The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-03-02

NEW YORK, March 1.-The stock mar
ket reflected from the outset today the
reduction of the unwteldy short interest
by the large covering which took place
yesterday. and which caused so lively a
rally at the weak points Of the market.
Practically all these stocks showed re-
conspicuously 80. This stock fell in the
last hour to new low level, q full point
below yesterdays lowest and rallied but
feebly, closing with net loss Of 81.
RumorS were circulated of a heavy as
sessment to be levied on the stock to eff
feet the reorganization. The other local
traction stocks reacted weakly in SYM
pathy. declines ranging in the group from
in Manhattan to 6% in Metropolitan.
The shorts in Sugar We're much less eager
to cover and that stock also fell back an
extreme AZ, closing with a net loss
Of 315.
Very marked weakness In the metal
stocks was an added factor towards reac-
ton, American Hoop leading the decline
Steel and Wire. National Steel and Ten
nessee Coal lost ~ to S1s from the best
prices. the last named having shown
considerable strength In the opening deal
ings. Peoples Gas reacted 2%.
Outside business was very much ham
pered on account of interrupted tele
graphic communication and the buying
orders through commission houses which
have been growing in volume for q num-
Der Of days past fell to insignificant pro-
portions. There was. however, good de-
mand early in the day for railroad stocks,
based on the continued reports of large
earnings for January. in spite of the high
level of operating expenses. The great
Pennsylvania system showed gain in
net earnings for January of the lines di-
rectly operated both east and west Of
Pittsburg, of 70 per cent. The Chicago,
Burlington & Quincy, with only q small
increase In operating expenses, showed
an increase in net earnings Of no less
than 172 per cent. The Cincinnati. Cleve-
land. Chicago & ST. Louis system In
creased its surplus for January over ten.
fold and Louisville & Nashville net earn
ings were 466 per cent greater than last
year.
Such notable growth In earning power
naturally led to buying Of railroad stocks.
many Of the less prominent stocks join
ing in the movement, but the whole list
succumbed to the influence of the weak
ness in the specialties. ST. Paul's state
ing effect as it showed the gross income
nearly all eaten up by additional operat-
Ing expenses. The decision Of railroad
presidents to give official sanction to the
notorious cutting Of grain rates from Chi
cago had some influence ON the railroad
list.
London was a liberal buyer Of stocks
during the day on the strength Of the re-
lief Of Ladysmith and took fully $4,000
shares.
Sterling exchange rate yielded q on this
account and on continued export demand
for cotton. The sub-treasury absorption
Of cash since Friday reached nearly ST.
100000 today. In spite Of the March dis
bursements, both for corporation and gov
eminent account, it is realized that this
must have a marked effect on the show
ing Of the banks in the coming weekly
statement. No such effect. however, was
noticed in the money market today.
Bond market was active and prices well
maintained. Total sales. 1929, 900. Unit
ed States Is advanced 1ac In bid price.
STOCK QUOTATIONS.
Furnished by Charles II. F. Smith &
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: