The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-09-28
FEVERMARKSSTOCKS
THIS is DUE TO A CONTEST BEING
WAGED BY SPECULATIVE IN
-TERESTS
PRICES MARKED UP AFTER
BANK STATEMENT APPEARS
But Relapse Follows and the Closing
Is Hectic and unsettIed-St. Paul Loses
Four Ponts-Money Situation to Be the
Dominant Influence.

NEW YORK, Sept. 27.--There was a
very feverish trading on the stock ex-
change today which seemed principally
due to contest between opposing specu-
which were responsible for yesterdays
sharp upward movements were again in
evidence at the opening, but the, high
prices made attracted renewed heavy
liquidation induced by misgivings that
the bank statement would fail to reveal
the recuperation which was expected yes
terday.
There was a heavy break. In prices in
progress when the bank statement APP
peared, showing surplus reserve re-
established of $3,236,62 The bull opera
nents and marked up prices "a to 1 point
at jump, so that the market was sent
back to near last nights level and IN
some cases above. This was followed by
another relapse which carried some stocks
lower than before and made the closing
feyerish and unsettled. Louisville Sufer-
ed to the extent of 4 " in the late break
owing to the uncertainty whether the mi
nority stockholders are to be allowed to
share in the terms which it is reported
will be offered for control by the Attain
tic coast line syndicate.
Decline In st. Paul.
ST. Paul suffered an extreme loss Of over
points on account of denials by Of
ficials of published reports of a proposed
stock subscription right.
The dominant influence was the money
situation. The, increase of $l,79OyOOO in
cash reserves of the banks was a total
surprise in view of an indicated decrease
of about $4,0OO,O00. On the other hand
the loan contraction of $13, 49,, 800 was not
as large as had been looked for. The
source of the cash increase was an I'M
explained mystery. A sharp fractional
recovery in the sterling exchange market
unusual for Saturday, carried rates well
away from the gold import point The
bank statement failed to convince Specu
lators that the necessary for further loan
contraction has entirely passed.
Heavy liquidation of securities has been
forced in the stock market this week
by the calling of loans by the banks to
make up the deficiency in their reserves
revealed by last Saturdays, bank state
ment. The market steadied and recov-
cred somewhat in the latter part of the
week on the hope that the loan eontrac
ton had been carried as far as is inme-
secretary OF the treasury to pay now all
tn government interest due for the re-
mainder of the fiscal year less rebate
of "a per cent and to purchase bonds
would relieve the money stringency.
The stringency Of the money market
was solely responsible for the weakness
of stocks and this was in part due to the
large requirements for currency and
credits which are an incident of active
business. Ample warnings have been ut
tered by all competent authorities Of the
week and the lack of sufficient resources
to carry through the large speculative
commitments in the market has been
clearly forseen, without affecting, how
ever, the confidence of the speculative con-
tingent that means of relief would be
forthcoming.
Speculative bonds have been freely sold
during the week and some high-grade
bonds have also reflected pressure. United
States Is. IS, 5S and the old As coupon
advanced "A and the old as registered n
per cent, as compared with the closing
call of last week