The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-10-09

NEW YORK, Oct. s.LTrading on the
stock exchange today, was marked by
revival of a considerable bear party.
whose activities were aggressive and per-
sistent. Their efforts to depress prices
were contested by the speculative hold
ers of long stocks, who were successful
last week in lifting prices in spite of the
various unfavorable factors which de-
veloped in the convention. The conflict
ing forces at work were reflected in a
feverish and irregular movement of
prices. The marked depletion Of banking
reserves revealed by the Saturday bank
statement, had the effect of unsettling
speculative opinion. There was con-
constant variation of apprehension over
construction Of the money supply and the
report of relief by imports. This con-
vidtion became pretty well settled as the
day progressed that gold would move
from London towards New York this
week. The market for foreign exchange
Tell feVeriShly by successive stages
throughout the day and demand Sterl-
ing closed a full cent in the pounds be-
low Fridays level, which was the last
day of active business in the exchange
market. This price is within small
fraction of the level generally agreed
upon as Offering a profit on imports of
sold at the present price of gold and
within the limit that would allow the
special transactions which generally pre-
cede a regular gold movement in a stray
Cling fashion. Owing to the temporary
abundance of money in London on ac-
count Of government financial operations
and receipts of gold from India III pay
ment for silver, discount rates continue
to fall there and offei" no resistance to
the pressure of gold. The small move
ment of gold from London fO Rarli,, 10
day, was in response to the transfers Of
Sterling from New York to Berlin which
have progressed in connection with pay
ment of subscriptions ITO the German loan
member of the German loan syndicate
broadly intimated today that require
ments for exchange in payment of sub
scrptions to the loan Were about sat-
isfied, and expressed the opinion that the
same was true in connection with the
British loan. Without this future de-
mand to support the exchange market
the flood of cotton bills which continues
to appear in the market insuress a move
ment hither of gold, which only a sharp
advance ia foreign discount rates will
serve to check. Such "a contest for gold
as would thus be preeipitated, even If It
resulted in favor of New York, might not
be an altogether reassu1ing circumstance
for SPECTATORS, as the forcing of liuuida-
ton In foreign markets might have a
reflex action here. Hence the unsettle-
ment of the speculative mind today, in
spite of the prospect sfof gold imports
There was also an appreciate narrowing
of the money supply offering in New
York. The prevailing rate held at 3 per
cent for call loans and ran up to 3A. per
cent during the afternoon, but this rate
brought out an abundant supply to fill
the small remaf1iTg- requirements and the
rate ran off to pig per- cent.
The interior moveqeflt# Of eur
rency continues unabatel and
the deposits at the sub-treasury alone to-
Gay for transfer to the interior, footed
up three-qua1ters Of million dollars.
With the exception of a period Of
strength in the iron and steel stocks, led
by Tennessee coal and Colorado fuel.
the feadtionary tendency was predomi-
nant, and the leading stocks We're off
from l to 3 points. With the late break
in call money and the fail i'll exchange
to about the gold point, prices rallied
somewhat, but the market closed feverish
and irregular.
The active bond issues were weak. but
there were exceptions amongst high grade
bonds. Total sales par value 81, 900, Co.,
United States bonds unchanged on the
last call.