Evening star., 1902-03-22
Short Covering Caused Ad-
vance in st. Paul.
DEMAND FOR PACIFICS
GENERAL OUTLOOK REGARDED
AS BEING SATISFACTORY.
Return Of Big Financiers From Vaca.
tion Expected to Revive Active
ity in Market.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. March 22-The undertone
OF today's stock market was strong under
mixed volume OF business The covering
or short contracts was conspicuous fea-
ture In few instances. and there was the
usual amount OF manipulation. During the
week the trading has been better distrib-
uted than heretofore. and In several In
stances new records have been achieved.
crop news Is encouraging, and roads In the
west and southwest report a large volume
of business In sight.
Rains in the winter wheat belt are re-
ported and the crop Is doing as well as can
be expected at this date. No record-hreak-
ing yield is expected, but it is pointed out
that nothing extraordinary is necessary to
insure continued dividends In most cases
ana to allow for increases in others. The
vacation period is drawing to q close and
the millionaire following will return to
business during the next ten days or two
weeks, 10 ma the market none the worse
for the dulness
Trade reports indicate good spring bust
ness In practically all commercial lines and
railroad earnings show gratifying increases
IN gross over last year
The money market is to be regarded with
patience for another week but after that
money should begin to flow toward this CEN
Ter IN volume. Meantime leading banks
say there is plenty for all needs and that
no stringency will be recorded during the
present season. The bank statement re-
the bulk of 1t in specie.
Inc loans have been reduced S7.77OOOo
which is the chief feature OF encourage
ment in the exhibit The deposIts are
smaller by $11. .135, 400 calling for a smaller
reserve and allowing for an increase of
$''s's,3Jo in the surplus holdings of the as
sociated banks. The favorable changes
while small We're suggestive of an efYnrt
on the part OF the banks to strengthen the
monetary situation.
The banks and the leading financial in
terests or the country are behind the mar
ket. and the public. while timid about buy-
ing, have too few stocks for sale to cause
any concern. Prices move easily whenever
the effort to move them comes from sources
known TO be In control Of the situation. Ad-
Nahces and declines alike are arrested
whenever the movement Is undesira BILE tn
the banking interest.
The covering Of a large block Of ST. Paul
by house known to have been large bor-
rowers of the stock for several weeks vas
one OF the leading features OF today's mar
ket The price was forced above 1d9 under
the purchase OF round amounts OF stock
OUT once the demand became less urgent
a moderate reaction Set in. Rock Island
was supported around $50 and there was a
good demand for nlluois Central from
semi-inves1ment interest. Union and
Southern Pacific were we'll bought for a
time, but the pools in them were evidently
unwilling to force the advance beyond fac
tional limits.
There are indicat tons Of an effort to re-
vive interest In a new scheme for closer re-
latlons among certain railroads seeking q
seaboard terminus In the south. The stock
on the brunswick Dock Company Is being
bought by interests said to have such a
prospect In contemplation. Similar efforts
have failed In the past, but 1t is known that
several properties are willing to make an
other effort IN the hope of increasing bus
mess along the lines of the larger trunk
lines The market IL likely fo no oP
specialties and manipulation for a time.
with an advancing tendency. which later
in the absence Of accidents. is expected to
become pronounced.