The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-29

OelA1- AlOIlSyy NEW 4Ork I5-4
NEW YORK, Oct. ,2S-4lhere was no
very aggressive bull spirit manifest from
me me outset IN today's stock market, al
though tnere was some support for Spe-
ciai stocks from time to time. and a
rather hating attempt made to revive
IN spirit of the bulls by bidding up a
S Soup on specialtles about midday. The
demand for stocks, however, was at a
minimum and prices kept sagging to a
lower level The pressure was not Sc
we're through the great part of the day
put gained force, and in the last hour
of the session became acute. The hears
added their selling to the realizing and
uncovered stop loss orders. The realiz-
ing was by recent speculative buyers
evidently as was shown by the con-
splcuous weakness Of those stocks
which have been under recent manipula-
ton for the advance The weakness be-
majority of active stocks fell point or
more below Saturday. The fall in North
Western was 51a, Delaware & Hudson A.
ST. Paul 3as, Amalgamated Copper 316,
Sugar 21a, New York Central 23s, Union
Pacific "a, Missouri Pacific, Northern
Pacific preferred, Baltimore & Ohio
Tennessee Coal and Reading preferred
The taking of bear profits by the room
traders caused only feeble rallies and
the closing was weak at about the low
est. Undoubtedly the. hardening ten
dency of the money market and the pros
peet of gold shipments to Paris this
week prompted the speculative liquida-
ton. But it was true also that grow
Gently current -rumors which have been
the basis for advancing prices. The
clouds of uncertainty which have gath
cred again over the Northern Pacific set
Element seemed to gather the gloom in
the speculative mind after Mr.. Morgan
had arrived at his office and no instan-
taneouS statement of "a settlement was
given out. The renewed weakness OF
ting influence. The selling of this stock
and of Sugar was very heavy for Bos-
ton account. Call loans ,rose today to
per cent and the ASSURANCE which was
professed on Saturday. over the increase
in the cash reserves of the banks was
dissipated and yielded TO anxiety on ac-
count of the large loan expansion For
eign. exchange continued firm today, but
no gold was engaged for export to Ger
many by tomorrow's Steamers. In fact,
the discount hardened, indicating re-
taxation of the pressure at that point.
There was no rally, however, in sterling
exchange at Paris, and it is generally
expected that gold will go from New
York to that point on Thursday IN con-
siderable volume Cau- money stlHened
sharply on the London and open mar
ket discount rates rose Well above the
bank rate, Indicating AN aearly advance
by the bank. In the domestic money
Western points was reported and New
York exchange at Chicago dropped PACK
to Is cents discount, while shipments to
New Orleans from here continue. Inc
optimists urge that any considerable rise
in money rates here would divert funds
to this center. But the analogy of the
fall of 1899 and the outbreak Of the Boer
war is fresh in the mind, when the call
loan rate on the stock exchange adj
vanced to 1856 per cent, without prevents
ing the current export movement OF gold.
The daily surplus of the government rev
enue is also rapidly augmenting in the
latter part of the month, making an adj
ditional drain on the money mark et.
The railroad bonds market was antin-
enced somewhat by the weakness IN
stocks hit changes were not important.
Total sales par value, 81, 100000: United
states bonds were all unchanged on the
last call.