The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-11-17
BUYING WAS NARROW
SPECULATION. FOR THE EXPECTED
RISE IN WALL STREET WAS
BLOCKED
ANXIOUS ONES TOOK PROFITS
Dealing in Transcontinentals Was
Irregular, and Local fractions
and Some other Stocks Up
set, the Trifiers.

Closing.
Sat. Fri.
Bar silver. New York ......... 56a4 56A
Call money, New York ........3-4 "A
NEW YORK Nov 16-There was con-
tlnued speculation for the rise today fol-
lowing yesterdays recovery from Thurs
days realizing movement, but the adj
vance was interrupted by realizing again
here and there, and the buying was con-
gested in a few stocks. There was large
and concentrated buying of the Readings,
accompanied by runors that the com
pany Is soon to benefit by an increased
dividend ON it's holdings of New Jersey
Central stock. There was sympathetic
strength in other coalers including some
OF the soft coal carriers. American Lo-
connective stocks We're in notable demand
on reports of large orders from all parts
of the country.
The transcontinental railroad stocks
moved irregularly under realizing from
time to time, and there was sharp set
back for the local fractions, Sugar,
Amalgamated Copper and Peoples Gas,
which unsettled the late dealings and
made the closing irregular. Considerable
strength was laid by professionals on
rumors that large offer of government
ooiiuS IL NO SuUSldHlldl DdSiS
could be discovered for the rumor. The
gair in cash reserve by the banks in
spite of the large gold exports was a
more material ground for confidence over
the money outlook. The announcement
Just before the close Of an engagement
OF Soyo,O00 for export next Tuesday by
Boston banking house upset the hope
that the gold export movement might be
checked owing 10 the easier tone of
Honey ard the rise in sterling exchange
at continental points.
The details CT the plan of settlement
of the disputed question of control in the
Northwestern railroad world have been
eagerly anticipated for several weeks
Past and this settlement had the StiInu-
latlng cause of the upward course of
prices of stocks during all that period.
Yet when the announcement of the plan
was made this week prices of securities
promptly turned downward and develop
ed quite acute weakness. This does not
necessarily mean that the previous buy
ing of stocks was On false premises.
Speculation naturally does not wait upon
an event, but anticipates it as early as
possible. The recent course of prices
shows that the terms of the settlement
OF the Northern Pacific quarrel were
quite accurately anticipated, and in their
essential details they had been published.
In consequence the actual announcement
attracted very few buyers of stocks, be-
cause the buying had been done already.
Such Of the buying as had been done
with the desire of selling again at an adj
vance maze large offerings for sales on
Thursday, with a resulting break in
prices.
Cause for Satisfaction.
The North IN Pacific settlement is view
ed with pIol0und Sat1SIacelO throughout
the nlxnclaI word, Doth mere and abroad
1t is regarded as a definite solution OF
problems that nave been a menace to the.
staDiIlty OF values OF Northwestern rail-
road securities Tor several years past.
so lar as me pubic is yet informed, only
the raiifUalS Immediately parties to the
settlement were tonSfaered. Except is the
general S.tua Gion Is bettcred, no special
provisions have been mace known for
the benefit OF s.. Paul and Atchison. AS
for the reiatiYe advantages of the rail-
roads which We're parties to the quarrel
the settlement accordS to Union Pacific
an equal control OF Burlington by repre-
sentatlon upon the directory, which was
its original contention, and in addition
a supotantial voice in the affairs of the
Northern Pacific and Great Northern by
its holdings in the new Northern Securi-
ties company. in exchange for it's hold
ings of Northern Pacific common stock,
which was not originally commended for at
all.
The redemption at par of Northern Pa
cific is not understood to yield a subStan-
tial profit to the Union Pacific. as ITS
large holdings of Northern Pacific pre-
ferred were acquired, according to COM
mon understanding, below par. The grow
ing construction of the money supply in
the market had very little influence on
speculation previous to the realizing upon
the Northern Pacific settlement. but en-
phaSized the disposition to sell after the
reaction set in, as bankers We're calling
loans and rates advanced. So far as the
6nY1a n11f.n n1r i- nnr
ditions have improved, the receipts of
currency from the interior tending to in
crease and the payment by the SubtreaS-
ury on account OF government bond re-
demptions and On account Of gold depos-
tied at Pacific coast points more than Off
setting the requirements of the govern
ment surplus.
But the outward movement of gold to
Europe has proven so large as to awaken
anxiety. lis now well understood that
the gold exports are the index to the ex-
tent to which foreign capital was borrow
ed during the progress >of the great spec
ulation last spring. The government re-
turns of foreign trade, showing decrease
of the balance of trade in our favor for
October of $2S,540.04o explains why the
supply of commercial exchange has not
been sufficient ta meet maturing require
ments. French capital has been largely
loaned, not only here but in London also,
the amount placed in London at one time
running as high as $500, 000, 900, according
But why this capital should be so urgent
ly and so extensively called home at this
time is not clear, especially as money
rates, both here and III London, have been
better than in Paris. 1t was at first sup
posed to be due to uneasiness over the
di turbance among the French coal min
ers. threatening civil outbreaks
Installments of the Russian loan are
known to have been paid in advance of
maturity, and it is expect d that the new
Russian loan may he offered within the
year which was stipulated at the time
of the subscription to the last loan. I'm
certainty as to the extent to which the
calling home of the French credits may
have an Ensettling influence until the re-
quirement is more accurately known.
Railroad bonds continue active and at
advancing prices.
United Stat s Id IS advanced q per cent
over over the closing bid of last week
StUcikH.
lSI'slHi 'hlLowIL 3
DH9ylt or I 0 u MI