The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-03-20

NEW YORK, March 19.-Todays specu-
lation in stocks continued to Show great
animation and additional breadth. The
leaders operated in great confidence, ow-
Ing to yesterdays demonstration of the
eagerIIess of the outside world TO partic-
ipate. The pools made up sof profess
sionaI traders therefore had little diff
Guilty in attracting an effective following
In any stock in which they chose to OPP
crate by actively bidding, up prices as
an Indictment. The speculative pools
were also very actively engaged in TAX
ing profits all day, skillfuny. choosing the
moment while they were developing new
points of strength to sell stocks in which
the advance had already been achieved
either early in the day or on some pre-
vious day. This process caused much H.
regularity In the movement of prices all
day. In the last hour, after prices had
very generally touched the top level at
about o'clock, the professional traders
turned to the bear side of the market.
owing to the heavy realizing, selling that
showed all through the. list and offered
prices down boldly, taking the market
some stop-1oss orders where speculative
accounts had been extended on INSULT
Gent security. ThereNwa a tumbling Of
prices that looked for time like demon
reaction from best prices in the most
prominent of the strong stock ran from
l to 212, and quite a number of stocks
which had not been marked up during.
the day, fell below last nights level.
There was a momentary rally on cover.
ing by room shorts, but the profit-taking
was renewed and many stocks closed at
the low points of the reaction. The steel
stocks We're a conspicuous exception.
They held firm at each successive ad-
vance all day, and In the closing furry
mounted buoyantly in the face of the ac-
tive. selling elsewhere. The time fixed
for the deposit of these stocks in assent
to the terms of the steel merger expires
tomorrow and today s. buoyancy In the
-
the plan will promptly be declared opera
tive This s1ppositfop was without Of
fetal confirmation. 'aThere was an excft-
ed speculation in the United States Steel
up "a over last night and the preferred
3A, but reacted. GA the exchange the
preferred steel stocks uwere remarkably:
buoyant. all of. theza1 yHsing from ~ to,
In the railroad lists Burlington continued
the center Of attraction in spite of en-
phatic denialss from President j., j. Hill
OF a purchase or a. paanto purchase con-
was interrupted BY 4reghent reactions on
prof1t-taking, and after rising an ex-
IRENE 57s: it closed ~ lower at a net ad-
vance of 31A Other notable points of
strength We're RochrIsiand. Louisville &
Nashville. Missourtil Pacific, the Atohi-
sons Union and Northern Pacifics, Baltt-
more & Ohio, New Y orks Central and the
Southern Railway. stocks. Among the
less prominent stocks Lake Erie & West
erns advanced g. :Pittsnurg, Cleveland.
Columbus & st. Louis is 5a4s and Unit ed
States Express 6. Delaware &, Hudson
aIadesEfie. second preferred wereF. strong
Tor time, but succumbed to, the renew
ed heaviness. which developed in the coal
ers. Talk of Increased dividends, retire.
nfent of various preferred stocks and the
relatiXe chAanness of some. stocks on t he
basis of their dividend return continued
to be the influential factors in the speeu-
latIon, Some stocks We're weak through
cut on prof1t7taking,l notably the New
York public utilities, especially Manhat-
TAM which leste414. Great Northern pre-
ferred AZ and Chieaga3s& lEastern, Illi-
no1s 5. A number of other weak spots
railroads and indpstria1s3 Money con-
ttnued apparently abundant = and lenders
We're not exactingy as6to collateral not
Withstanding the fact that the first in
StaItment is. payable tomorrow of 25t per
OF S4O, 200 of Union Pacific convertible
bonds. The operation of the, steel merg-
epfplan Involves Sthel7SuppIy-a Se5.Ge0O G0
of cash by the syndicate The subtreas-
Ilfy continued fto3etak e largely fro4n1ithe
money market, Notwithstanding the large
d1sbursements for, pensions. Sterling eX-
change was, also notably. strong today
sight sterling rising to near 81 49, in spite
of-large buying of stocks fer London ae !.
count. a 3ssfs> a. ~
Z The railroad bond market was~ some
what less active and proflt-taking in spe-
cial issues made it very Irregular. Total
sales, par value, IS, 77d 9p0. United States
refundingS and the new As advanced "a
per cent on the last9caII
es rSTOGKS. as:s.
Furnished by Charles, H. F. Smith a
Co., members of thsqNew York Stock
Exchange, Pioneer Press building, who
have direct wires to- Chicago and New
York Closing prices are bid