The age-herald., 1901-10-13
STOCK MARKET
 CLOSES WEAK Prices Generally Show Losses With St. Paul Leading HEAVY REALIZATION RULED Money Market Indicates That Foreign 5anxers Continue to Borrow Here To Pay Foreign Loans-Review
 of the Past Week.


 New York, October 12.-The cause of re- lapse of prices in today's stock market was not altogether clear. but the same was true of the sudden advance of yes- terday and the day before. Distrust of that movement and incrdeulity as to the rumors which were set afloat to account for it, because of some intrinsic grounds of improbability, seemed to be the reason for todays reaction. The same brokers commonly supposed to act for the same large standard Morgan, Hartman and . Gould interests, were active in buying and bidding up stocks today as they were yesterday, St. Paul especially being lifted again and again by main force to the neighborhood of 167 but the last price was 1641s. only a shade above the lowest. The of the whole market.
 The central and southern transconti- mental stocks were nearest to it in point of activity but the advances showed tendency to spread beyond yesterdays narrower limits until the enormous realiz- ing forced prices back. Prices generally show losses on the day running from to 1% in the leaders and from that up to 3% in St. Paul and the local traction stocks, which were notably weak throughout.
 The decreased loan items of the banks failed to show the full effect of the re- payment during the week of some $l5.OOO,- 900 of New York city revenue warrants, and the supposition was therefore made that foreign bankers continue their bor- rowing in the local market to repay for eign borrowings. The disturbance in the Paris money market points to the likeIl- hood of a continuance of this process. The market closed weak at tne lowest. 1a~ Review of Week.
 There has been some upward action In the stock market during the week fol- lowing the rather prolonged period Of de- pression. The pI esence of liquidation was distinctly relaxed during the early days of the week but tners was manifest hesitation about taking up the snovement for an advance, and even the uncovered bears were not apparently in great haste to cover their short contracts. For sev- eral days the market worked under pronounced advance, later drifting back to listlessness. It Is argued that surplus reserves of the banks now are $17, 7,4S3,175. compared with s4, 463,925 at this time last year and $1,177, $50 in 1899. The movement of currency to the interior last year after this date amounted to $15,S52,000, and terminated in the last week of October. In 1899 the movement continued Into the third week in November, but the amount moved after this date was only $11,5S5 900. Last year, however, there was free movement of gold from London during October. This year there is no present prospect of such a movement.
 South Needs Currency.
 Tho cotton crop has been very slow in moving and this may involve consider able further demand for currency from the south, with the possibility of a result ing pressure upon the exchange market thst may bring gold. Nothing in the re- cent markets has so clearly demonstrated the extent to which capital was em- parked in the enterprise of the boom period of this year as the recent course of the foreign exchange market. The em- ployment of hundreds of millions of dol- lars by capitalists and syndicates In the furtherance of community of interest, projects among the railroads and in the formation of the United States Steel Cor poration, was well known to the public, and there was self-congratulation, upon the unruffled composure of our money market under the unprecedented demands put upon It.
 The summers events indicate that not only our own money market, but those of pretty much the whole world besides, was drawn upon to provide the credits for the gigantic undertakings of Ameri- can syndicates. These foreign borrowings have apparently invited the sale of bank CTS exchange bills of distant maturities which were left uncovered relying upon the autumn outward movement of mer- chandise to replenish the supply of ex- change and enable them to cover. The belated movement of cotton, the de- creased corn export and the falling off in manufactured products, especially iron and copper have kept down the supply of exchange and have made this repay ment of foreign loans especially effective in sustaining the exchange and keeping it away from the gold import point. More over, the repayment of these foreign loans has been followed to a large extent by reborrowings in this market The loan account of the New York banks has been maintained in spite of the extensive uouidation in the stock market,
 These are symptoms of the extensive look-up of capital not to be ignored and they bring forward the problem Of how far the years great financial projects will warrant the sanguine expectations or them during the speculative excitement of last year.