The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-09-05

NEW YORK, Sept. 4.-Partly as a re-
suit of the furry in call money. which
loaned as high as 8 per cent, and for other
potent reasons, the stock market today
developed a distinctly irregular tone. Be-
fore the close of the morning session more
or less weakness was shown in a number
of speculative issues. namely, Readlng
Pennsylvania, New York Central, Union
Pacific and Southern railway. Mese land
other less prominent stocks fell to a level
generally lower than yesterdays closing
prices. Much Of the selling was of a CHAR
acter technically known as good" and IN
all conservative quarters the opinion pre-
vailed that the pace of the early week
had been too fast. Trading in the fore
noon was again very heavy, but the day
as a whole was less active and more Cir
cumscribed in distribution of business.
In the face of these adverse conditions
new high records We're made IN Baltimore
and preferred, Wheeling & Lake Erie,
Pacific Coast, National Railroad of Mex
leo, Pittsburg, c., C. & st. Louis, Cast
Iron Pipe and Foundry issues and Sloss-
Sheffield Steel, common and preferred.
Steel Strong and Active.
The feature of the opening was the
strength and activity of United States
Steel common. Purchases of the stock
were ON a large scale, and resulted in a
substantial advance, but the full improve
ment was not maintained. Ihe move IN
Steel common was presumably based on
its strength in London, from which center
good buying was reported for American
interests. Locally, London traded In about
sold on balance. The early decline in
Pennsylvania was followed by a reaction
airy movement in the stocks of most of the
Southwestern roads.
and the common stock, on dealings much
below those of the previous two days,
closed with a decline of "a points. Opln-
ions differ as to the Ultimate fate OF 5nae
property, but the knowing ones declare
that it's future rests with PennsylVanla
interests, who it is expected, will turn 1t
over to the Baltimore q Ohio line.
Shares of. the latter road, particularly the
common were active and strong at the
outset, but closed. with a net loss. A
smart advance in Wabash was attributed
to manipulation by a Leading operator.
The early afternoon saw sharp gains In
Peoples Gas, Manhattan, Virginla-Caro-
lima Chemical, Cotton Oil and some OF the
more obscure issues.
"Drive" Against the Shorts.
The advance in Gas was accepted as a
"drive'' against the short interest In that
stock, Selling orders IN the last Iod nonT
list. and the closing, while active, was
weak. In the standard railway group
marked weakness was shown by Norfolk
& Western, Louisville & Nashville, Hi
nois Central and Union Pacific, and In adj
dition to those already named. or the
miscellaneous stocks the weakest was
American Bicycle preferred. which de-
clined G. points, On the curb Northern Sc
curities more than maintained its strength
of the cary week., opening at 117h, but re-
acting toward the close.
Call money opened at(5h per cent, and
only a comparatively small amount was
placed at the top figure, the bulk OF. the
loans being made at from 6 to per cent?
There was little disposition to lend money
on time, in view of the rates for demand
loans. Foreign exchange continued easy,
with no sign of an early reversal The
sum of SIS. 600 was transferred to New
other operations, shows a gain by the sub
treasury of over So, 200, 900 since last Fri
day.
and irregular. Total sales, par value,
81. S95, 600. United States old and new As,
registered, advanced n per cent on the
last call.