The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-03-23
STOCKS WERE IN DEMAND
PROFESSIONALS DID NOT HAVE
ALL THE BUSINESS OF THE
THURSDAYS SESSION
PUBLIC WAS IN EVIDENCE
Feeling Was Strong, and the Out
look Favorable for the Bull
Element - Money Market
Conditions Favorable.
PUBLIC WAS IN EVIDENCE


NEW YORK, March 22-The railroad
stocks had their inning on the stock ex-
change today. The demand for all grades
of this class of securities reached Inn
posing proportions. and the buying came
from all degrees of investors and spec
investor was in evidence as a buyer of
fractional lots, all through the list, ana
some of the heavy buying was attributed
to the account of banking interests and
insiders in the various properties.
The professional board room traders
on the floor of the exchange have turned
bulls to a man, and the spectators of
large caliber and speculative pools made
their operations manifest in the volume
Of transactions. Individual transactions
to the extent of LOCO shares were so usual
as to attract little attention. while many
lots Of 1000 to 1900 were recorded on the
tape.
Norfolk & Western and the Atchison
stocks took the most conspicuous place
in the trading, but there were impress
sive transactions at different times dur
ing the day in Union Pacific, Baltimore
& Ohio. Southern Pacific, Pennsylvania,
Northern Pacific, Chesapeake & Ohio,
and. late In the day, in Southern Rail-
way.
The strength disclosed in yesterday 8
market precipitated today's rush to buy,
| and 1t was made clear q very large ele-
ment must have been waiting and watch
Ing some time for the first sign that
the market was throwing off its leth-
| In studying today's market it is worthy
of close attention that the rush to buy
was taken advantage of to take profits
on very large scale, in stocks which
| have recently enjoyed a considerable adj
vance under manipulation by professional
operators and pools. Practically all Of
fractions and the Iron and Steel stocks,
and also Sugar, were sold to take profits
under cover of the speculative furore.
But It was not only in the mercurlal
| tn1f 20 nd 1N, wi
dence, but also in the railroad list itself
Baltimore & Ohio and the Pacific stocks
showed its effects very distinctly. Union
Pacific was advanced early, and was held
but 1t made no notable further progress
upward, and the other stocks In this
category showed positive reaction But
the current Of the buying demand was SO
deep and strong as to carry the whole
market practically in It's sweep.
Commission houses reported orders on
buyer of stocks here far beyond the
usual hour when transactions for that
account have ceased. The volume Of buy
ing for this account was estimated at
from $1,000 to 10000 shares, and was
potent influence in the general strength
Of the market. London cables reported
that part Of the buying Of Americans
furry In call money in the afternoon
| to 6 per cent was AN admonitorY ,symp-
tom, prompting to the reflection, that even
market might be overestimated again by
q leading speculation. A drop in New
York exchange at Chicago to 20c dis
count, compared with &c premium earlier
in the week, pointed the same moral.
Government bonds were also checked
| in their downward course today, and rail-
lied. indicating, that the process Of
profit taking there, which has been a
| factor in releasing funds to the money
| market, has come to a pause; and. al
though the subtreasury absorption is cut
almost in half as compared with last
week, 1t still promises to run up close
to the amount OF the surplus yet remain
ing with the banks over the required Is
per cent. Probably a, perception of these
| facts. as we'll as the, violence of the
| days advance prompted the general
movement to take profits in the late deal
| ings, which reduced prices all around
from the best, and made the closing
easy.
The bond market was active and
strong. Total sales, par value. $4.045.0OO
| United States refundfng 2s. when issued
| old as and 2s advanced IL, and the new
Is Il In the 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: