The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-13
STAGNATION IN STOCKS
LARGE SELLING TAKES THE VIGoR
OUT OF SPECULATION
Closing Prices at About the Lowest Point
of the Day-Less Liberal Disposition of
Banks to Place Short Time Loans the
Only Explanation Found.

NEW YORK, Jan. 12.-The large SELL
ing which developed on Saturday, and
Which was renewed after the opening to-
day, served to take the vigor out Of spec
ulation and the stock market sank into a
condltlon OF semf-Stagnation during the
afternoon, with an occasional downward
dip IN prices. The market closed with
one of these selling movements in force,
making the last prices about the lowest of
the day.
There was nothing in the news to offer
rational explanation of the decline, un-
less 1t might be a rather less liberal dis
position on the part of the banks and
trust companies in the matter of placing
Short-time loans. The movements of cash
so far as known to the public, continued
to increase the reserves of the banks
me Subtreasury operate have yielded
rather more than $4,000 900 to the banks
since Friday and the bank statement of
saturday is believed to have underStated
the reserve item at that time by several
million dollars. owing to the fact that the
heaviest movement last week came late
and so figured for less than it should
have in the weekly averages. Some impor-
lance IS attached, however to the sus-
tanned upward movement of sterling ex-
change in connection with the correspond
ing rise in London discounts, which made
a greater advance today.
Outqo of Gold Threatened.
1t is believed unless money rates here
are allowed to advance again, the demand
from London will result in an outgo of
gold. This would interfere with the plans
of the managers of the present Specula-
tive campaign IN stocks. who have count
ed upon a period of easy money. The
call for a 10 per cent installment of the
$50, 600, 600 subscription to the interna-
tlonaI marine syndicate which will call
for S.. GOO, GOO on Saturday, is another fac
tor In the situation. Recent increases in
bank and trust company stock will call
for some IS, 900, 900 to take up new stock
in the more remote future are the pro
posed Pennsylvania stock issue and the
DreSumnflOn that the nnrChaSp for
troll of the Reading will be followed by
the issue of some new security against
the holdings. RumorS continue busy also
with alleged plans for retiring the Atch-
1Son debentures with new bond issue.
The quick manipulation of these posi-
BILE new offerings in the stock market had
a rather chilling effect Berlin also re-
ported new German loan as an early
prospect
Rumors Have No Revlvinq Effect.
The numerous rumors of further rail-
road combinations which were circulated
failed to have a reviying effect upon spec
itude over the effect upon money supplies
or because the rImorS showed some lack
of inventive power. A combination of
AtchiSOn and Rock Island, a Rock Island
outlet to tidewater by way of Erie.
purchase of Chicago Great Western by
Rock Island, purchase of Atchtson by
Pennsyfvania; an absorption OF Southern
Railway by Pennsylvania, with some ru
mors which were formulated during the
day without producing much effect. There
was some early strength In Atchlson
and Sugar and later advances IN some
specialties, including the Chicago Iron
Traction stocks. Iowa Central stocks. the
Rubber Goods stocks, Kansas City South
ern and one or two others. which were
unexplained by any special news.
Speculative bonds were weak in SYM
pathy with stocks, but the investment IS
sues were firm. Total sales, par value.
$2.710, 600. United States bonds were all
unchanged on the last call