The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-27

ltatlng, irregular STOCK market until the
appearance of the bank statement on the
tape. The unexpected increase in the cash
reserves of the banks of 81, 59Z 800 prompt
ed the bears to cover their short lines
and rally the market generally to above
last nights figures, although the net
changes generally will be seen to be in
significant. There was positive independ-
ent strength in Missouri Pacific, which
advanced it "a above lost night There
was no news to explain the movement
and the sympathetic effect upon allied
stocks was slight.
Peoples Gas made a good recovery
from recent weakness. st. Paul was ac-
tive and fiuctuating and received the full
benefit of the late covering movement
Amalgamated Copper was heavy
throughout, with news of the shutting
down of the company's mines and In the
late dealings the stock broke 2h under
last night, interrupting the recovery else
where and making the Close irregular
The source of the receipt OF cash by the
banks is mystery, as known movement
of money indicated a loss of upwards of
$2500,000 for the week. The lean item re-
hCeted the continuance of rebcrrowing By
debtors who are paying off foreign loans
The weekly statement of the Bank II
Germany shows a reeuperatiau. in cash
resources of over 81 co., 900, with a reduc-
ton of loans and contraction of note is
Sues of about equal amounts, but sterling
exchange declined in Berlin again today,
indicating confined pressure for gold
there. There remains some requirements
to be filed at New York for renittances
to. London on account OF subscriptions to
the issues Of consols,. an, insallment of
which is due next week. The question of
gold imports at New York next week is
therefore an open one.
Review of the Week.
After falling into lethargic condition
early in the week, the stock market de-
Veloped degree of activity and strength
later. The buying which was RESPONSE
i'ie for this advance was large and con-
centrated in its source and congested in a
few stocks, shifting from day to day
from one group to another. The move
ment was initiated in the Chicago &
North Western stocks, shifting thence
into the .Vanderbilts generally, then into
st. Paul, Union and Southern Pacific, and
then into the coalers. The industrials and
specialties have moved Independently as
is usual in periods of irregdlarity in the
general market. A notable feature of
the market was the evident predomi-
mating professional character of the OPP
erations Commission houses, which usu-
ally operate on orders from the general
ously in the background during the week
Brokerage houses. usually employed by
the great financial interests in the street,
have executed large, orders on both sides
of the market, leaving the. uniformed
public confused as to whether those in
terests are committed to the long or short
side of the market.
Doubt and uncertainty in fact, are
still the prevailing sentiment in sspecula-
circles. Some nj hc has
been attributed to progress towards a
settlement of the Northern Pacific con-
treyersy. II insiders have bought stocks
fol that reason it is on information of
which the public is kept in ignorance
The actual conditions show that CON
troVersy so far from settlement as to
promisea prolonged period of negotia-
ton even with the best Indications for
the final peace of the parties in interest
The negotiations are now in progress it
is clear, but it is also clear that these
negotiations are now first undertaken on
subject which Wall street assumed
was definitely settled when Mr.. Morgan
announced the members he had chosen
to balance the Northern Pacific board of
directors The various Statements given,
out on authority of President Hill, of the
Great Northern, and of the Hartman
Kuehn-Loeb interests clearly show di-
Vergence. AS contrasted with Mr. Nor
CANS expressed conviction that the
Northern Pacific board contains within
itself all the elements to assume settle
ment fair and satisfactory to all inter-
estss comes President Hilfsl suggestive
assertion that Great Northern as joint
guaFantor or the BuTlfng tOn purchase
bonds is to be a factor In the settlement
as well as the eontending interests among
the actual stockholders on the Northern
Pacific itself. The Hill interests have
insisted upon their contention that North
ern Pacific is to be- retired in accordance
with the power vested in the COMPANY
under the reorga nization plan. The eff
feet Of this would be to GUST the Harrii?.
man-Kqehn-Loeb interests from their
control which is through preferred stock
holdings and leave the Morgan-Hil ma
Jority of the common stock in control
of the company. The Union Pacific par
ty is equally insistent that their control,
Of the disputed property is not to be re-
linquished. The recent buying of North,
ern Pacific preferred is supposed to be by
this party. - 1t is admitted that nu-,
merous legal and technical obstacles ex-
list to the adjustment of ownership of a.
railroad company by competing or paral-
lei lines. In its bare outlines, it seems
clear, therefore, that many difficulties
still exist in this pulling problem I'm,
pressing factor will overhangs the stock
market Importance is attached to the
money disturbance in foreign markets as
bearing on the large foreign syndicates
which have been used to garry the large.
holdings of Northern Pacific, ever since
the lookup in May. Repayments of these
sums have continued to sustain the for
eign exchange market this week. as for
some time past. The course of the loan
account of~New York banks shows that,
this burden is shifted upon domestic cred
it.institutions, waiting upon the Northern.
Pacific settlement for relief. The usual
fall, in flow of gold to this country is
thereby interrupted, except as the Aus
traIlan remittanceS can be SubStituted.j
The calling home of French credits seems
to, be for the purpose of meeting heavy
losses incurred by French capital by
over-inVeStment in Russian induStrials.
The Economists Franchise estimates that
the shrinkage in valuation of Russian en-,
terpriSeS in two years is not less than 60
per cent, which would represent losses
to French investments and spectators OF
100000, 600, The long process of Equida-
ton in Germany also continues, follow
ing the collapse from speculative imitation.
The maturity of obligations at the wears
end in those two countries and Great
Britains continued necessities for the
conduct of military affairs In South At
RIGA, indicate a strained period at that
time, which is likely to be, reflected over
the whole financaluworld. AS to imme-
date money conditions in New York, the
government surplus is making renewed
demands upon the market, now that gov
eminent bond redemptions have ceased;
the receipt of over 100000 Australian
gold this week having failed to offset this
drain. The Southern demand for cotton
crop money is still a factor.
Railroad bonds have been in improved
demand at advancing prices.
United States reflinding IS declined y
and old As T. The IS advanced Il above
last week, closing dull
Stocks
s g 8 Is