The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-03-13
OBSERVATION-DISCLOSURES
THERE WAS EVERY INDICATION
OF A REVIVAL IN THE DEMAND
FOR SECURITIES
LONDON WAS A FREE BUYER
Demonstrated Indifference of the
Market Saturday to n Depleted
Bank Supply Has Its Effect
Upon Traders.

NEW YORK, March 12-Today's stock
market was Enthusiastically strong through
out. The demonstrated indifference of
the market on Saturday to the swift de-
pletion of surplus reserves OF New York
banks took the mainstay of the bears
from beneath them. The demand from
short interests was a factor in the ad-
vance in prices, and especially In the in
dustrials. which have recently been I'M
der pressure There were several ele-
ments of positive strength in the mar
ket also, but the largest part of the buy
ing was undoubtedly due to the effort
of the professional element among the
SPECTATORS to discount the effect OF the
currency bill Not only the smaller class
OF professionals who have recently had
the market to themselves, but operators
of larger mold gave evidence of their In
tention to do so.
The demands of the stock market on
the money supply was evinced by furry
in the call loan market to 6 per cent. The
spectators paid no attention to this adj
monitory system. being apparently con-
WINGED that the end of the money market
troubles was at hand with the enactment
of the new currency law. which Is to be
sent to the president tomorrow.
There were occasional periods of dull
ness in the market. apparently with a
view of testing 1t, The quick subsistence
OF activity without any reduction in prices
and the tirmness of the resistance to de-
cline, confirmed the confidence of the
bulls. and started prices upward again.
The closing was quite active and strong
at near the top level. Net gains in the
principal active industrials and special
ties. including Sugar. Tobacco. Peoples
and the New York public utilities. ranged
from 2 to over points. The trunk lines
and Southern railroads gained q point or
over.
"A feature OF the trading was the num-
Der of three-day contracts recorded on
the tape. There was a very generous
sprinkling of transactions in fractional
lots all through the list. indicating an
investment demand, which had no small
part in the feeling of confidence eyinoed
by the speculative element. A back
was afforded by the large absorption OF
railroad bonds, especially those of the
higher grade. This must undoubtedly be
attributed to the pressure for reinvest-
ment of funds which have been realized
by investors who have sold government
bonds at the high prices prevailing, the
for circulation 1t seems to escape no.
tice that this in a measure is an antici-
patory employment of the extended cir
culation, since the capital OF the national
of these bonds, looks to bank note Issues
for it's release and unemployment.
London was liberal buyer of several
stocks, and considerable influence was
eXerted by the large subscriptions report
ed to have been made in New York to
the new British loan. 1t Is argued that
those subscriptions indicate an abundance
of capital. and they will represent also g.
quickly convertible foreign credit upon
which the country can draw in case Of
need in the money market. Reports Of
railroad earnings for the first week i'll
March were encouraging.
A good effect was produced by the state
ment of exports for February Of agricul-
tural products. the large increase in value
of cotton exports for the month giving
it the record for February
The bond market was active and strong
throughout Total sales par value, 81
2O5 900. U. S. IS coup and new is reg de-
clined Il: do coup. 70, and old Is u in
bid price.
STOCK QUOTATIONS.
Furnished by Charles H. r. Smith s.
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: