The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-08
STOCKS RISE STOPS
VOLUME OF DEALINGS In WALL
STREET DIMINISHES, AND THE
PRICES FALL OFF
ST. PAUL ACTIVE AND LOWER
Surplus Reserve of the New York
Associated Hanks Wiped Out by
Shipments and Orders in
From south and West.

NEW YORK, April THE upward
movement of stocks which had attained
some Roadway during the latter part of
last week did not prosper today in face
of the rapidly contracting supplies in the
money market The stocks which We're
made the leaders of last weeks movement
were the chief sufferers from the selling.
The total volume of dealings was con-
S1derably below the million share mark
touched on Friday, but considerably more
than one-third of the total was made up
of st. Paul. Louisville & Nashville and
Union Pacific. The selling cost st. Paul
2$s, Louisville Nashville rs and Union
Pacific 12s.
This course Of events naturally detract-
ed somewhat from the interest in. ethe
conJectureS of the source of the heavy
demand for those stocks and the com
munlty OF interest and merger project
which might be aimed at. Wall streets
suspicion of last week that the movement
was q speculative maneuver to invite a
following in the general market was
strengthened. The rather abrupt reaction
in these stocks as a result of the devel-
opments in the money market was chief
~ remarkable from the fact that those
qIeVeIopments We're generally admitted to
pc impending last week
Gold Exports Are Ignored.
The answer made to this was that the
abundance OF capital in the West would
relieve the situation and would give free
scope to the buying of stocks But when
me cal money rate shot up to I per cent
Ills aiICl mum, ln6 HlSneSC point OF the
season, this assurance did not avail TO
prevent throwing over of large amounts
of stock The foreign exchange market
was apparently not in the least affected
by the Outgo of 81, 500 900 gold, showing
that the consignment is in payment of
foreign obligations, as has been the case
with preceding shipments for some time
Beside the gold shipment the, banks
have lost to the subtreasurv since the
weekly bank statement some 1898 600
Ihefe was deposit also of 100000 in
currency at the subtreasury today for
transfer to Cincinnati while New York
exchange at Chicago fell to 20 cents dis
count. AS the bank statement on Sat
urday showed the surplus reserve down
20 Szoi9,oZ 1t viii be perceived that to-
Gay demands We're sufficient to wipe out
the surplus.
money Market OvershadOws All.
All departments of the list were affect
ca ana the days losses run quite general
~ from l to points, and over that in
TAceipuonal cases. Amalgamated Cop
per ignored the general tendency of the
Lnarket' as 1t did when the market was
Solls up and rose at the last of the
day TO l12 over last week
Other nfm spots were in the local
transactions, some of the express stocks
Westinghouse Electric, Chicago &, Alton
ne ne, v, Central stocks, the Duluth
oGntn onore q Atlantic stocks and some
MINOR STOCKS The action of the DAVIS
Srdlh markets gave some intimation that
last week stock market assumptionS
o. lhe safety Of the winter wheat crop
were somewhat premature Rut The an
~ IN the money market was the over
shddoWlhg influence, and the market
cIosGd active and easy and generally at
the lowest. o.
A few of the newer bond ISSUES wara
duNanced, but the general tendency was
Silsnly easier in sympathy with stocks
I'M Ttnita Sa5 sfs tI par value, &54O.0OO.
on the last CALL -