The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-03-08
MARKET SHOWS NET Loss
BEAR RAID In WALL STREET sue
BULL MANIRIsI.ATION
MORE STORIES OF COMBINES
Rumor Revived U Great Northern
Northern Pacific AcquisitiOn of
St. Paul Laattsr's Shares
Were MarIxed-Up 81.

m So Prev.
Bar silver, New YORK, e.. 81 sln
Call money, New Y9r1f 2-2i& 2A-5
NEW YORK. March THE market
morning to an eartIss5 bear drive BY
means of the sustaining influence of in
dividual stocks early 30sses were largely
ally carried over last night, but during
thee latter part of the day the market
succumbed to depression and specula-
tive liquidation came into force. The
result is a prenenderauce of net losses
on the day. A few stocks maintained
a marked net gain, but they; were rather
palpahly under manipulation for their
sustaining influence on the rest of the
market while profit taking was going on,
The narrowing supply of available cred
it's and the calling Of loans by some of
the banks was the most important influ-
enee in the reaction In. addition the
movement of prices had grown quite OBJ
viously under the Influence of maniprla-
tive pools and the selling to take profits
by this class of operators, in a market
where the public is not taking large
part, had the effect or turning prices
downward. There has grown up some
feeling that the recent ease of the money
market has been in some sort due to ar
titicial causes prompted by the desire of
large capitalists to ensure smooth sailing
for some Of the important financial oper-
atoms recently set afloat Such artifi-
duration the natural course of events
having their inevitable results in due
time. Besides the absorption OF over
So, 500, 6G1 by the subtreasury from the
money market and the seasonable turn
in the tide of interior money movement
to New York, the money market has felt
the effect this week of the payment by
the Union Pacific of half the purchase
price Of its controlling interest in South
ern Pacific. The Pennsylvania railroad
is also reported to have paid over several
Island railroad purchase. Money rates
have consequently worked closer and
some of the holdings of stocks on margin
have been prompted TO Hquidate. This
selling was particulaalrll2gS marked today in
In Union Patffc atnndi Burlington. v.ica
| were made the subject Of joint opera
tions for rise during the last few days,
an effort was made to continue pool oper-
atoms for the advance: by a revival of
| reports of the Stsf{Pau1 absorption by
Great Northern and Northern Pacific in
| terests. This had she effect of lifting
St. Paul ~. An adXFpee in Chesapeake
| & Ohio of 1zs on t4lks of large earnings
| and increased dividends. was a strength
ening factor, and there was quite an
| Gas and Sugar. With1the exception of
| Chesapeake 6 Ohio which saved net
| gain of 1Ss, these stocks lost practically
all their gains, and thegselling movement
carried the principaf active railroad
| stocks from one to two points under yes
! terday. Among the less Important,
| stocks which were pushed up at times
| during the afternoon were Brooklyn TTn-
ion and Consolidated Gas, with advances
/ of and 62: Pullman G45, General Electric
z, and number Of others from to 2.
| There was turn against the shorts in
| some OF the steel stocks not Included in
| the United States steel corporation.
| which resulted in advances from 2A to
| 64s in the Republic Steel stocks, Colorado
Fuel and Tennessee Coal All of these
J stocks fell back after the demand from
| the shorts had been satisfied The pres
sure against Arnalganated Copper car
ried 1t off at one time ia, and it closet
! with a net loss of o. point. The steel
stocks continued very dull and generally
| heavy. Provisions has been made for
trading on the stock exchange IN the GER
tlheates issued by ztse trust companies
in return for the, stock deposited -as-
sent to the merger, but there was not a
single transaction in those. certificates to-
| day, except in American Sheet Steel GER
| t1f1cates, which stock has not heretofore
| oeen traded in Oil the exchange Some
| confusion was caused by Informed an
| nouncements that provision had been
made for trading in. certificates of the
stocks OF the United States Steel corpor-
| alton. Operations in these securities are
still confined to the curb in the shape OF
contracts to deliver When issued
| The bond market was quite active to
day, but irregular. Total sales, PAL.
| value IS, 400 go. United States refundins.
Is declined Is per cent on the last call.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
| Co., members of the New York Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago ana New
| York. Closing prices aye bid: