The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-11-15

Bar silver, New e1f,ft< ..........f oeiS DIS
can money. New Yprl. s........ 5511a-5 As
NEW YORK, Nov. 14.-Pfefessional
sneclllators were much disappointed over
st1,e-xffecesr lasts nights zefficial an
pouncement of the terms of the settle
rnent of the railroad controversy in the
Northwest. That docs not mean neces-
saTiy that the settlement does not insure
all the benefits claimed Serzit. The speau-
lators were bound to sell stocks upon the
definite announcement III any event. Their
disappointment today was due to the fact
that very light outside demand for
stocks was, attracted by the announce
nent.
The watchful bears We're keenly alive
to. the situation, and when theyssa the
efforts niakingst to realize profits they put
Esegt xexiepsiye short Hnesatos take away
the market from those seeking to fqui-
cate, and then fiercely raided the market
to dislodge the stop-loss orders and ena-
BILE them to take profits on the short
siGe. How large an element the short
selling was in the, weakness OF the mar
ket was disclosed when the bears began
to cover during the Hast hour Substan-
-tfaI recoyeries were made in all the act
i've stocks and at sonle points among
the coalers and the specialties there were
complete recover;es.
A notable fact in the days trading
was the comparative immobiiity of the
United States Steel stocks. The trans
continental railroad stocks and some of
the Vanderbilts. which have been under
manipulation recently for advances, were
most affected ssby the SELLING, although
the list developed weakness throughout
during the course Of the day. fhe re-.
cent speeulations.hass been largely based
upon the Northern Pacific settlement, and
With .theKdetails of that known the pro-
fessionals argue that all the good news
was OUT. While the Disturbing condition
ia .fl the msaneNs market made itTundesirable
to hold stocks.
; giSomeoof the recent price levels taken i'm
connection with the terms of the North
err Securities company organization made,
it evident. that those terms are a disap-
pointment to the ayers at the prices
There was a rather dubious
feeling also as to- how the trans-conti-
nenta1s not Immediately concerned in the
settlement are.to benefit by it. The fur
ther adjus tment ofstIle Burlington direct
gers Was made by the bears to play upon
the fears of inlid holders.
s. The money market Was firmer today,
both for call and time loans, the latter
Showing the effeetyofs the gold out-go for
eAie AZ % tiit4S. II Ii zSAstCteu tltat IuT-
Their gold will be exported on Saturday,
although the easier tendency of money ii,
Paris and the reduction in the buying
price of gold in London served to adj
vance the level of exchange here. at
which gold exports are profitable.
The statement of the countryss foreign
trade published today throws some light
upon the present anomalous OF the
present exchange situation. 1t sis UNDER
stood that the total of October exports,
although nearly $1S,000.0O0 below those of
last October, are the largest for any pre-
vious October in the country.s history, so
that in spite of the above mentioned
decrease compared with October of last
year the notable trade balance in our
favor still remains of So. 22S, COL But re-
cent events show clearly that exchange
bills We're sold in this market long since in
anticipation of the autumn supply of bills
Ito be- brought upon the market by ear ex-
port trade and in process of borrowing
foreign capital. This constitutes a short
interest in the exchange market. and the
fact that the October trade balance in
our favor is s2S, 53e,e45 less than of last
October may furnish an index of how far
the banks were out instheir calculations
when they We're selling exchange short.
The railroad bond market was weak In
sympathy with stocks. Total sales.>,par
value, $5691, 900. United States bonds We're
all unchanged on the last call. =