Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-11-01
FINANCE AND TRADE
Action Of Secretary Gage Failed to
Arouse Enthusiasm.
DEMAND FOR NORTHWESTERN GROUP
Pennsylvania Dividend Caused
Some Buying Of That.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, November 1.-The govern
ments attempt at relieving the money
| market by resuming bond purchases failed
to arouse any marked enthusiasm during
| the opening hour this morning. Prices
| were steady but there was no increase in
| the volume of business.
The London holiday had some effect per-
haps, but traders moved about from group
to group in the hope Of finding some re-
| sponsive property or some property so SEN
| sitive to attack as to warrant short sell
ing. The morning hour was wasted in this
effort to get some action without regard for
direction.
Here and there manipulation was in evil
dence, and few specialties were ad-
vanced under small transactions.
The Northern Pacific matter was fur
thered by the renewed conferences on the
subject of details. but the time of announce
ing the settlement was not disclosed, even
if reached The tendency Is toward an
early settlement, and the action Of the
properties concerned indicated a growing
confidence in satisfactory result
Great Northern preferred was strong I'M
der demand said to have come from the
inside, while Northern Pacific preferred
advanced to 105 on the belief that it would
not be retired on January 1st. Union and
Southern Pacific were irregular in their
movements and seemed to lack the inside
demand noted elsewhere.
pennsylvania directors declared an extra
dividend of 1 per cent on the stock of that
company, the price advancing sharply upon
the announcement. The selling was called
good at the advance, an action which adds
to the recently expressed theory that good
news and good earnings are essential to
uyal1 Il
Vancing them.
Baltimore and Ohio was advanced in or
der to make the forthcoming rights attrac-
tive and to provide a ready market for the
stock about to be issued in payment of
recent purchases of other securities. The
common and preferred stocks of ST. Paul,
Minneapolis and Sault Ste Marie were
more active than at any time in weeks, the
gain in the latter extending to per cent
while the former gained more than half
that amount.
This property is controlled by Canadian
racine and is said to be making inroads
upon the Great Northern and Northern Pa
chic territory. The earnings show remark
able increases and the preferred stock
earned o1a per cent last year and seems to
pc IN a fair way of earning the per cent
to which it is entitled.
Inc buying was credited to inside sources
ana carried with it a suggestion that while
the Morgan-Hill-H Hartman party are set
hang hang matters ma i IN the northwest, they may
Ii',ioi h'oo III tnelr plans.
Canadian Pacific reflected some new buy
ing also, and the market was steadied else
where by the confident demand for these
shares.
the buying during the last hour was the
most aggressive of the day, considerable
snort interest in Baltimore and Ohio being
forced to cover. The known movement Of
money would indicate that the banks have
lost something over 100000, but Fridays
forecasts have been of no value for several
weeks past Exchange is firm and talk of
gold exports is again heard