The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-11-24
FINANCIAL AND COMMERCIAL.
Nnv ~

usual monetary conditions. which have
induced conservatism on the part of in
vestors and at tunes apprehension on the
part Of spectators. This week has Wit
messed a radical change in these conditions
The shipment of nearly IS, 900 gold To
Europe. nearly all Of il on a single steamer
early In the week, appears TO mark ths
end OF European demands upon this coun-
try for the settlement Of extensive credits
granted last spring. There is no homer
any occasion for conCealiug the fact that A
large part of these credits were obtained
in connection with the remarkable con-
test for control of the Northern Pacific
Railway Company. Now that that con-
troversy has been amicably settled. and
arrangements perfected for the retire
ment of Northern Pacific preferred. re
reason for foreign accommodations on a
large scale has ceased to exist.
Large mounts of the Northern Pacific
stocks that have been carried abroli have
been shipped TO this cen'r'. either FOR CON-
version into shares OF the Northern Ss-
curities Company, or in the case Of tie
preferred stock. for redemption NJ the end
OF the year. The retirement Of Northern
Pacific preferred means a grea, deal %
NlV Wal iABll'N iliti NV lll'Tt II I'tNHU
for believing that considerable amount,
OF that stock have already been taken
over by the fiscal agents of the COMPANY
at a price equal to lOi less the inter.s On
the par of the stock from the date Of sur
render to Jan. /. As the banking house
making this transaction is adj. 10 do IT,
without recourse TO the loan market AMI
those who present the stock for redemption
borrowed money. ii may plausibly be a.
-umcd that the operation described f.,
largely responsible for the unexpected
decrease of nearly sl3, 10000 in the loans
OF the Associated Banks shown bv thor
statement to-day Further progress in
the direction indicated will probably ra-
suit In a further reduction of the loans
next week, not only in this city, but at
other financial centres.
Enough has been said 10 show how i'm
portant a factor the Northern Paclfr mat
ter has been in both the foreign exohaug,
and the domestic money market Both
nave been affected during the latter part
OF the week by the return flow of money
from the interior and by the increased sup
ply Of cotton bills. Present indications
are hat tine receipts of cotton bills next
week will be the largest that have come to
hand this season. Foreign exchange was
very weak to-day, and bills for delivery
next week were shaded below current
quotations. There was an interesting
story in the exchange market that Somu
brokers and dealers in exchange had bought
freely the last few DAYS with the view o.
supplying the demand for remit'inoc1
against the final in,tallmoni on account ~
the British war loan. AMI that failing 10
find a market tina would give them a prof5
they attempted yesterday and to-day TO
dispose of the bills they Ia accumulated.
The market for seculIil.~ has responded
promptly and materially To he important
change for the better that has taken place
in the monetary situation Spectators
have, Of course, contributed their foil share
TO the larger dealings and the improve
ment in prices, but they have been work. :
upon the substantial basis OF extensive
purchases of both stocks and bonds Nv
investors Of the first importance II can-
not truthfully be said that the public =
taking an active interest IN the stock marke',
but there are unmistakable signs that u
il beginning to do 20. A falling mark",
for foreign exchange. an easy money market
anu Nv NtAlA iAS INFFF ~ .-'
cally based upon extraordinary industrial
and commercial activity, are certain zoo a.
tract a class of patrons TO the Stock TX
change which has not been heard from "a
the matter Of orders, except 10 AqI'iate
their holdings, since Inst spring
Tie contamination o; tho Northwestern
railroad deal rcdirects attention 20. tine probe
abilities Of other combinations bon lur ra.-
way world, which though they ma' i" =
lesser magnitude, may ro of "lu1I l%'l.r-
tance to those directly interest | "
may afford opportunities ui .uni. '
profits. Moreover. the prospects OF -"r
dividends, and If tr" placing Of NOT 90
deud-pavIug .taCk- upon tH" dI,id'ua. .l.-
ing li-', have induced buying of q o. f.~
Of stocks. notably Of Sew York '..".
which CLOSED : points higher than la-f ~.'-
urdaN Au incident Of the week ma 20
an increase Of half Of I per cent o.
s-mI-auuual dividend upon l~iurliur .v
common. witch pliors tilt -l.,b 100
3 p.r cent hasi. The canning o. iI,
,ipv that ,he management ,a. "
Justified go making this iuorra-r Saw
ufl,r- - tho smaller rlsds. PAT.
b. rur MIiil" Nr-t. are mallu.
tranlr -huNiuF-, L'uo" fH, 90 70
a. 90" pr"'- of thrir share In,-I
81 ouuvut rrIsprt- that th,y a., al.. -
al,s,Hlrd - larger -ysuru.s
Probably o." group Of rlti. Boz
spaif'r prosperity Than It..
Iraiu"its ami transporting n.|Y..
~ ftu r],Hrullr ( anflItsI.
r%tssl'ri uuurIal altrliI
tIF advancing pro-
4H-aly t.il. UAr Jrfr.N Co..