The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-20
STOCKS LOSE GROUND.
VOLUME or BUSINESS SHOWS
CONSIDERABLE sHRINKAGE
Appearances of Weakness Is Most Acute
When the Corn Market Is the
Strongest - Closing il. Dull and
Heavy


NEW YORK, Sept 10. - Prices OF
stocks lost ground again today and
there was a decided shrinkage in the
volume of business. This was partly
attributable to the occurrence of the
important Jewish holiday of Yom Kip
pur, the observance of which kept a
large element away from the session
OF the stock exchange. The sagging
movement of stocks was not precipi-
tate and was made irregularly and
with frequent pauses and rallies. The
appearance of weakness was most
acute at the time the corn market was
strongest, giving a suggestion of the
factor of greatest influence on senti-
ment. The movement in both markets
was not based on immediate news de-
velopments, but on the appearance of
estimates of the volume Of the crop
by experts who have won some follow
ing in the course Of the recent active
speculation in wheat and in stocks.
These estimates were of total crop Of
less than 2,000,000,000 bushels, COM
pared with a crop indicated by the gov
ernment's figures of Sept. 1 Of 2,491,-
100000 bushels.
There was increasing discussion also
of the money outlook, based on the
Saturday bank statement. The effect
Of this statement was a 2 per cent
rate for call loans and firmer tone
for the time loans. With the surplus
reserve cut in two in three weeks and
the larger part of the crop moving de-
mands yet to nett is obvious that
an early contraction of the loan accom-
modations Of New York banks must
be enforced. Confidence is felt that
this may be done without stringency
of money, but it remains true that the
money at loans at 1 per cent and under
on the stock exchange for speculative
purpose is what would otherwise of
necessity lie idle in bank vaults and
is in consequence the first to be called
in.
Whence Liquidation
Thus it almost invariably follows
from the first contraction of bank loans
that some liquidation comes upon the
stock market Sterling exchange ran
off today in response to the firmer
money market, but discounts also
hardened and gold rose in London and
the Statist warns the London market
that it cannot expect continuance of
the present extreme ease Of money
there if New York calls for gold. as
Indicated by the movement of ex-
change. Interior banks are drawing on
New York deposits for meeting obliga-
tons to the government, thus account
ting for the continued large drain of
the subtreasury operations. The har-
vesting period and the crop uncer-
tainty still have an effect on railroad
traffic. but officials express. confidence
in a. good fall traffic after the crops
are harvested.
Earnings for the second week Of the
month show some mixed results, but
the Southwesterns reporting today
showed good increases over last year.
The fact, as commented upon, that the
Missouri, Kansas & Texas annual re-
port, like the st. Paul last week, shows
increase in expenses is more than ac-
counted for by the higher cost of OPP
Grafton, although expenditures for
maintenance are somewhat cut down.
Current opinion of. the outlook for steel
trade revival. was not SO sangufne as
last week, while some very hopeful
views of the copper trade were heard
in connection with the vigorous adj
vance in Amalgamated Copper The
closing was very dull and heavy, but
above the lowest
The bond market was easy. Total
sales, par value, S3,425, O0G. United
States IS advanced Il per cent on call.
GIocinr I Ic%