The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-03-26
STOCKS SHOW 4 NET LOSS.
ANXIETY REGARDING MONEY MAR
KET MAKES SPECULATORs
DECIDEDLY NERVOUS
az
EARLY GAINS ARE WIPED OUT
lssNH
Bull Manipulation In the Morning
Trading Gives Place to a Sue
cessfuI Bear Raid In the
Aftefafdpn.

Prev.
Bar silver, New York; sos coz
Call money, New York 49, 21a 31&-4h
NEW YORK, March, 25.-The closing OF
today's stock market was in marked con-
trast with the opening9t The first prices
of stocks showed the effect of large buy
ing demand which had been attracted
from outside spectators over Sunday
by the favorable bank statement and the
resulting upward squirt of prices in the
Saturda market, but the result of today's
operations indicates pretty clearly that
uneasiness over the money outlook was
not entirely quieted by the Saturday
bank statement. Professional operators
fed the outside demand very freely dur
ing the first hour, so that there was no
important advance after the opening ex-
cept where some special influence was
at work. When the accumulation of
buying orders in commission houses had
been worked off this profit taking be-
gan to get the best Of prices and forced
leaders OF the speculation during the
rest Of the day was to make an impos-
Ing show of sharp advances in the stocks
of minor railway companies concerning
which plausible reports of consultations
with larger systems could be devised,
and of which the capital issues or the
floating supply of stock Is sufficiently
narrow to make possible effective manip-
ulation by spectators of large resources.
There were SO many of these gains and
they were so impressive in extent as to
serve very we'll the purpose of the bull
leaders to cover their profit taking move
mentS elsewhere. But the bear operators
gained courage as they detected the ex-
tent of the profit taking sales, and they
had a general attack on the market
late in the day. forcing some rather
violent declines in the grangers, Pacifiics
and SouthWesterns, making the close a
very active one and decidedly weak
There were gains Of from one to two
POINTS in a number Of Standard railway
stocks and specialties in the first hour,
Texas Pacific and Ontario & Western be-
Ing M n, heavily bought f London account
traction stocks and in Sugar, but it did
not Immediately affect The whole market
After the large outsidesGemand had been
partially satisfied some shary advances
were caused among the junior Vandet.it
stocks, running in some cases up to over
five points. The Wheeling & Lake Erie
stocks were quite prominent, as were
Pittsburg, c., C. ST. Stx L., the expr ess
companies stocks, t. General Electric,
North American, Afnalgamated Copper,
Consolidated Gas, and &C. number of other
speelalttes The Southern Railway stock,
st. Paul and the Paeifics made show
c. strength at one time, and late in the
day the Hooking Valley stocks and the
Toledo, st. Louis & western stocks were
had become distinctly weak. In the late
drop Denver & Rio Grapde lost 31a, Bur-
lington 8, Wabash preferred 3A, Great
Northern preferred l21s,sySt. Paul over
cipal active stocks from l to points.
The stocks which had been made points
of resistance retained part of their gains
at the close, although they were mater
tally below the best prices. Uneasiness
is caused by the apparent difficulties
ahead of the foreign money markets in
cident to the requirements for the COM
ing German and British loans. The up
ward course of exchange arouses the
apprehension that gold may go abroad
The continued drain of the government
revenue surplus is also regarded with
increasing seriousness, and the specuIa-
tive contingent does not maintain to the
full its expressed confidence that re-
demption of government bonds will GER
tainly be resorted to to save the stock
market from money pitch. Today's
payment of $25, 600 on account of the
steel syndicate subscription unsettled the
loan market to some extent, hut there
was no notable rise on money rates.
The bond market continued active and
reactionary in spots. Wabash debentures
broke ,35s from the highest. Total sales,
par value $5,46O,0O0. United States re-
funding 2s,~ coupons, advanced 1a4 per cent
on the last call