The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-16

NEW YORK, Feb. 15.-The movement
of prices in the stock market today re-
flected very clearly the doubtful and con-
f1icting speculative opinion over the out
look for prices The opinion reflected
was almost wholly that of professional
operators in stocks, as they were the
only ones who took any notable part In
the trade The general public persisted
in keeping out of the stock market and
this continued Indifference had not a lit
tie to do with doubts Of professional spec
ulators, some Of whom sold stocks before
the close of the day, prompted by the
failure of any demand for stocks to de-
yelop.
The initial impulse came from the
London market, where the prices adj
vanced on the cheerful feeling engendered
by the forward move Of British troops
in South Africa. London was buyer
here at the opening, but the demand
from that source was satisfied with the
taking of from 900 to $4,000 shares
The iron and steel group advanced I'M
der the active bidding up Of speculative
traders, American Steel and Wire rising
to within fraction of 60. Tennessee
Coal rose an extreme 2H. The impulse
to these stocks came from the allega--
tons contained in a pending law suit
of notoriety, regarding the enormous
profits Of the steel trade for the past
year and assertions Of the likelihood of
| still larger returns for the current year.
The strength In Sugar was based upon
rather vague rumors of coming advances
| in prices of product and resumption Of
| operation by refineries recently closed
| down.
| But the strength from these causes was
| not we'll maintained in face of the sym.
pathy of the demand and weakness IN
| some special stocks. A break Of 81 In
Third Avenue was due to the announce
ment by a banking house of Its with
drawal of a proposed loan to this COM
pany This caused sharp sympathetic
declines In the other local traction
| stocks, the iron and steel stocks and
Sugar and, In fact, unsettled the whole
| list. Railroad stocks lost the early
gains, but became dull and notably firm
near to last nights level Of prices.
| All reports continue to reflect high
| level of prosperous business activity and
an unprecedented level of railroad earn
ings. But this very activity In business
arouses the question whether the pros
porous use of money thus involved is not
likely to deplete the supply Of funds
available for speculative purposes.
No better explanation has been found
of last weeks enormous loan expansion
than the demand for mercantile uses.
which is known to be on a very large
scale. Rates for call loans still con-
tinue easy. but only the choicest grades
Of mercantile paper can be placed now as
low as per cent, most transactions be-
ing made at ~ to per cent
Time loans for sixty days are
also in large demand at IA
per cent. The subtreasury has already
absorbed $1,60O,OOO from the market this
week, and the course Of New York ex>
change at interior points gives httls
hope of any gain in cash for those
sources. Taking into account the recent
tendency towards large expansions OF
loans, further large inroad upon sur
plus reserves Is regarded as inevitable
in the coming bank statement.
Business in bonds continued on fairly
large scale and price changes Were IT.
regular Total sales, par value, ~, 3d.
600. United States bonds were I'M
changed in the bid quotations.
STOCK QUOTATIONS.
Furnished by Charles H. T. Smith &
Co, members of the New York Stock Elk
change, Pioneer Press building, who have
direct wires to Chicago and New YORK.
Closing prices are bid: