The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-06
PRICES ARE SHIFTING
SPECULATIVE ELEMENT KEEPS
TRADING IN RAILROAD Sc
CURITIES ACTIVE
BURLINGTON rs A FAvORITE
Western Lines Show Advances on a
Day When Heavy Realizing Sales
Put General List on Down
ward Trend.

ward Trend.
| NEW YORK, April 5.-Today's stock
| market continued to reflect the activity
| of the speculative element which CAUSED
| the revival of the market during the lat
| ter part of the week, but their operations
had TO meet heavy realizing sales after
| the opening. The market had turned up
| ward again when the disclosure OF the
/ important shrinkage in the surplus re-
| serve of tire banks renewed the selling
| and sent prices generally below last
Louisville & Nashville was the only
! important stock to make notable head
| way on the final rally and the market
closed irregular.
There was some reVerSion to the OBJ
scure class of stocks, as shown by the
| ~ point rise in Burlington, Cedar Rapids
| q Northern, ) in United States Express
and 81 iii Nashville Chattanooga <, ST
Louis. locking Valley made a renewed
| advance Sugar and Colorado Fuel were
under pressure but rallied effectively.
The banks failed to show the expected
set Oft to the drain into the Subtreasury
by any gain on the interior movement Of
currency. Apparently losses were in.
CURED on this account as well as on
suptredsury Operations. There seems to
nave Deen special transfers Of specie to
Philadelphia during the week which is at
tflbuted to requirements growing out Of
the labor situation in the coal reds.
Inc d!SDur sement of government inter
est during the week has made no I'M
preston on the subtreasury absorption
Wn1ch mas been aggravated by large de-
poslts of lawful money for account Of
hduonal banks Which are retiring their
circulation.
Gold Exports Are Expected
The activity in the stock market gave
warning of probable increase in the
loan account Of the banks. The net re-
suit is cutting down of the surplus by
tWo-thlrds- Gold exports are consid.
cred probable next Week.
The passing of the April settlements
mas resulted IN only a moderate growth
q speculative interest in stocks, in spite
OF the Efforts of professional operators
to attract an outside following bv marin
ulation of prices. The most Conspicuous
price movements of the week have been
attributed almost entirely to such ynanip-
diatIon The sudden squirt after the mid
die Of the week in the grangcrs and pa
clfics gave rise to some connect ire Of i'm
poftant developments under cover but
hotnlng came to the public knowledge to
eApIain lt. The suppOsition is galeral
mat the clement which has hean active
III the market is made up of Western
men, who are conducting parallel opera
tlOnS IN the grain market. There was
eVluence OF shift during the week by
spectators from the long to the short
side in grain and from the short to tha
long side in stocks ~
Ihere have been operations also by pro-
IeSsiohdl pools IN many of the minor rain
ROADS, apparently on the general assIIwT-
tlon that the minor systems xiN uIti-
mateIy be sought for absorption bv tho
great systems or for consolidation into
NV competing systems. Obscure indus
IIIdl SlochS nave continued to spring into
sudden activity from time to time vita
Out special explanation or on reDOrts
winch 1all of confirmation. ReIapses in
prices i'i, as sudden as the advances there
upon IoHoW. These various symptoms. %
20 snow that the great banking and
hhanclal interests of the country. whose
operations formed the backbone Of Iast
alOOf .
All Eyes on Northwest.
1nese interests are supposed to hold
vast amounts of securities, The nyod 80
u last years combination Droierrs
Whlch are destined for ultimate dJistri
DcutIon 70 tie public Their abstention
from stock market opera tions is SIM
lcsably due to their conviction that The
present attitude of investors toward ga
GuIilies IS not favorable to their distri-
DuiIoh. Attention Of the speculative
puDI1c mas reverted to the situation in
the Northwestern and transcontinentaI
railroad field, by reason of testimony
ehclted from the principals in the con-
TEST OF last year in a law suit The
Willingness OF these principals to tell all
they We're asked to in a suit of minor
Importance, amounts in itself to an ir.,-
presSlon on the financial world The de-
ductlon from 1t is that d policy of con-
cl1dtlOn to the public is considered de-
slrable by capitalists. The impression is
created by the action taken by counsel
Tor the railroads in the governments
suits for 1njunctions against secret
rates. and cutting of freight rates The
acceptance of injunctiOns without demur
and the prOtestatiOn by railroad officials
OF their Willingness TO have published
rates enforced are taken as evidence of
the desire to have a legal status fixed
for the existing order of things as
against the contingency of new meas
ures of coercion and regulation
Competition Not Cut OFF.
There is evident solicitude in railroad
circles over the pronouncement Of one
OF the interstate commerce commissioners
that you cannot have competition and
you must put something in the place Of
it" All of the testimony of the princi-
pals in the Northern Securities com
pany was directed to convey the as
Surance that competition is not inter-
fered with in that organization. 1t is
percepuble that these assurances have
created some apprehension in the finan-
cial world that the unity of
control and of purpose in
tranScontinental railroad affairs
was, in fact, not as was at first sup
posed in the speculative excitement. No
treaty provision is revealed which will
guard against the competition of extern
siCnS by other lines in the transcOntinen-
tai territory. in accordance with their
manifest destiny The increase in cap
ital stock of the Rock Island and the
passage of control of the minor railroad
systems in the territory concerned are
looked upon as evidence of such projects
OF extension which will necessarily be fol
lowed by other systems. In the eastern
territory the intention of the Gould Sys-
tenn to secure an Eastern coast outlet is
accepted as fact. and the alleged friend
ly acquescence of the rival trunk lines
is not believed by the Wall street Pub
lie. This represents a very different state
of affairs from the supposed cornprenen-
sive community of interest among rail
read owners which was commonly credited
during the 100000 shares daily transac-
tions on the stock exchange during the
boom last year.
The future of the money market seems
to rest largely on the future requirements
of foreign money markets for the salts
faction of the British government lean
and other government operations, 1o1
which it is expected gold will have tc
be sent from New York. The questions
of the crops and of important labor set
Elements remain to be settled, and must
be locked to as important influences upon
the stock market
There has been an increased demand
for bonds. and prices have generally i'm
proved United States S. coupon ad-
vanced Is, as compared with last weeks
call price.
Stocks.
ISIS Hgi LowlC Sc