The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-07
NEW YORK MINING STOCKS

WALL STREET GOSSIP-Strong, Stur-
gls q 80. wire Holbert & Son: The New
OK papers this morning We're filed
with. accounts of the combination which
was about to be entered into between
Nafl2uS steel and iron industries and this
supposed solution of the vexed situation
which has lately so disturbed the Indus
ira! securities gave an impetus to the
market and started prices rapidly up-
wards. We are inclined to think that a
very substantial arrangement has been
met with, the result of which will be
Tar reaching and extremely beneficial It's
| immediate effect has been in the sharp
rise in Tube securities and the improve
ment in practically all of the so-called
iron and steel industrials. In our opinion
there IS room for much further ad-
vance and we should consider both Tube
and Tin Plate as cheap at going rates
The industriGls stocks, however, were not
the Only ones that felt the benefit of
this combination, for further advance
was recorded in almost all the specula-
tive securities, and 1t seemed as though
a new bull market had commenced Den
yer q Rio Grande is being steadily alb
sofbed by parties who doubtless are ex-
pecting to combine 1t with the Union
Pacific system. This will have a favor
able effect, it is supposed, on other low
priced securities, as their holders will be
encouraged to believe that they also will
be favorably considered later on 1t is
probable that Southern Railway preferred
will go higher and that the dividend
VIII be increased in the early spring,
win t3AtfG1lely SCOd earnings as We'll. l..
d N: also presents favorahle opportun-
1ty for a promising investment and we
should suppose that it would share the
advance Reading securities have been
extensively bought by inside interests and
when the value of the Jersey Central to
the first named property is thoroughly
understood, we lock to see all the Read
ing stocks on Il much higher plane.
FOREIGN FINANCIAI-New York.
Feb. 6.-Comnsercial Advertisers I,ondon
financial cablegram says: All business in
the stock market here today centered ia
Americans, which were buoyant AMI
brisk throughout the session. Denver &
Rio Grande issues took the lead on two
very large orders, the source of VIII ca
to the front and held that position strong
ly all day. There was some talk of the
line deriving benefits from the Union
Southern Pacific deal New York sent
over early orders and was a strong buy
er. especially in the bonds of the Wa
bash company. about which there was
some vague talk Of pending consolida-
ton: Berlin continued to buy Canadian
Pacific shares, although it is not expect
ed that the dividend will be increased
Union Pacific stocks seemed inclined to
hang fire The bank bought e1500O of
gold IN bars The money market was
about steady, call loan rates remaining
at 3; time money, 3A. Opinion varies
great deal still upon the likelihood AMI
amount of the reduction of the bank rate.
Some say there will be none; others thai
it will come down half point: Others
again, that 1t will be cut 1 per cent But
with the new government loan expected
to issue at any moment reduction OF
at least u per cent IS probable.
London. Feb. G.-ConsoIs for money
/ 9G3A consols for the account 81
NEW YORK MONEY-New York
Feb. Close: Money on call
rather steady at 1QS per cent;
last loan. per cent; prime mercantile
paper. S14 per cent; sterling exchange
easier. with actual business in bankers
bills at $4;SSs94 SS16 for demand and at
81. S49s6t4 S42l for sixty days; posted rates.
$3.50 and Sl.S9; commercial bills. $3.50
4.S41a: silver certificates, 611A6663c; bar sill
YER. Gle: Mexican dollars 471Ac
TREASURY BALANCES-Wa shington,
Feb. 6.-Foday's statement of the treas
ury balances in the general fund, exclu-
siVe of the S150, coo, C00 gold reserve in the
division of redemption. shows; Availa-
bic cash balance, s141, PA; gold. $T4,-
It's, 097.