The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-19
MARKET FOR TRADERS
STOCKS MODERATELY ACTIVE, BUT
NEITHER PUBLIC NOR BIG
HOLDERS PARTICIPATED
CALL MONEY STILL EASY

Sharp Expansion In Loans Probably
the Result of Operations Which
Have Not Yet Come to the Sur
face-Lower Rates Are Not to Be
Expected i'm the Near Future
Railway Conditions.
NEW YORK. Feb S.-Henry Clews'
weekly stock letter says:
It has been a good traders market.
There was moderate activity on the
stock exchange, but neither the outside
public nor the big holders participated to
any important extent. The general I'M
dertone, however, was Enthusiastically
strong in spite Of moderate profit-taking
and the irregularity of few independent
stocks.
The most important event of the week
was the passage In the senate of the
bill declaring for the gold standard, and
providing for refundfng $3.50, 900 of the
national debt into 2 per cent bonds. Its
effect upon the stock market Is not likely
to be very pronounced, having been al
ready anticipated.
General conditions affecting the market
continue favorable. The railroad sttua-
ton is eminently satisfactory. Accord
ing to the Chronicle 100 roads reported
earnings of $5O, zoo, 900 in January. an in
crease of Is per cent over the preceding
January; which, considering the gains OF
previous years, was remarkable. The
even distribution of these gains proves
the Improvement in business to be general
and not local. The South is now sharing
in this improvement more largely; the
advance in cotton being great boon to
that section. 1t is calculated that II the
present crop did not exceed 100000 bales,
and the average price In Southern mar
Refs was only &c, 1t would net the South
$40, 000, 600 more than last years crop. Inc
South is also proiting from the phe-
nomenaI development in the cotton indus
try; not only securing larger profit FOR
growing cotton, but an entirely new pront
from manufacturing the staple, besides
finding additional employment for large
population The revolution now going
quietly on in the South can only be ap-
preciated by those who have gone over
the ground and made comparison with
decade ago.
The call money market continues easy,
and there is no immediate prospect OF
change. A sharp expansion in loans dur
ing the last two or three weeks has at
tracted much comment. In some quar-
tiers it was attributed to commercial de-
mands arising from business activity, but
this does not satisfactorily explain such
| a large and sudden increase in loans, and
is probably accounted for by deals or ne
/ gotiations that have not yet come to the
surface. The treasury Is now absorbing
| funds from the banks; money is going
South for the movement Of cotton, and
appearances indicate a. more active de-
mand from stock exchange borrowers, 50
easier rates need not be expected and less
| favorable bank statements hereafter will
not be surprise.
The January statement of foreign com-
MERGE is another remarkable and encour-
aging feature The exports Of merchan-
disc for the month were SILT, 62o0o0, which
| was 81, 900 in excess of the same time
last year and $4,000. 900 in excess Of Janu-
!, airy, 1898. There was naturally large In
| crease of imports due to the, enlarged
buying power Of the country; the total
imports of merchandise were s75.S26. 900.
This was an increase of s1T60o0O0 over 1893