The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-09
WALL STREETEVENTS
MAKE BERLIN
CAUTIOUS
Show Great Re-
serve and Money Rates
Are Raised-London Mar
ket Almost Featureless-
Absence of Confidence
Noted at Manchester.

BERLIN, March 8.-The events in
Wall street received unusual attention
| on the boerse here last week and
caused spectators to show great re-
serve, which was increased by the ris-
| ing money rates. The domestic and
| government bonds lost fractionally
and most fereign rentes were weaker.
| Canadian Pacific was sold heavily ow-
ing to the reaction in New York, the
weeks drop being 5.37.
| The influence of Wall street opera
tors, however, was felt here, chiefly as
a borrower of money, for which they
were Offering per cent and above.
Much was taken for New York yester-
! day, but several of the largest Berlin
| houses having New York correspond
| ents showed manifest Discrimination TO
place money there now. believing ex-
| listing rates of exchange would no in
cur and that they might incur losses
owing to the withdrawal of loans.
Another reason for not wanting to
| loan money to Wall street was that
! Germany has lent large sums to Lon
don and Paris which must later reserve
| the present high rate of exchange when
the loans are paid. These considera-
| tons and the American demand rails
| ed the private rate of discount 3-8.
The industrial market showed an ir-
regular tendency last week. Coal
shares were higher, while irons were
| lower, although the iron market reports
remain favorable. The Slesian roll
ing mills association raised it's prices
marks per ton for the next quarter.
The American demand for pig iron
increased and American purchases are
also reported from Australia. The
banks were moderately lower upon the
disappointment of the exaggerated
| hopes of dividends, caused by the an
nual reports.
The electrics were higher, as were
ocean transportation shares.
The supreme court Of Leipsic has re-
verSed the decision rendered by the
Frankfort court, which compelled the
RothschildS to refund the money to
purchasers of the Georgia Central Sc
curitieS, on the ground that the pros
pectus contained misleading state
ments. The Hamburg and Berlin grain
importers are renewing their COM
plants regarding the quality of Amer
lean corn. The present complaints
refer to New Orleans shipments as be-
ing black. The importers threaten to
exclude New Orleans certificates unless
the grain improves.
Market Featureless.
LONDON, March S.-The stock mar
ket was absolutely featureless except
for Grand Trunks, the January report
of which caused quick realization by
the bulls, who had been booming them
for some weeks. This furry affected
the general trading, which continued
dull, though there was still some evil
dence that the general public was COM
ing into the market. Consols, which
rallied last Monday on the dividend de-
clared, dropped when the enhanced
holders wanted to sell and continued
easy the remainder of the week. Amer
leans were dull, the list generally
showing the closing prices to be be-
low those of the previous week. This,
omreoVer, was true of all the depart
ments with few exceptions. The scar
city of money, the extreme cautious
ness displayed by outsiders and the de-
preston on Wall street were tributary
causes of the unfavorable conditions
prevailing here.
Cloth Market Unsettled.
MANCHESTER, March S.-The cloth
| market was in an unsettled condition
| last week, owing to the fluctuations in
| cotton and an absence of confidence
| prevailed. Manufacturers find it i'm
| possible to commit themselves for even
few hours. There was a fair num-
| Der of offerings for certain descriptions
| OF cloth, but they We're most imprac-
| tlcable. Some concessions in Chinese
staples We're made where makers die
| not hold out for extreme rates. The
| 1Huld lTdO6 was not DISK and was
| chiefly confined to the lower grades
of the lighter fabrics. The values
| were much too high to permit of any
| freedom in the operations. There
was a minor Eastern demand for mis-
| cellaneous goods, but the purchases
were limited. Business in yarns was
| difficult to arrange. The buyers oper-
ated very moderately and the spinners
| showed no anxiety to sell.
Purchasers Were Misled.
NEW YORK, March S.-A dispatch
| from Berlin June last stated that the
holders of bonds of the Central Of
Georgia railroad had brought a sui
against the Rothschild firm at Frank.
fort to recover on those bonds fol
which the Frankfort Rothschilds tool
subscriptions on behalf of the Londor
Rothschilds. The provincial court a
Frankfort, before which the suit was
heard, decided that the Frankfor
| Rothschilds must take back the bonds
in question at the price at which the,
were issued because the prospectu
sent out by the Frankfort house mis-
led the purchasers of the bonds. TIL
Frankfort Rothschilds contended il
their defense that they had acted mere
ly as subscription agents.
The total issue of Central of Georgi