The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-26
DAY IN WALL STREET
BULLS AND BEARS BREAK EVEN
ON NEW YORK sToCK
EXCHANGE
NET CHANGES ARE SMALL
st. Paul Holds Gain of L 3-4-peo.
pies Gas Drops on Illinois
Supreme Court De-
ciSiOn.
Closing.

Closing
Bar silver, New York 5000. 57H 57I:
Call money, New York ...,,.. sH% aoaH
NEW YORK, Oct 25.-The bulls had
nara work to sustain the market TODAY.
were frustrated by the realizing encoun
tered. The coalers continued to move M
wards this morning, and there was . re-
Eixai OF the bull movement in St Paul.
put the heavy realizing which had heen
IN progress during the week, under cover
OF the new points of strength. has
aroused suspicion that the whole move
ment was manipulatiVe and designed to
unload stocks. A number of sDecial weaI,
points added to the difficulties of the
DullS, and the money and exchange sitlia-
tion showed the necessity of caution for
those depending on call loans The whole
market turned heavy before the closing.
and was in that condition at the last.
The days net changes were reduced for
tne most part to insignificant proportions
81. Paul rose at one time points. but
Its net gain is only ~. Peoples Gas fen
an extreme 2as on the continued selling
INDUCED by the franchise tax decision of
the Illinois supreme court allowing taxa-
tion on the market valuation The stock
received inside support and responded tn
Inc argument offered by it's supporters
i IlLaI increased nc appra1sement would be
likely to lower the tax rate. The stocks
net loss was only q. The New York
municipal stocks broke sharply appar-
ehtly IN sympathy with the Chicago
STOCKS, declines running from IL to 49,
Amalgamated Copper ruled buoyant at
last nights price in spite of the fjrmer
demand for raw copper in London The
coaiers mad little left to show as gains
at the close of the day, and the changes
IN the general list are very irregular. An
other jump in foreign exchange had a
disturbing effect on sentiment as rates
are now brought to level near to the
gold export point for Berlin and Paris.
Exchange experts affirm that no loss
would occur on a shipment at today'S
rate 1t IS obvious also that the re-
qulrementS of those centerS are not yet
SatlShed. Paris took another 81, 600 900
from London today, and sterling at Ber-
lin fell again. The London discount rate
was pulled up to near the bank rate
which would give opportunity for an ad,
vance IN the bank rate to be effective in
restraining the outgo of gold. Conditions
thus promise additional pressure on New
York. The wheat exports for the week
are considerably below those of last
week. thus lessening the volume of ex-
change, and the cotton movement does
not seem to replenish the supply of ex-
change bills. The preliminary statement
of the cash movement by the banks fore
shadows a weak bank statement tomor-
row. In spite of the payments by the
SubtreaSury on account of gold deposited
at Pacific coast points, amounting to ST.
$4,000, that institution has taken from
the banks net balance of s., Gas, 600. The
net loss to the interior on the direct eX-
press movement is estimated at less than
81, O00000 including shipment of nearly
$2,0000 eco to Philadelphia, on account of
the payment by the Pocahontas Coal
company for the Flat Top Coal company.
The change in the loan item is profile
NAUTICAL. 1t is supposed that borrowing
in the local market for repayment OF
foreign loans has proceeded this week
But at least one of the leading banks
has been a heavy lender on call on the
stock exchange, reversing its recently
prevailing policy
Railroad bonds were less active in
sympathy with stocks, and the specula-
sales par value, 81 325, 600 United States
3s coupon advanced 4 per cent on the
last call. - 551Liy
Stocks