The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-10

transacted on the stock exchange TO-DAY
man man any day since the semi-panic con-
dItions of the middle of December last.
the highest record since last April AL
though the market became extremely ir-
ttte asn and at one time generally reac-
5lonary, there was a free broad market
during the whole of the day and the
closing was firm and active at a rally
Iron IRON lie tne re low point The report of the
Headlng between the Pennsylvania and
the Vanderbilt interests caused the spec
uIatlve imagination to catch fire and OPP
eratlons were hastily entered upon, seem
IngIy on the assumption that all the re-
cent ills resulting from an overpIus of
new securities and an inadequate supply
oi capital TO take them up had been
cleared away and cured
me concluslon was arrived at by in
terence that further projects would be
pushed for the harmonizing of control of
the Whole Eastern trunk lines railroad
ana anthracite field with subsequent de-
Signs upon the soft coal field through the
control of Hooking Valley amongst the
same interests that are to share the Read
ing control.
Think Merging viii Resume.
Ihere seemed to be an assumption that
, inns would herald resumption of large
iunipef OF the projects of consolidation
and merger which were interrupted by
the stringency in the money market The
prospect that. this would multiply new
securities again and involve heavy syndi-
cdle requirements seemed to have none
OI the recent terrOrS and new buyine or
uelS were poured into the market from
eeneIy Quarter, including some by cable
from London.
II was obvious from the start that this
ueInand was literally fed by sales to take
profits by the large buyers of Yesterday
ana the preceding days, but the buying
was sufnclent to absorb this realizing for
tline, and to initiate fresh advances here
NJ, a.
tween the Pennsylvania and the Gould in
tereSts had been settled caused bouyancy
IN the Wabashes. There were subsequent
demonstrations of strength in other Gould
stocks, notably Missouri Pacific and Man
haitian, which initiated movements re-
SpectlVely in the Pacifics and the local
by any news of the day. Money continued
quite easy in spite of the heavy new
demands resulting from the speculation
and strong bank statement was fore
Casted, both by the large movement of
currency from the interior and the gain
on SuDtredSury operations, resulting from
R+ Ta,iltd Of government interest and the
udhSIeT OF currency from San Francisco
Are Gold Exports Contemplated?
Late in the day, when the market had
become reactionary, a belief gained cur
rency that large exports of gold were in
oomIemp , ion at an early day. The rising
money market in London, the sharp rise
IN sterling at Paris and the Indications
that the Bank of England is disposed TO
MAINTAIN the open market rate of dis
counts, were adduced as evidence of tha
likelihood of such movement at an early
Gay. A more reasonable explanation of
me reaction, aside from the natural profit
dation in Reading, due to the fears Of
holders, that as minority interest thew
would have little to hope for in the new
PositIon OF the stock; The failure of the
Louisville directors to advance its divi-
dend rate as had been hoped by holders
OF the minority stock who followed the adj
vance IN price when the control was rass-
ing. served 10 emphasize this impressi0n
ana the break in Louisville accompanied
that IN Reading. The market was sup
ported at the decline ard the closing was
hrm at the rally.
Inc bond market was Broad but irreg-
I ular Total sales, par value, So, $50, 000
United states new As coupon advanced /
per cent on the last call.