The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-11-03
DAY IN WALL N STREET |: I :.
! lSsssA. - ~ 2 - s'.1 s5.f--fi5 4 tf7tlo
sMoyEMENT OF sTock IN wA1Es
STREET WAS NARROW AND S.
IRREGULAR
BANK STATEMENT IS WEAK

+ DAMN .a41AA G1AAzAsA 4D w Lin
illinois Central and st. Louis d San
E Francisco show strength-st.
h Paul Weak, Closing at
s the Lowest.
s a ,,e
. Closing.
s Bar silver, New York SIS 571l
ACaH money; New York III sw4sA. 31s-5
Z NEW YORK, Nov. 2-The stock
s market, wasa spotty and irregular today
5 but made firm closing at about the
Chest generally after the appearance Of
.the weak bank statement. Very large
sorders were placed in various stocks to
5effect the rally. The selling after the
2 Tank statement had been considerable
sand the earlier gains had been pretty
ell wiped out. Union Pacific was most
aprominent in the rally and was marked
I'D to 1881 through many offerings of sew
EeraI thousand share blocks each. The
ssSouthern Railway stocks, Baltimore e
= Ohio Amalgamated Copper and United
Estates Steel preferred also rallied streng4s
5ly, the last named rising a point over
sslast night. ss St. Paul Was notably heavy
sand rallied but feebly, dropping back to
s the lowest of the day just at the close
Z The general movement was narrow, but
some less important stocks moved widely
i Peoples Gas was Sharply depressed
. There was strength in Illinois Central
y and thefASts Louis & San Francisco
& stocks. 1t was hoped that the gold eX-
ports, coming late in the week. Would not
! figure for the full amount in the bank
IS statement under the average system.
8 But the cash decrease proved, to be a
million and a half in excess of the esti-
s mates The loan item showed the process
of loan expansion by the banks still
s heavy in force. The London money
s market showed relief by Reimbursement
/ of November dividends and sterling at
Paris recovered a fraction Further
gold exports from New York rext
|sweek are counted as a practical GER
& tainty. The strong rally in Union Pacific
"a. the close was accompanied by rumorS
4, that statement of the terms of the
{ Northern Pacific settlement was a posi-
b bility before the trading was resumed on
4. Monday.
Review of the Week.
E Prices of stocks have drifted uncertain
|. ly during the whole of the. past week.
h with no. consistent movement defined at
+ any time. The. conflicting eddies in the.
pooh. of speculation have been due to
.1novenlent of OBSERVATION-DISCLOSURES under the
Influence of special causes. The prevail
Sing impression among market observers
K has been one of duilness near to the
arecord low level. For the first time this
year the weekly transactions in stocks
FehaVe fallen below the. aggregate trans
factions for the, corresponding period last
iFyear during one of the weeks of October,
Eayet a, survey of the Transactions of the
whole month reveals an aggregate of
ss14, 023, 147 compared with a total OF 10,s00
$50 for October of last year, which, was
s in turn the large aggregate of trans
Factions for any october in the previous
& ten years Sales of bonds for the October
Epst ended amounted to par value Of
E S. e54, 600 compared with 'Si2 297,6I0 in
q 0ctqber3 Of silast year, and $50,
IFOctober of 1853. 1t will be seen therefosc.
that the sense of dizziness is due to the
contrast with the furious activity of the
SIT oulative Juror of the earlier part of
the year when the daily transactions at
Atne stock exchange ran from 100000 to
S,00a,O0o shares day for many success
sive days 1t is true however, that spec
Su'atlve operations have fallen to a, low
3ebb, and are left almost wholly 1in the
Mhands yof professional operatorss4fa The
Mrnultip1fcation of securities r9listeds and
Isl dealt in by their expanded ssllare3issues
accounts for. the maintenance of the
Isamount of business in the stock market
..gabove any previous record for, the cor
responding time of last year The usual
Withdrawals of banking deposits for.
/ active circulation in the course of the
crops movement makes this, normally a
period of dullness in speculation. The
fostering cause of speculative activity
is the accumulation of idle reserves in the
+ banks, which are employed by the aver.
fs1,-,
t call. -3stt ~ shehi s'>t}ff5
1t is found to be the. invariable rule
that q demand for money for mercantile
l. and industrial purposes works a con-
I traction of the supply available fer spec.
qIativet purposes ION cali, no matter what
the ruling interest ;rate1 for calf 5oaus
may ,Ssrlotlati tos Thus -inlDecefnber, 1893,
the war in the TranaNaal broke od:, ire
i dein4nd for call loans for specuia i've
| commitments on livestock exchange ram
|; the rate UP to Is perscentt per-ennum and
precipitated a severe panic, but did not
check the soatgo of gold to. London.
Speculation is therefore naturally timid
in times of strong currents il the shift
7 ihgs of money slpHh$s. OPfhfofis con-
mate difsefiod sof vaIlns Thsx ssBecul sl-
|. hesitating condition The aggregate re-
|, quirementS of foreign npo4eXs markets. I'M
I til the turn of the year are still unde-
| fined and the EVENTS Of the week point
j
| money market will be5called upon to meet
\ those requirementsaf The beginning off
/ gold exports ito. Paris and the advance
|; in the Bank of England discount rate.
|. point clearly to that conclusion, The
/ ability OF the foreign markets to COM
rfland gold from New York in face OF
+ the heavy trade balance in our Favor for
many months is. now seen to be due to
the enormous return of foreigH,2holdingS,
of securities to domestic holders and to
large borrowings by home capitalists and,
syndicates during the struggle for cons
ganization of the United States Steel
|. corporation -5sThe prolengat ioHt of the
+ Boer war keeps Europe shut off from
! IT'S customary source of Soldos supplyp
| While the continued production in this
+ country makes it the most available
| source of supply. Industrial depression
in Germany and in Russia have involved
+ heavy losses, French capital having been
heavily committed in Russia. 1i9SThis' is
held to account for the calling home OF
/. French capital. AZ sF bea vi
| There. have been suggestions also that.
foreign capitalists have not entirely APP
! proved of the, uses to which their money
l. was put by the borrowing capitalists and
| syndicates here The depression
abroad already lis reacted in a degree
I IN the decline in our exports; and in the
| increased competition of surplus. producs.
| ton and lower prices and the question
| obtains how much further this tendency
| may go. Attention has beel attracted
| this week by reports of retirement from
| business of wheat exporters on account
! OF disappointipgs foreign demand and coli
! lapsed ship-carrying rates, so that spec
| qlative contracts Both in wheat and
! ocean rates, have involved losses. The
| export of iron. sproduGts9 has avowedly
| fallen to Insignificant proportions, al,
| though the urgent demands of home