The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-17
WIDE RANGE IN STOCKS
EARLY DECLINE IS OFFSET BY A
SUBSTANTIAL RALLY
Another Days Enormous Business Is
Done In Pennsylvania. Which Is Carried
Down Farther-Buii Movement in Trac-
tons-CIose Is Steady.

NEW YORK, Nov. 16.-Prices travers-
ed a considera BILE range in the stock mar
ket today, but the net changes from last
weeks closing are small and insignificant
outside of q few cases.. The early ten
dency was downwards, followed by a Wig
orous recovery which was not fully held,
but the closing was steady. The pro-
fessional traders argued that the poor re-
Spouse on Saturday to the very favorable
bank statement indicated weak conditions
and they sold the market with some
confidence at the opening. The selling
centered upon Pennsylvania, in which an
other days enormous business was done.
About a hundred thousand shares of this
stock were traded in during the flrst hour,
carrying it down to Ill, or Il above last
weeks level United States Steel prefer
share to any extent in the recovery.
The market moved in sympathy with
Pennsylvania. There was an organized
bull movement in the local traction stocks
accompanied by vague rumors of COM
prehenSive merger. Consolidated Gas
moved downwards away from the group
on account Of published assertions that
it's franchises were defective. The up
ward movement in Chicago & Alton con-
tinued and there were unexplained ad-
vances in Toledo, st. Louis & Western
securities. Sugar enjoyed the benefit OF
the improved prospect for the Cuban
treaty. The upward movement had for
substantial basis the prospect of i'm
proved conditions in the money market
the coming abundance OF funds.
interior Requirements Satisfied.
The showing Of last weeks currency
movement was accepted as evidence that
the interior requirements have been prac-
ticallv sttled The fact that the ur
gent needs have been met on account OF
the, disturbances at ST Louis and Baltl-
more and on account Of the high price of
cotton have failed to cause any serious
disturbance here is itself an assuring cir
cumstance With the refiux of funds to
New York definitely in sight, the relief to
sentiment is great. But the foreign trade
statement for October shows even safer
ground for optimism over the money mar
ket The value of the months exports
which rose to above $3.50, 900, 900 is higher
than for any month since October OF 1900
and the excess value of the exports over
the imports of SIS, 439, 900 is also greater
than for any month since October
This strong showing is due to the pro-
fitable market of the staple products or
the soil, the value of exports of manu-
facture being practically stationary. IL
is commonly expected, however, that the
value of iron and steel exports will shortly
increase Last months imports fell S.
500, 900 below those for October of last
year. and this tendency also is expected to
grow in view of the decline of prices of
our domestic manufactures. The explain
alton of the inward movement OF gold is
thus made very clear. Today engage
ments for imports reached $780, 900, and
it is believed that the movement has not
money rates today was probably connect
ed with the arrangements for paying the
dividend on the United Staes Steel pre-
ferred stock.
regular. Total sales, par value s1,S12,000.
Unite States old as declined Il per cent
on the last CALL yGs3
Closing List.