The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-11-07


NEW YORK, Nov 6.-The course OF
the stock market today effectually dissi-
pated the symptoms of weakness which
were engendered by the Saturday bank
statement. The course of prices was
downward in the early dealings, but
practically all the declines were recovered
and some striking net gains were es
tablished in a considerable list of stocks.
The downward course proceeded to the
extent of to points In a number of
the prominent industrials and reached as
much as a point in a number of the
railroads, including examples from the
grangers, Southwesterns, Southerns, coal
ers and trunk lines. Northwestern
dropped at one time 21a In the leading
industrials a level of prices was subse-
Quently established reaching generally a
point above Saturday. The railI DAD
group was not so resilient, but its down
ward course of the morning was very
generally retracted and fractional ret
gains are the rule. In Southern Pacific
the recent large and organized buying
was resumed after the demand had
reached q and 1t was advanced 15s. The
speculation in Leather continued on an
enormous scale, the price being raised
on running sales of 10000 shares at the
opening from &c below to re above Sat-
urday's price. Subsequently the loss Of
Saturday was more than recovered, but
prices lifted to within q shade of Al.
There was heavy realizing in the stock
in the late dealings, but 1t was firmly
supported at 40 The renewed support
by the speculative pool in Leather had
no small influence in dissipating the
fears of a general break in prices.
There were many soothing explanations
offered of the exhibit of a deficit in sur
plus reserves by Saturdays bank state
ment. The favori,e explanation among
spectators was that it was due to an
"error" in the return of a single bank,
or rather to the rectihcation of an error
made in the previous weeks return. 1t
was this error, so 1t is said, which had
caused the unduly favorable statement
of Oct. 28, and the allowance for 1t
which made the showing of the deficit
of last Saturday and upset the stock
market The comfort found in this eX-
PLANTATION was somewhat disturbed by the
rise in the call money rate to IL per
cent, and the calling of loans by the
banks. But the conviction became gen
eral that Saturdays bank statement was
not fair index of the actual condition
of the banks The continued hardness
of New York exchange at important in
terror points aroused expectations that
the movement of money is about to turn
in favor Of New York.
The short contracts which were put out
In the morning were very generally COW
cred before the close The eve OF the
elections was also the occasion for the
covering of some short contracts VIII CHI
had been put out on the theory that this
years election might be the prelude to
the unsettled business conditions which
are looked for in a presidential year.
The drop in the money rate to per
cent late in the day accumulated the
buying demand for stocks. An incident
of the day was a sale of United States
Milling at u, compared with "a for the
last preceding sale some time since.
Prices of bonds only partly recovered
from the early decline in sympathy wi h
stocks Total sales, par value, $2,Ol5 OO).
United States old fours coupon advanced
Il in bid price.
Stock QUOTATIONS.
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