The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-05
PRICES GOING UP AS
THE NEW YEAR
BEGINS
London and Berlin Both Re-
port That the Holiday Sea-
son Was Followed by En-
couraging Signs in the
Financial World = Cloth
Market Unchanged.

LONDON, Jan. A. The advent of the
new year was greeted on the stock ex-
change by advanced prices in which all
sectiona participated. All foreign CEN
tiers lent encouragement to the movement,
New York being the strongest buyer. The
year begins with evidences of expansion
in every direction Last week opened
with Americans depressed. This condition,
however, was temporary and was followed
by a sharp advance and Americans closed
Saturday showing improvement over the
preceding week. There is a growing feel
ing of confidence in the solidity of the
situation in the United States. The pre-
dicted collapse of the market in Wall
street has not come to pass There has
been no complaint of over production and
no evidence OF over trading is noted in
support of the pessimistic view. The alb
sence of any advance in the bank rate is
potent bull factor here, as it avoids
forcing gold shipments from New York.
The consul account at closing last night
was enormous.
While the stock exchange last week was
occupied mostly with the adjustment of
accounts, business was brisk and was not
aHected by the reports of China'S failure
TO pay the internal ional indemnity in gold
or OF the uprisings there and in Morocco,
or by the Venezuelan situation. Central
and South American securities scored adj
VanceS.
The attention of the market is fixed
on South Africa, as it is believed that
Mr. Cham berlain's speeches will have a
material effect on KaffirS, creating an in
creased demand for them and giving the
market a fresh export commodity
Cloth Situation Unchanged.
MANCHESTER, Jan. Awhile the hol-
lqays lntertered with the business on the
cloth market, the situation has not chang
su materially. Most sections last week
were In fair demand. Producers have been
Tylth oc4s,T H. II.
sharp advance in cotton at the opening
OF the year; manufactu have not been
able TO Keep pace with the rise in cot
ton. The offers made by buyers have
been impracticable except for Immediate
requirements.
India was the most active outlet last
week, although the inquiry from China
was fairly satisfactory. The South Amer
lean inquiry improved and transactions
with South American countries were fair
1y widespread. The Mediterranean outlet
was operated more freely last week Of
ters received from Japan mentioned rise
which prevented progress,
Yarns advanced during the week but
business was restricted. Twist was in
neaIthy demand, but quick deliveries were
more difficult.
Last Week Was Best.
BERLIN, Jan. 1.-THE boerse enters the
new year in buoyant mood, and last week
was the strongest week known in many
months All departments Showed gains
with the exception Of few coal shares
Heavy, gains were scored in irons upon
several price advances. There is a tend
fency to believe that better times have
begun. Almost all other industriaIs scor-
ed advances. 1t is understood that high
financial circles are promoting bull
tendency IN order to prepare the market
Tor the forthcoming government issues.
Ihe foreign boerses, especially London
ana Vienna, reacted strongly here last
week; the disappearance of Wall streets
financial difficulties also caused a rapid
Decline in Berlin rates after the new wear.
Notwithstanding the very heavy pressure
at the Reichsbank, which is expected
speedily to be relieved the banks issues
OF uncoyered notes broke all records by
5z,O0O,OO0 marks, reaching 408, 000. 600
marks. This heavy demand is largely due
70 the preparations of the private banks
toward floating the new government loan.
. Inc Frankfurter Zeitung says that the
total issues of stocks and bonds in Ger
many during the year 1902 amounted to
ZOSl. 100000 marks, as against 1908 900, :
600 marks in 1900. Industrial shares is
sued last year amounted to $4,000, 600
marks, as against 104, 900 600 for the pre-
ceding year. The increase in stocks and
bonds for 1902 was entirely due to gov
eminent and municipal loans
The German Togo company, to grow
cotten: has been organized here with a
capital of $50 600 marks. -