The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-09-19

market mantaned Sep it's nndertone s'oe Of
strength today, but the trading was
tremely apathetic outside spotty as
strength helped to sustain the general
list. The money market was quieter, but
rates were still stiff. Loans were left
undisturbed, however, and no pressure of
liquidation was forced The level of
prices, therefore, was not disturbed eX-
cept as the sympathetic influence of the
strong stocks helped to harden the mar
ket.
The Gould group was the most con-
spicuous. Reports of plan were cur
rent with color of official sanction for an
ferred for Missouri Pacific bond. This
was interpreted by a speculative con-
tlngent as forerunner of the long ex-
pected Gould consolidation plan Mis-
in the day and took the leadership of
the whole market. The return Sto New
York of President Gould from a tour of
inspection served to stimulate the move
ment. Rock Island made a much larger
gain on small volume or dealings.
Effect of the Iowa Decision.
The advance was based upon the de-.
cision of the Iowa state authorities that
the Rock Island reorganization plan is
not in contravention of the Iowa law.
There was activity and strength in the
curb market in contracts for the new
Rock Island securities. The stocks of
independent steel companies were strong
as rule because of the reports Of the
extraordinary pressure of orders for all
grades of iron and steel products and a
degree of activity in production which is
limited only by the available supply of
material.
The freezing weather in the Northwest
was ignored until the break in the corn
and wheat market, which helped to stiff
of some of the Southern railroads may
have been due to the persistent unfayor-
able reports from the cotton crop. The
money outlook continues the principal
topic of discussion in the financial dis
trict. There was no radical change in
the situation today. An additional en-
gagement of half million dollars Austria
liam gold was announced to arrive several
weeks hence. The banks continued to
lose to the Sub-treasury, HotWithstand-
ing the disbursement by that institution
on account of October government in
terest, the customs collections and the
deposits for transfer to the interior serv-
ing to more than offset the interest pay
mentS
Relief Doesn't Relieve.
However the loss to the sub treasury
since Friday has reached only $1,958, 900,
compared with $4,725,000 for the same
time last week. While the drain is thus
reduced it will. be seen that nothing of
the needed regeneration of the banks
reserves has been afforded by the treas
ury's measure of relief. The fact that
the Bank of England RETAINED from ad-
vancing its discount rate today was given
a favorable Interpretation. But sterling
exchange here continued to harden to a
full cent above the low level Of the week,
carrying exchange well away from the
gold import point The prices of gold in
the London market was advanced and
something over a million dollars was
withdrawn from the Bank of England for
shipment to points other than New YORK.
1t is evident that the quiet money. mar
ket in New York is due in no small part
to the constraint upon the speculation at
the stock exchange. The market closed
dull and steady.
The bond market was dull and about
steady. Total sales par value, 81 290, 0Q6
United States ref. Is advanced x, the
IS a and the old As Is per cent. The new
As declined Il on the last CALL
Stocks.