The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-03-05
CTOCKS, BONDS
~ - AND MONEY.

NEW YORK, March 4-Today's stock
market for the greater part Of the day
represented the retracting of yesterday S
upward course in the regular process of
is characteristic of the narrow profess
SIGNAL market Late in the day, however,
the selling movement gained appreclaple
rapid stages to the lowest of the day.
making the closing active and weak.
The market also broadened out consid-
the dealings were better distributed than
at any other time during the day. The
standard stocks were as greatly affected
as some of the minor specialties, which
have lately been so conspicuous in the
market. The growing dimensions of the
requirements upon New York cash re-
serves seemed to be the cause Of the
rather acute uneasinesS manifested.
The engagement of gold for export an
nounced today for Thursdays and Sat
urday's steamers, and estimates of 9th
ers likely to be made. indicate the prob
ability of an outgo of $5,OOO,000 or over
this week to foreign shores. The under
writing syndicate of the San Francisco
Traction reorganization called upon its
subscribers today for 20 per cent pay
ment on Thursday. This means the re-
mittance to San Francisco at that time
of about $4O,O00,000. 1t is true that this
operation will mean no encroachment
upon the. country's available money sup
ply, as the treasury authorities will pay
out in San Francisco Immediately the
ctAICulIL Q6POSlt6Q III the SuDLICdSuty All
New York, but the operation involves
depletion of New York bank reserves
neVertE eless. The subtreasury had al
ready taken from the New York money
market since Friday on routine opera
tons So, Ill 600.
With the surplus reserves of the banks
last week below $4,000 600 those figures
indicate sufficient requirements to wipe
out the surplus entirely. Under the aver
age system of computation 1t is also eX-
pecteG that part of last weeks decrease
fol- hi
weeks bank statement. The confidence
which has been felt in the continued ease
of the money market in face of these
developing factors was partly based upon
the belief in government bond circles
that the government bonds would be Of
fereG to the treasury department for re-
demption in case of any real need in the
money market.
AS a matter of fact bonds to the par
value of 81 100000 were offered to the
subtreasury late today, for which $l,122,-
seem to relieve the apprehension of a
possible money squeeze. 1t was notice
able also that the sterling exchange mar
ket was affected by the offering of bills
that rates yielded a fraction, which was
not the case when gold was engaged
last week. The statement of the Mis-
souri, Pacific for January; she showing VII de-
crease in net earnings of $52l 600. caused
an early sharp decline In that stock and
affected the list by sympathy, offsetting
the influence Of various other favorable
railroad reports notably the extraord-
mary showing made by the annual re-
port of the Pennsylvania.
The early market was largely one Of
speciaities, in which Chicago 8, North
Western was prominent with a rise Of
3D. Lackawanna became equally con-
spicuous in the late dealings with drop
of ca.
The bond market was inclined to dull
ness, but held comparatively steady. To-
tai sales, par value, $2,930,0 Co.,
UEILeu states old is advanced Is on the
last call.