The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-17
STOCKS ARE FULFILLING
DEspITE BULLISH FEATURES
THERE WE'RE LOSSES IN MANY
OF THE LEADERS
LoNDor NOT ENCOURAGED
Successes of British Troops In south
Africa Did Not Have the Effect
on Prices That Was Expected
Traders Were Disposed to Dis
count an UnfavOrabIe Bank State
ment-Good Absorption of Bonds.

NEW YORK, Feb. N16.-The descending
tendency of prices, proved too much 10
overcome and the majority or STOCKS
show net losses on the day. In the stand
ard stocks these losses are small but the
decline from the early range is consid-
cradle. The opening was above last
nights level, in sympathy with LONDON
but even the initial transactions, the
weakness of the local traction stocks and
of Pacific Mail, served to unsettle the
market. Prices sagged pretty steadily
from that time until the bear operators
among the room traders started to cover
their short contracts in the final dealings.
This rallied the level of the market from
the lowest, but the movement was lltsie5s
and entirely without force.
London was not encouraged by its good
news from South Africa to buy stocks
here, and. in fact prices sagged In the
home market. Consols lost all Of their
early gain, supposedly on the imminence
of a new issue But London was disposed
to take profits at all points, even Rand
mines showing a sharp reaction from the
early advance. There was no occasion
for surprise, therefore. that the local mar
ket failed to hold the advance on the
South African news.
The bears had not as much ammunition
in the shape of the weakness of special
stocks as they had yesterday, but the
general tone of the market was, never
roads upon Pacific Mail and United States
Rubber but otherwise no very wide
breaches were made in values.
The local traction stocks were inclined
to rally with the cessation of pressure
against Third Avenue. Sugar was er-
ratio during the early part of the day,
but became firmer towards the close, with
considerable effect on the general list.
The general public maintained Its attitude
of apathy, which was the main cause of
heaviness. Probably some vague uneasi-
ness Is beginning to be felt, also. regard
ing the winter wheat crop, because the
ground Is bare of snow, leaving 1t ex-
posed to the cold.
Traders were disposed to discount an
unfavorable bank statement, although
money on call was in free supply at z per
cent for the gerater part Of the day. The
record shows, however. that the banks
have lost on subtreasury operations $2,-
301 900. According to reports from the
leading banks, shipments of money by
express this week are nearly Sl,OOO,0OO
greater than last week. while the receipts
from the interior by express have fallen
off considerably over $1,000,000. This would
Indicate a net loss on the interior move
ment Of nearly 81 000,000 bringing the to-
tai loss, including subtreasury operations,
over 100000 1t is known that some
gold has been received from Canada
which does not figure in this estimate.
There has been continued absorption of
money into mercantile paper and other
forms Of loans in the course of active
business, so that a further extension of
the loan item is looked for. A large en-
croachment upon surplus reserves, there
fore, seems unavoidable. Sterling ex-'
change hardened fraction in response TO
the higher discount rates in London.
The declaration Of the first dividend on
the new preferred stock of the Baltimore
& Ohio was fully expected, and was with
out influence upon the market.
There was a good absorption of some
dormant railroad bonds at advancing
prices, but changes generally were irreg-
ular. There was quite an active market
for government bonds, presumably on &C
count of the passage Of the refunding bill
by the senate The total sales of rail-
road bonds, par value, $2,025,000; United
States new As advanced H. while the old
As declined 1s In the BID price.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith q
CO members of the New York Stock ex-
change, Pioneer Press building, who nave
direct wires to Chicago and New YORK.
Closing prices are bid:
(rr-