The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-11-13
STOCKS IRREGULAR
ING DEVOTED LARGELY TO
PROMISING LOCALS
BUYING DEMAND FALLS OFF
Shipment of Geld and, Foreign Bor-
rowings Affect Market Some
what at Present = Reac-
tions Are Noticeable.

NEW YORK, Nov. 12-There was
rather less buying demand and rather
more irregularity in the. stock market
from the outset today. The hesitation in
the advance grew and turned to sharp
reactions in the late dealings. Selling
to take profits was Joined to extensive
short lines put out by the bear party on
the argument that the rise in prices. after
enduring for SO great a length of time.
must have made the market vulnerable
to attack but there Were still persistent
points of strength in the market and.
although the extreme advances in the
strong stocks were notably curtailed.
many of them have considerable net
gains to show for the day.
The local traction stocks were conspic-
uous examples. In Metropolitan the ad-
vance reached 39s at one time, and in
Brooklyn Transit 25s, while the net gains
are ~ for Metropolitan Street Railway
and 1ss for Brooklyn Transit The an
thracite and soft coal carriers selling be-
low par also showed continued strength.
as did the iron and steel industrials. The
disposition to take attractive profits
after the considerable. advance in price
which has occurred was emphasized by
the expectation that several millions of
gold will go out this week on Thursday
to Paris, and OH Saturday probably to
London, as the rate of sterling exchange
today advanced to point which makes
gold exports to London direct profitable
The strength of sterling here was In
spite of easier money rates, both in Lon
don and in Berlin and a relaxation of the
continental pressure upon London for
i gold
The necessity of a large movement of
gold from New York at this time of the
year calls renewed attention to the eX-
tent of the American borrowings in
Europe early in the year, with the expec-
tation that our foreign trade balance
would continue so favorable that these
loans could be repaid at a profit out of
the abundance of foreign. exchange bills
in New York. The fact that this expec-
tation has not been realized and that eX-
change bills are scarce, owing to the fall
ing off in our export trade, arouses some
natural surmise whether the high prices
of stocks reached earlier in the year did
not also represent undue expectations.
It is to be recoliected that the projects
which stimulated our stock imitation and
even to some seXtentrthe actual manipu1a-
ton Of the market, were furthered by the
resources of these foreign borrowings. In
the present movement more than one
stock has reached record price, and all
stocks are undeniably high priced. On
the Otner nand, the extraordinary rail-
road earnings and trade activity are nat
ural incentives to speculation. Today s
returns of gross earnings for the first
week in November show such increas IS
over last year as SO per cent for Rio
Grande Western, % per cent for Chicago
Great Western, 81 per cent for Canadian
Pacific, II per cent for Wabash, Is per
cent for Chicago & Eastern Illinois, and 8
per cent for st. Paul. The government
estimate on the corn crop, although it
offered no very unexpected information,
renewed the depressing influence of the
heavy shortage in the crop, and the corn
carrying railroads in the West and the
Southwest We're therefore most acutely
affected by the profit-taking The cut in
the price of sugar especially! affected that
stock. The market closed active and
weak.
There was, another large day S business
in bonds, but the price movement was
irregular Total sales, par value, S5,290,-
Co.,
United States bonds We're all unchanged
on the last call.
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