The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-14

NO STRAIN ON SETTLING DAY
Future Prospects, However, Are
Anything but Encouraging
South African Sitna-
ton Gloomy.

LO-NDON, Oct. 13.-The outlook for the
money market is now fairly easy. The
rate OF discount outside the Bank of ENG
ldha last week did not go above per
cent, and settling day, thanks to gen
elous government dividend disburse-
niellts passed without strain. There is
strong probability, however. that Paris
VIII soon demand considerable portion
OF the gold of which London has hac
the use for some time.
Inc stock exchange closed with a rally
during the last three days of the week
after decidedly unpromising opening
Inc recovery followed the upward turn
III an street, which was the only bright
spot on the horizon. AS a matter of fact
LONDON operators thankfully accept en-
enlargement in these days from what
ever quarter offered. Certainly there is
but little here or in South Africa, that
would stimulate a boom.
Ihere was but little of interest in the
fluctuations of the week. Canadians
were bought with some freedom. Next
can National improved slightly The
Speyer reorganization plans were re-
sponsible for this. The American section
rose generally on the talk of a com
promise of some sort which is believed to
be imminent in connection with the
Northwestern lines, thereby releasing
large amounts of money heretofore tied
up by the Northern Pacific dispute.
Home rails strengthened slightly after
d sharp decline coincident with the cop
per scare Incidentally Anaconda and
Rio Tinto were both up fractionally.
The most interesting feature in indus
trials was the fiutter in tobacco shares,
some of which have risen sharply on the
protective arrangement between the
United Tobacco Dealers Alliance and the
biggest British wholesale dealer with
the object of fighting the invasion of the
American trust
However, seeing that the London re-
taller now sells about the worst tobacco
al the highest price known to any civil
lied community the invaders have fine
field Ill which to experiment.
While the immediate conditions of the
stock exchange are rather stagnant and
negative than alarming, look into the
future shows but small cause for op-
tinisEn. The Statist, in the course of a
long article on the trade outlook. takes
the government severely to task for mis-
management and for not looking the
South African situation squarely in the
face. it predicts a further depreciation
in securities, especially in home rails
owing to the shrinkage in trade, the de-
creased earning capacity and the in
creased full wage expenditures.
The fact that the trade crisis in Ger
many continues and that Russia is only
keeping her factories going by govern
nent contracts judiciously placed, indi-
Gates, in the opinion of the Statist a
poor continental market for British
products, with increasingly keen compe-
tition, because continental manufacture
ers are forced to sell at almost any price
they can get.
On the other hand the government must
apply for further funds, the Statist be-
heves, to carry on the operations in
South Africa while the mere fact that
Great Britain has begun the third year
of a seemingly interminable war adds to
the gloom of an outlook already cheer
less. The public is anxiously waiting to
discern the effect of the more rigorous
policy inaugurated; but there are those
who fear that, instead of breaking down
the Boer resistance, it may lead only to
reprisals in kind.