The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-28

emit 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 good recovery
from recent weakness. st. Paul was .ae-
tive and fiuetuating and received the full
benefit Of the late Covering movement
Amalgamated Copper was 4 heavy
throughout sWithss news of the shutting
down of the company,s mines and In the
late dealings the stock broke 21s under
last night, interrupting the recovery else
where and making the clos irregular.
The source Of the receipt 81 cash by the
banks is a mystery, as known movement
of money indicated a loss of upwards of
$780, 900 for the week. The lean item re-
tic eted the continuance of rebcrroWing7 by
debtors who are paying off foreign loans
The weekly statement of the Bank Of
Germany shows a regeneration in cash
resources of over 81, 600, 000, 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 filled at New York for feinittances
tc London on account of subscriptions to
the issues Of sconsolssr an insallment of
which is due next week. The question Of
gold imports at New York next week is
therefore an open ora.
.a@ Review of4hraw eek.
After falling into asietAargie condition
early in the week. the stock market de-
veloped a degree Of activity and strength
later. The buying Which was response
Die for this advance was large and con-
5centrated 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 Sc
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 irregularity 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
speculative public, have been conspicu-
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 specula-
1--WE circles Some of the buying has
been attributed to progress towards a
settlement of the NoHthern Pacific con-
treversy, IT insiders have bought stocks
fol that reason it is ,ofh information of
which the public is kept in Ignorance.
The actual conditions show that con
troversy so far from settlement as to
promlsea prolonged period of negotia-
ton even with the best indica lions 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
a 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-
Vergencese las contrasted with Mr. Nor
cams expressed conviction that the
Northern Pacific board contains within
itself all the elements to assume a settle
ment fair and satisfactory to all inter-
ests comes President Hills suggestive
assertion that Great Northern as Joint
guarantor of the Burlington purchase
bonds is to be a factor. in the settlement
as well as the contendmg interests among
the actual stockholders en- the Northern
Pacific itself. The VTIilf interests have
insisted upon their contention that North
with the power vested in the company
under the reorganization plan The eff
feet of this would be .to1ouSt the Harri-
man-Kuehn-Loe interests from their
control which is through preferred stock
holdings and leave the. Morgan Hill ma
jorlty of the common stock in control
of the company. The Qnion Pacific par
ty is equally insisterft that their control
of the disputed properties not to be re-
linquished. The recent buying of North
ernf Pacific preferred is ls1Ipposed. 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 it's bare outlines, it seems
clear, therefore. that many difficulties
still exist in this puzZling problem I'm
til they are definitely cleared up, a de-
pressing factor will overhang 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 carry 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
1T 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
tralian remittanees can be substituted.
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 inddstrials.
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
$200000,00O The long process of lquida-.
ton in Germany also continues. follow
ing the collapse from speculative imitation.
The maturity of obligations at the years
end in those two countries and Great
Britain's continued necessities for the
conduct of military affairs in South AZ
RIGA, indicate stained period at that
time, which is likely-to be reflected over
the whole financial world. AS to imme-
date money conditions in New York the
government surplus ieis9 making renewed
demands upon the market. now that gov
eminent bond redenyptiens have ceased:
the receipt of over $2,Q00,000 Australian
gold this week having failed to offset this
drain. The Southern demand for cotton
crop money is still "a factor.
Railroad bonds haYe been in improved
demand at advancing prices.
United States refunding rs declined u
and old As "a. The IS. advanced u above
last week, closing dull, 81
StocIsD ~s.41
ffsfE