The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-10-24

NEW YORK. Oct. 23.-Foreign ex-
of he stock market today. There was
considerable speculation in exchange, be-
cause of the slightly higher rates for
sterling at Paris and the resistance Of
fered by the local market to the volume
of bankers bill put out during the morn
Ing. These offerings, 1t was believed, rep
resented accommodations of bills held In
reserve for u an emergency. Most OF
the days business was done at $4.86.75 for
Saturdays steamer.
Experts minated that an outward gold
although actual negotiations could not
yet be consummated on a profitable basis.
Later in the day demand sterling broke
20 points and was offered at $4.S6.60.
DuIIer and Narrower.
Little can be said for the stock market.
which was duller and more narrow than
on the previous days of the week. some
opening in Baltimore & Ohio, Reading,
Erie, Atchison, Pennsylvania, st. Paul,
Missouri Pacific and the st. Joseph y
Grand Island securities, all Of which
scored slight advances. The rest Of the
list was fairly firm, with practically no
demand for the industrials.
Further activity was shown during the
morning session, when Louisville & Nash
Vile advanced 2 points, but elsewhere the
list made no material change. Opera
lions continued almost altogether pro-
fessional, and some traders covered their
short contracts on the tfNory that the
market had been oversold. The early
gains, with few exceptions, were soon
lost, but such issues as Louisville &
Erie held steady. Sugar n Tnterna-
tioal Power were about the only indus
trials dealt in up to this time, and trans
actions in the latter stock were believed
to be for pool account.
Down to the Lowest.
Up to the final hour there was no de-
cided pressure to sell; but in the late
timore & Ohio, Kansas City Southern and
a few industrials were hammered down
to the lowest prices Of the day. The
liquidation in Northwest was believed to
result largely from the unfavorable view
taken by traders of the new relations OF
the Union Pacific road with ST. Paul,
Rock Island and Illinois Central.
AS proof Of the extreme tenderness OF
the market, a sale of 500 shares Of North
west early in the day caused a drop OF
almost 4 per cent. The uncovering of
stop-loss orders in the same stock caused
a further decline of almost 8 points, with
a net loss of 2h per cent, the stock re-
covering on buying orders at the close.
For the first time in over a week London
was a buyer on balance, but even this
fact, together with the ease Of Paris
sterling and another Australian gold i'm
portation, failed to awaken any enthu-
Siasm.
Weak at the Close.
The closing was weak, and the days
business was under 400. goo shares. One
of the disturbing features was a report
of labor troubles ON the Southern Pacific
system. Call money ruled at from q to
51a per cent, most of the days loans be-
ing made at the higher figure. No change
was reported in time money rates. Two
important financial transactions will nave
to be met in this market within the next
fortnight. On Saturday the firm pay.
want for nnn-ho1f IN tho R61timnraZ &
Ohio roads increase of $42, 800. 600 capt.
tai stock falls due. On Nov. l the second
installment of about $27, 000, 600 of the
Pennsylvania roads stock increase. will
have to be met.
Some of the speculative issues in the
bond market were heavy, but the move
ments were without Importance, except
in the Wabash debentures. The general
list was irregular and dull. Total sales,
par value, ST. 95, 900. United States Is
and IS advanced "a, and the new As n
per cent on the last call.
Stocks.