The Saint Paul globe., 1904-11-01
DECLINES IN STOCKS
THEY ARE SHARP AND ARE THE
CAUSE OF SURPRISE
Confidence In High Prices Was sanquine.
but the Market Persists In Going a Diff
ferent Way Than Expected


NEW YORK. Oct. 31-Confidence in
higher prices has seemed no more san
gulne at any time during the current SDec-
uIatVe campaign than il did this morning.
Inc sharp declines of the day were the
greater occasion for surprise on this ac-
count The lack of known new conditions
10 cause the decline gave rise to some un-
Tsa,,; eaS$ conlecsures OF possible occult hap
penlngs in the financial world to cause the
Iree offerings of stocks. The declines
from saturdays closing prices offered no
very violent contrast to the break caused
Dy the war scare in the middle of last
week. The most generally accredited
cause for the selling was the large en-
gagements of gold for export this week,
to Paris by Thursdays steamer This
explanation must take account of the very
general acceptance on Saturday that there
would be a considerable outgo of gold this
week and the Indifference shown by the
stock market then to that forecast. The
greater influence of this movement today
was probably due to the discussion of the
causes lying back of the movement in the
financial conditions on the continent of
Europe.
1t is a growing belief that besides the
requirements of a further large Russian
government loan. there are other needs
pressing on the German and French money
markets. the nature of which is yet OBJ
scure- Besides the heavy withdrawal
from here for Paris. Berlin signaiized its
further needs by taking 81. 000. 900 In gold
from London today. following its 81 000.-
coo withdrawal on Saturday. London was
a free seller OF securities in this market
even while declining prices here offered no
advantages in the usual arbitrage opera
tions- There was a degree of uneasiness,
and Great Britain and the irritation dis
played IN the public opinion of the two
countries.
Government Deficit
The money market here made no nota-
bic responses to the gold movement, all
though the month-end made some special
demands upon supplies. Rather more at
tention was given also to the prospect
for money and the growth in the rate of
the governments deficit in the latter part
OF October which threatens a necessity for
withdrawal of government deposits from
the banks. The sensitiveness of the mar
ket to the gold Withdrawals was indicated
by the renewed weakness, caused by the
late announcements of additional engage
ments. The room for doubt az to terms
to be offered to minority stockholders of
Ontaria & Western by the new control
was ground for uneasiness amongst
speculative holders of that stock, but it
cline.
cause for weakness in individual stocks.
The confidence felt in the market was
shown by the high opening and the vigor
hrh wisn which the S early pront taxing, taxing was vas
highest prices of the day and the SELL
ing was soon demonstrated to be some
thing more than the. profit taking on the
Monday morning new demand. Amalga-
mated Copper was feature in the first
advances on account OF the sensa ational
buying demand for the metal. Sugar rose
on the advance in refined sugars and
Tennessee Coal on the reported large or
der for steel rails BY the louisville &
Nashville. Pennsylvania and Baltimore
& Ohio showed temporary strength But
everything declined in the late dealings
and the days net losses run from 1 to 8
points throughout the list. The closing
was weak and at the lowest.
Bonds were irregular, Total sales par
value, Sc, SOC. 900. United States bonds
were unchanged on call.
Closing List