The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-02-20
CLOCKS, BONDS
- ~ AND MONEY.

NEW YORK, Feb. 1s.-The principal
activity in teday's stock market was con-
| centrated in the final hour, when Union
Pacific and ST. Paul. after lying quies-
cent all day, were suddenly passed up
about point over last night At the
same time there was an urgent demand
| developed for Tennessee Coal, the reason
for which was not explained, but which
carried the price 3A over last night
These movements, coming on top Of des-
ultory advances in a number of stocks
not usually prominent, induced a hard
ening tendency all around and disposed
points meantime suffered from realizing
go that the closing was irregular but
active. The speculative activity was
confined to the high-priced industrials,
and the stocks Of small railroad systems
UP to that time. The movement in SUI
gar and Copper was very erratic and
after traversing a wide range they closed
the day with net gain Of ony a frac-
ton. The dealings in the United States
Steel stocks were very large, and buying
by brokers usually used by syndicate
interests was on large scale, but the
speculative public refrained from follow
ing this initiative, which was supposed to
be based upon the tentative proposition
to convert the preferred stock into a 8
per cent bond. The movement in the
stocks was very narrow The Chicago,
Indianapolis G. louisville stocks, and the
Evansville & Terre Haute stocks made
sensational advances on the belief that
they are to be included in q coming con-
Solidation. The United States Rubber
stocks were moved upward on the basis
of the wet weather which increased the
demand for the company'S goods. There
were wide movements In other minor
stocks, some showing new strength and
others dropping back sharply after recent
unexplained advances. The general mar
ket was inclined to be reactionary during
the morning, the Readings especially
showing the effect of profit-taking. The
n
an open one all today. and the decision
not to send gold was an influence in the
date rally Rates for money are UNI
changed, but the unGertone is firm. The
flow of funds from the interior to this
center has become small. The fact is
evident that Syndicates and large capital
lists are following up the resources of the
money market as closely as possible, but
taking up the greater part of the availa-
BILE credits and the professional Specula-
tor with borrowed money ON margin
knows from hard experience that his
convenience is the last to be consulted
while other requirements are to be met
in the money market. With the uncer-
tainties of the Northern Securities case,
and the coming dubious period regarding
the next wheat crop, spectators are dis
posed to go cautiously.
There is a continued good demand for
bonds Of various grades, but the move
nlent of prices continue Irregular, owing
TO occasional profit-taking. The general
tendency. however, was firm. Total sales,
par value, SO, SIS, e0a
United States refunding Is advanced Is
per cent on the last call.
a rise in Chicago, Indianapolis & Lou
isville extended to As, and in the prefer
red to ~. A vigorous upward movement
then developed in Union Pacific and st.
Paul, which carried them up about a
point Tennessee Coal rose on large
buying, and Colorado Fuel. Wheeling q
Lake Erie first preferred, Chicago & Al
ton and Sloss- Sheffield Steel rose l to III
over last night. Realizing at strong
points caused reactions and Sugar and
Amalgamated Copper lost a point. Buffa
10, Rochester & Pittsburg sold at 112,
compared with 11S, the previous sale. The
closing was irregular and quiet.
Stocks.