The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-11-24
Jfocks. Bonds and Money
Glacino


Call money, New York. ........4la-5 412
NEW. YORK. Nov 23.-SpecuIative. ac-
tivity was very great in todayS snort
session of the stock exchange. ana ma
by the bulls and bears. The consequence
was a feverish and excited market.
There was a notable accumulation OF
New York Central. Norfolk & Western
and the Southern Railway stocks, indi-
v:dual transactions in these running from
!, coo to $500 shares.
New York Central was lifted an ex-
IRENE "a, Norfolk & Western ia and
Southern Railway preferred 49,. There
was a disposition to take profits In some
OF the recent favorites which had an
unsettling influence upon the market
flom the outset. Michigan Cen raj raj
shares. The Buffalo. Rochester. d Pitts
burg stocks and Minneapolis, st. Paul e
Sault Ste. Marie preferred rose 2ts to 6%t
Amalgamated Copper was weak through
out. with the exception of a slight frac-
tional gain at the opening: In the late
dealings the stock slumped to IS, which
is a fraction below the lowest price ever
published in the street that papers
against the Amalgamated company are
being prepared in .he attorney generals
Office at Washington. The report effect
This weakness took the edge off the rail-
iy on the strong bank statement, and
made the closing very irregular. Re-
newed selling deveeoped at the last in the
stocks Also
The cash reserves of the banks IN
creased about as foreshadowed. and the
heavy loan contraction of Sl3,5o4 ,4c0
confirmed the belief that the gold exports
loans. It is asserted that the break in
exchange is partly ,ue to renewed sell
ing by bankers in the process of extend
ing foreign loans still maturing. which
-. f,.Nrx -, cav ,1xr ~
short accounts in exchange, to be COW
cred at later maturldeS.
stock Market Is Steady.
There was extraordinary irregularity
il the stock market during the week.
leaning to the S de of depression IN the
earlier part. but giving place to strength
and animation after the middle of the
week IN the comparative d III esso, of
lative sentiment from the general out
look was vague and conflicting. and the
only movements of any importance We're
based on causes individual to the. stock :
affected As a consequence. prices OF
different stocks were often moving
strongly in opposite dire ctions. The con-
tending factors were on the side of de-
preston. the uncertain money outlook.
due to the heavy requirements of foreign
money markets for our gold and the agI-
taton set on foot in the Northwestern
sta tes against the PURPOSES of the North
So much has been made of the forma-
ton of this company as an argument for
higher prices, and the stocks of the COM
panies affected directlv and indirectly by
point that the prospect of legislative OPP
position to the company was bound to
be considered in the speculative situa-
ton. Protestations of determination to
railroads brought under the ownership of
the one COMPANY did not prev1A't per-
sistent dropping of the. prices of the
transcontinentaf railroad stocks. The OK
port on Tuesday to France apd Germany
ofvupwards of $1,000 600 in gol = the larg-
est amount ever exported from here in
a single day, kept attentlon focused u
the unprecedented conditions In the for
eign market and offered no relief to the
anxiety as to how far the obscure causes
at Work might continue.
Guessing at Money Market.
!. The fact that the money market has
been moderately affected thus far was
not convincing as to the future. 1t is
notable fact that the hardening tendency
CT call loans in the New York market
has not driven borrowers to resort to any
extent to the time money market to sup
ply themselves for a fixed term in the
future with funds at the present rates,
which are rather below the current rates
for call loans, to say nothing of what
thew would be in the event of stringency
The extensive resources of the domestic
market are Illustrated by the eotl-
slant recuperation against the losses or
the gold outflow. Although this outflow
is abnormal at the season of heaviest
exports and must be to a
large extent Unforeseen, it is partly made
good by the constant inflow or austria
liam gold at the Pacific coast. ms coul-
try's own production of gold at the rate
of over 81, 100000 per month is also part
of the account and must go to explain
the facility with which the needs OF Eli
ropean countries for the metal for mon
etary purposes are supplied. Inc option
offered by the treasury department for
of government bonds is also
a safety valve against money strlngency,
the effect of these redemptlonS
is modified by the fact that some OF the
bonds offered for redemption are with
drawn from the treasury, where they
were deposited to secure circulation, thus
operating to retire that much circulation.
The relaxation of the tension in the for
eign exchange market in the latter part
tor in relieving fears of money stringen-
cy and reviving speculative confidence
In the stock market
Gold Exports Have Ceased.
The absence of gold exports today s
taken as assurance that the immediate
abroad are satisfied, as 1t
was expected shipments would be neces-
in London on Dec. to the final install
ment of the British loan. These month
ly installments on the loan have been
disbursed about as fast as they were
paid and this final payment points TO
the conclusion that the British govern
ment must soon be in the money market
again as a heavy borrower to meet the
expenses OF military opera
tons in South Africa. 1t is evident also
that the Bank of England is operating
to make it's 4 per cent money rate eff
fective in the open market. Besides the
British loan, a large Russian loan early
next year is impending. while the Chi
nese loan to provide that government
with resources to meet the indemnity
charges is to be met some time in the
future. Whether these requirements can
be met without further resort to our
money market remains an unsettled
served to these doubtful factors in the
stock market have to do with the extra
trade activity and prosperity of
the country as reflected in the record
Of pig iron in attempts to
keep up with the current orders, heavy
volume of bank clearings and a volume
of traffic in all lines never equaled and
beyond the capacity of railroads to
equipment and carrying capacity in the
immediate past. Supplementary inf1u-
ences are found in rumors of financial
projects looking to the consolidation Of
minor Vanderbilt lines, extra d1Stribu-
tons by the subsidiary lines of the New
York Central system and of an intended
of the New York city traction
lines by means of a security holding COM
pany.
The railroad bond market has been
moderately active during the week and
investment issues have shown q firm
tone. Speculative bonds have been ir-
regular. United States IS, registered, the
old and new As and the IS advanced -
per cent over the closing call of last
week. The refunding Is declined Is per
cent.
stocks.
IS'rslHfhILowlLB
Atchison :. ............ S1OOI S1s4f sl14I S114
do pfd :. ............ 100 1919 101 u u
Ra1tinnora e. Ohio 22nnj1OQ1L 1877 10o7k