The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-03-20
MONEY RULED THE DAY
THERE WAS A D1sPOsITIoN TO DO
BUSINESS, BUT CAUTION HELD
DEALERS BACK
- a
--4---T--u
LENDERS ARE > HOLDING OUT
81 n
FURRY I'm New York Local Stocks
Not a Serious Factor I'm the Gem
eral LIst-Bears Made
q Raid.
LENDERS ARE HOLDING OUT

- j Close.
Bar silver, New York. ...,............. go
Call money, New York. minimum. 404h
NEW YORK, March 19.GThe stock mar
ket gave evidence today tOf q disposition
on the part of the speculative contingent
to discount the prospects of relief to the
money market But the speculative con-
tingent Is dependent upon the money
while there were symptoms of relaxation
in money rates, the present supply is
still extremely restricted Lenders OF
money are inclined to hold out for high
rates, on the assumption that interest
rates Will not relax until after the April
! settlements have been disposed of. Bor-
rowers take q more hopeful view of the
immediate outlook. and are inclined to
await the expected early easing of rates
There was an appreciable stirring Of
speculative I Interest today; which was
which was mostly confined to a few
stocks. Baltimore & Ohio was the most
conspicuous, with rise of 3 points.
Union Pacific. Baltimore 81 Ohio pre-
ferred. Atchison preferred and the Colo
RADIO & Southern stocks were all in good
& Ohio and Minneapolis & st. Louis pre-
ferred rose 2 points each.
The bears made attempts to obstruct
the rising tendency. of prices; They first
on the ground that the tax levied under
the new franchise tax law will be so con-
siderable as to threaten their ability to
on the iron and steel group, based on
threatened strike of machlnists. Neither
OF these was very effective in breaking
up the strength manifest among the rail-
roads. In fact. the railroad list showed
more hesitation In face Of the violent
rallies in the local traction groups than
in the weakness of the specialties.
1t Is we'll understood that the Vicissi-
tudes Of the New York stocks are nearly
concerned with a rivalry approaching the
character Of feud among some of the
nj Hr1ny it,to
street, and peaceful bySt9nderS have been
shown to be as likely to be injured in
this conflict as the actual participants.
The chief episode in this conflict today
was the severe punishment inflicted upon
the short interest in Third Avenue This
stock touched 6612 in the early decline
lent fluctuations of the last half hour Of
the trading. Price changes reached as
much as liz points between sales. Metro
politan Street Railway recovered an ear
freely Of few stocks, especially the
Atchisons and Union Pacific. The total
purcho ses on this a account GO of all stocks
Relief was manifest in The London mar
ket, due 10 disbursements on govern ac-
count Neither theleasy, money in Lon
don, nor the large buying on London ac-
count here had any effect on the market
for sterling exchange, which held steady.
New York exchange at pChicago jumped
to 35c premium today, COMPARED with a
discount last week. and the proportion
of absorption of funds by the New York
subtreasury is much smaller than for the
same period last week. Factors 1nf1u-
encing the market are thus outlined with
out regard to the new currency law.
Transactions In railroad bonds was ac-
tive and strong today and we'll distribut-
ed. Total sales, par value, 1875, go
United States bonds scored a further
sharp decline today. suggesting the llqui-
dalton of large holdings by recent buy
ers, who are induced to take profits on
the high prices. United States 4s. old As
and SIS defined i per cent; refundlng %,
when Issued, &c, and new As, Nc in the
bid price. 9t.
STOCK QUOTATIONS. ..
Furnished by Charles H 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: