative holdings of stocks. 1t is
eminently true that the present strin-
gency of money is not due to distrust or
that available read money for the i'm
perative needs of the circulation Is alb
solutely lacking and can only be secured
by diverting funds now placed in loans.
Bonds were weak, but in less degree
than stocks. Total sales, par value, So.
995, 900. United States 3s coupon ad-
ling continued to advance today in spite
of the renewed stringency of money here
and easier money abroad, showing thu
hopelessness of immediate relief by gold
imports.
Stocks.