The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-11-05
SPECULATION LIGHT
MANIPULAToRs ARE DISAPPOINTED
OVER FAILURE OF CHERISHED -
HOPES ORA RISE
OPTIMISTIC VIEWS MODIFIED
Calling Home N Tfenen Capita,
Rather. PuzzlisfeNRealings as
Noted Are Hardly Worth
Specifying.

NEW YORK. NoBy 4.-Speculators were
disappointed In their hopes of a rise in
prices in todayss stock market, of which
they fancied that the active buying move
ment at the closing of SATURDAYS mar
ket, after the appehfaneesof an unsat.s-
factory bank statemfnt. was a precursor.
Reports continue Feassufhlg todar of the
favorable progress sef the. negotiations
matter, but there is room for the ques-
lion how far the Forthcoming announces
ment of the result already has been dis
counted. The benefit OF such develop
meTlt as removing a threatened cause of
damage to security values Is seif-evideut,
but the financial project which these ne
gOtiations seek to adjust on a permanent
basis has lost Its magical power of APP
peal to the speculative Imagination. The
apparent decision on Saturday to adhere
to an optimistic view of the money out.
look was also modified today.
The engagement of 81, 509,f60 in gold fer
shipment by tonlorroWS steamer to Et1
rope and the renewed strength in the
foreign exchange market, in spite of SAILS
against this SHIPMENT were clear notice
of a considerable requirement still UNI
ment bonds for redemption. compa ed
with the large blocks OF last Friuay, caus-
ed another disappointment and dashed
the hopes of considerable relief to the
money market from that source Today's
redemptions at the subtreasury amount
ed IN par value to- only S159, 49, The de-
rosit at the subtreasury of s2l1.opa for
transfer to Chicago was another unfa-
verable item in the outlook. Last week 9
current movement gave hope that the
Western demand had been satisfied and
the current from that direction turned
again toward New York. leaving only the
South to be reckoned with for the future.
Today's transfer had disturbing effect
on this view, although it is not neces.
sa,rily evidence OF a renewal of any con-
siderable demand from the West. Devel-
opments in the foreign market continued
to be studied with interest as indicating
the continuance of the gold movement
The French naval demonstration
against Turkey seemed to have an up-
settling effect OH 4 he stock markets, bat
the renewed decline in sterling exchange
New York standpoint. The motives Of
the calling home of French capital on
represent scale aresnot altogether clear.
Industrial losses, speculative losses in
copper and several large pending loans,
including a Russian loan and Llanese
loan are supposed to- have their part in
the movement. 4 81 .-l-.-s4-
Individual price movements in todav's
market do not call Efer special mention,
except for the liquidationtevident in PEG,
pies Gas and sharp sadtances in the Buff
falo, Rochester e. Pittsburg stocks
amounting to ST. points in the common
and points in the preferred. The mar
ket closed dull and heavy. but at some
recovery from the lowest. Union Pa
cific rose a fraction over Sat''- ~ in the
final dealings.
Railroad bonds were Irregular. Total
sales, par value, were S3,945,9a0. United
States bonds were all unchanged on the
last call.