The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-06
MARKET TO
BEGIN NEW WEEK
WITHOUT FEAR
ALI Departments Show a
Better Front, and It Is
Believed That Period of
Depression Has Ended
Unsettled Condition Of
Cotton Affects Manchester
Berlin Is Cautious.

LONDON, April 5.-The recovery in
consols, which came late in the week,
mad Salutary effect and in conse-
quence more CHEEKY tone pervaded
the stock market, all departments
showing a better front 1t is now be-
1eved that the period of depression has
ended. Money has become easier and
with the dividend distribution the stock
market will be enabled to repay its
loans to the Bank of England and re-
auction in the interest rate will fol-
low. American securities, influenced
by the Southern Pacific fight remained
rather dull last week, though they dis
played a better tone yesterday In the
improved prospect on the stock market.
however, the Macedonian troubles are
decidedly discOuraging features and
the situation in the Balkans has Gre
ated nervousness which is keeping
the public from trading until some
thing more definite is known as to the
future in those regions.
Cotton Situation Mars Market.
MANCHESTER. April 5.-The I'M
SettIed situation regarding cotton kept
the cloth market here last week on the
borders of stagnatiOn. The general de-
mand during the most part of the week
was of an unimpOrtant character and
the turnover was poor. There was q
slight increase of transactions at the
week end, some buyers operating where
the sellers were pressing for business
The general outlook in India is salts
factory, encouraging the belief that
there viii be an increase of trade when
prices become settled. There We're
some sales for India in light fabrics
The standard shiTtings We're unsuitable
The China trade was limited though
there were many low offers. Some
minor outlets have taken the supplies
necessary for the seasons require
ments. The buyers generally are con-
timing their purchases to small parcels
which are requisite to keep uD THEN
assOrtments.
Business in yarns was devoid of in
terest, the demand continuing to be Of
a retail character.
Berlin Is Cautious.
BERLIN, April 5.-The more serious
aspect assumed by the Macedonian
question, together with the continued
concern about the situation on Wall
street caused weakness in most depart
mentS of the bOerSe last week The
trading in government funds was light.
The announcement regarding the issue
of the new German three per cent loan.
amounting to $72,500,000. with a sub
scription price Of 90. caused some SELL
ing of government bonds in order to
buy back the new issue, which is
slightly cheaper. Nevertheless, the
existing three per cents held their own,
because the March interest payments
liberated money for which investment
had to be found.
The boerse reviews still give much
attention to the New York situation,
some writers asserting that a great
lack of confidence in the situation on
Wall street prevails in Germany The
interview given by J. Pierpont Morgan
regarding the financial outlook is dis
cussed in various ways. The Frank
forter Zeitung says that-Mr. Morgan's
optimism is undoubtedly due to his
gigantic engagements. Therefore, he.
above all men, is untitled to give an
objective judgment on the financial sit
uation and prospects.
Canadian Pacifics showed no deVel-
oDment of interest. The announcement
of the reduction in iron prices in the
United States caused heavy selling of
iron shares on Friday and Saturday.
the quotations losing what they had
gained earlier in the week through sew
er5l advances in prices of iron here.
Most iron shares at the close of the
week We're moderately lower Coal
shares advanced strongly upon the
heavier sales of coal to Belgium and
good annual reports by several of the
large companies.
Money rates have been mOderating
since the monthly settlement and for
eign exchange rates also are tending to
become easier. The Unprecedented
pressure on the Reichsbank for this
season seems to be OutWeighed by the
expectation that the Bank of England
VIII reduce its rate this week.