The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-03-14
STOCK PROFITS ARE TAKEN
PRICES AND .Ag SOMEWHAT
WEAKER TONE
HOLDERS STILL CONFIDENT
Are Not Disposed TO Offer Holdings
at RecessiOnst Showing a Favor
able Situation In Face of
Temporary Setback.

Bar silver, New York. .69% SEX
Call money, New York. ........ 3S
NEW YORK, March 1S.-Tbe stock
market today showed very plainly the
effects of the reduction of the short in
terest which accompanied yesterdays
sharp advance In price. While yester-
days covering movement was In part
the cause Of the sharp advance, 1t was
also the result of substantial buyine
which was attributed to large financial
interests. This buying was not in evil
dence today. London also was disposed
to take profits on the news OF the arri-
val of British forces before Bloemfon-
tein. But, Notwithstanding the lack Of
aggressive strength in the market. the
bears showed themselves timid about
making fresh ventures.
There was some pressure against the
list at times, especially Metropolitan,
Sugar, Peoples Gas, Steel Hoop and the
New York city stocks generally. Mis-
souri, Pacific suffered from disappoint-
ment over the showing made in the an
nual statement, and Rubber was raided
down an extreme 33s. These and other
declines were largely recovered before
the close, and In the final transactions
a sharp marking up of prices showed that
the shorts among the traders were having
difficulty in getting back the stock they
had sold earlier in the day. Offerings Of
stocks on all recessions were III fact ex-
tremely light, and there were 3ints Of
strength which acted as sustaining fac
tors for the whole market, notably Third
Avenue the Atchison stocks New York
Central and Norfolk & Western pre-
ferred 1t was thus made manifest that
while the market waits on developments
in the money market for rise, holders
of stocks are not prepared 70 make con-
ceSSions to SELL r.
Call money did mot command above 6
per cent and fell oto per cent, but this
was probably due to- the cessation OF
stock market demand as much as 20 any
new supply of funds. The losses by the
banks to the subtreasury since last Fri
day already foot up S., 000 which is
more than half the remaining surplus
over the legal requirement held by the
banks. 1t is evident therefore that relief
from the operation Of the currency law
must come quickly IL 1t Is to prevent 4
pinch in the money market.
A feeling of assurance was caused by
an intimation from Washington that tho
first payments on account of bond pre-
miums in the refunding operation will
be made from the subtreasuries and not
from the government deposits in national
banks. Money market IS expected to
show relief from this source more
quickly than from the putting out OF
new circulation.
A striking feature Of the days events
was the sharp break In sterling exchange
demand sterling yielding 70 and cables 1s
In the pound. Considering the advance
in London discounts the selling Of stocks
for London account here and the reported
large subscriptions In New York to the
British loan, the course OF sterling was
the more remarkable. The explanation
may be found In the statement of mer-
chandise exports from New York for the
week. which We're valued i. at 1928 $685.
against $13,570,162 in the corresponding PEI
Rod of last year. The movement of cot
ton and the high price prevailing are the
principal causes of the high export fig
ures
Bonds continued in good demand and
prices were firmly held. Total sales, par
value, So, 4S5, 900. United States Is declined
II and the old is u in the bid price.
STOCK QUOTATIONS.
Furnished by Charles II r. Smith g.
Co, members of the New York Stock ex-
change, Pioneer Press building, who have
direct wires to Chicago and New York.
Closing prices are bid: