The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-03-13
LAMBS In CONTROL
STOCK MARKET LARGELY LEFT
TO THE DEVICES OF THE
OUTSIDERS
LARGE OPERATORS ARE OUT


Largely on Their Holdings and
Are Now Waiting for a Drop In
Prices-Other Influences Tend to-
Check a Reimbursement Upon a
Lower Basis.
NEW YORK, March 12.-(special.) During
the first half of the past week the course OF
affairs in Wall street was very much a reali-
cation of the foreshadowings in our last ad
yices-heaviness, irregularity and a prepon-
derant sagging in prices having been the
main features. 1t is evident that as rule,
the larger operators have realized largely on
their holdings and are now waiting for drop
in prices, and are more or less fostering that
outcome. This has seemed to leave the mar
ket largely in the hands of comparatively
neither the tact nor the resource to counter
act unfavorable tendencies nor to combat
bear" maneuvers.
But while these and other factors have been
tending towards a readjustment OF the mar
ket upon a lower scale of prices, there are
other influences which seem likely to at least
hold that tendency In check. The continuous
stream of new combines" coming on the
market creates a strong sentiment, in quar-
tiers possessing some influence In FAVOR OF
supporting the market; and that movement
of speculation and to encourage the expecta-
ton of an active spring campaign. Also, the
readjustment of the finances OF the Central
Pacific, and the important deals attending
the procurement of control Of the Chicago q
Alton have tendency to raise expectations
OF an upward speculation in certain important
groups of stocks at a comparatively early
day. The coal stocks are also the center Of
a good deal of interest, If not also of bullish
expectation. Although various and contra
dictory rumors are current (and none OF them
yet conf1rmed), as to what the coal companies
may do to place their prices under more
effective control, yet there can be little doubt
that something radical will be done to effect
that purpose; in which case, the securities OF
those companies (Which have scarcely par
ticipated at all in the late great rise), might
be expected to rise proportionately. These
probabilities have been strengthened by the
return of leading banker from Europe, with
the reported purpose of formulating plan
relating to the anthracite industry which Will
enable 1t to realize its due participation In the
now prevailing prosperity OF the country.
These outgivings have already had a favora-
Bile effect upon the coal stocks. AS q feature
in the ''industrials,'' it is surmised pretty
confidently that an understanding has been
reached between the Sugar Trust and its in
dependent opponents for the regulation Of
competition between them; and there are
symptoms which seem to give color to these
intimatlons The annual statement of the
Pennsylvania railroad has strengthened the
hopes of the bulls Its showing OF net
earnings 81 per cent in excess of dividends
paid out during the year, together with a
surplus IN the treasury OF $26, OO0, 600, are re-
garded as the most significant evidence OF
railroad prosperity that mas yet appeared and
as being calculated to have an important ef-
feet among foreign investors.
The effect upon the money market of the
two last bank statements, which showed itself
in 4G412 per cent rate on call loans and
some considerable selling of stocks, has
plethoric condition of the banks at the In
terror centers was overlooked; but the over
sight was dispelled by an immediate Influx Of
money from several sections Of the country
as well as from Canada, and the rate of in
terest immed lately fell back to az per cent.
The course of foreign exchange has also ia
vored local ease in money, rates having close
ly Appropriated the point at which gold
could be imported. This experience has
lessened the effect of the anticipation of the
hardening of money rates usually incident
to the April settlements; as it shows that
any pinch at that time would be likely to
attract funds from the interior. Some i'm
portant transfers of funds have to be made
In connection with the operations OF the Chi
cago & Alton and the Central Pacific syndi-
cates the first installment has, however al
ready been paid in each case, and, In any
case, the effect of the transfers from one
set Of holders to another would be only mo-
mentary, the amount of loanable funds
would remain unchanged. The bears can
hardly make any effective capital out of their
ket arising from deficiencies in the treasury
income. For, should the government need
money, it would find an ample resource in
the sale of the short obligations received
from the Central Pacific railroad as well as
In the authority to issue s1OO, 600 600 of one
year per cent certificates provided last sum-
mer for war purposes, and which still re-
mains in force. Under all the circumstances,
therefore, it seems safe to anticipate reason
ably easy condition of the money market until
the next crop movement.
From the foregoing facts, 1t will be seen
that although it may have seemed natural
and reasonable to expect a reaction from the
extraordinary high prices, yet, at the moment
when such movement appeared to have set
in, a new set of conditions has come into
play of considerable extent and force. How
far these new bu.lish factors may carry the
market, 1t Is not easy to estimate They will
at least encourage and help the holders of a
large mass of securities on which prices have
risen to an unprecedented elevation, and so
Whether the influential operators who have
realized at the top of the market will be
drawn into the arena again, remains to be
seen. These new aspects Of the market are
likely, however, to arrest misgivings among
present holders and check the selling which
few days since seemed destined to end in
a considerable drop in prices. Today's bank
statement is not likely to be good one,
neither will the three following Ones as
money will flow steadily from the banks to
the interior meanwhile to provide for the list
treasury will also be compelled to draw quite
considerably from the banks during the same
period. Besides this, the February railroad
monthly statements will not be particularly
favorable, owing to the snow blockades which
spread over the crop sections of the country.
This is also the critical season for the crops
l still continue, therefore, to advise buying
conservatively on the weak spots and simply
for quick turns for the coming week at least.