The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-15
DAY IN WALL STREET
EFFORTS To HOLSTER PRICES
MEET But MODERATE MEAS
IRE OF SUCCESS
RAILROAD COMBINE STORY
Financing of Northern Pacific Set
Element Seems the Immediate
Object of Large Interests
Involved.

NEW YORK Oct 14-Efforts by large
speculative interests to sustain and adj
yarce the stock market continued ia evil
deneeftoday. They succeeded in overcom-
ing the early weakness, but as the level
OF prices rose over that of Saturday, their
following decreased and the advance lost
its force. 1t was not aggressive at any
time and was restricted to few
ste ckS. notably St. Paul and the Pacifics.
The elimination of large proportion of
the short interest as result of the adj
vance late last week deprived the market
of an important element of strength. 1t
was evident that sustained advance at
this time would have to depend on the
Efforts of the larger financial powers
These elements Were supposed last week
to have embarked on campaign for the
advance, owing to inside information OF
plans to settle the Northern Pacific tan
gle, but apparently, last weeks reports
on that subject were either not well
founded or premature. The suspicion has
gained force that the circulation of those
reports was a manipulating measure
against the shorts, or was designed to
test the possible effect on speculation of
the actual announcement of some such
measure The perception emerged that
measures to finance the. Northern Pacific
settlement are the great object to be OBJ
stained at present, rather than large ute
rior projects of additional consultations.
The prevalent rumor of an assignment
by the financial powers of the control of
ST. Paul to Union Pacific as compenSa-
ton for a REIMBURSEMENT of the control
of Northern Pacific to the Morgan-Hill
interests does not find great credence.
Such settlement would not provide for
the naturalization of the Burlington SyS-
teIa as competitor of Union Pacific.
which was the vital contention of Union
Pacific throughout the quarrel. NeVePthe-
less, st. Paul showed itself the most
sensitive stock in the market today, fall
ing early in the day IL below Saturday,
and rising later to pa above. The rest
OF the market followed the movement in
St. Paul though over q lesser range
throughout. In spite of favorable inter-
pretations of Saturdays bank statement,
there is some uneasiness persisting of the
safety OF the money market for the rest
of the season. The seemingly acute de-
mand for funds at Paris awakens consid-
cradle surEise as to the extent of the
demands to be satisfied at that center.
The prevailing ease of money in London
is dependent on the large amounts of
French capital loaned in that market
and heavy withdrawals from London may
have serious effects. The whole tone of
foreign markets continues much depreSS-
ed. At the same time it is to be noted
that the rise in sterling exchange here
has been checked. Today's action by the
Bank of England in advancing the price
of American eagles, even Indicates some
apprehension Of a future demand for gold
from New York. Should the demand for
sterling exchange for purpose of repay
ment of foreign borrowings come to an
end and the belated movement of cotton
quickly grow there can be little doubt
that exchange would fall to the gold i'm
port point almost at once. The notable
decline in the movement of grain over
the railroads exercised some depressing
influence on the market. The closing was
unsteady, but at top prices, for a num-
Der of stocks. There was a decrease in
the demand for railroad bonds and the
movement of prices was Irregular. Total
sales, par value, S26d9,e90 United States
bonds were all unchanged on the last
call