The age-herald., 1902-03-23
SOME ACTIVITY
 IN STOCK MARKET Speculation Was COngeSted, However, in Few Stocks ST. PAUL WAS THE FAVORITE karIy Market for Railroads Was Firm, the Total Range Being Very
 Moderate-some Extraordin-
 ary Price Movements.
ST. PAUL WAS THE FAVORITE

New York, March 22.-There was a good deal of activity in todays market put 1t was congested in few stocks St. Paul was the favorite. Rock Island was CT ratio and kept dropping back after us ao" vance to last nights level, where 1t enoeo the day. The action of the wheat market gave a hopeful feeling regarding winter wheat, but it is not clear why St. faul should be picked for the leader on that score. The hope of a favorable bank state ment was a factor in the buying, but the traders took their profit in St. Paul be- fore the appearance of that document per haps on information few minutes in ad- vance that 1t would disappoint expecta- tions to degree.
 The early market for railroad stocks was firm, with St. Paul and weakened with it, but the total range was very mod crate. The active specialties were irreg- ular, but mainly re-actionary. Those that were strong lost a good part of their gains. The various rubber stocks and Hooking coal were the conspicuous in- stances. The reduction of $11,135, 400 in the deposits of the banks relieved the reserve requirements so as to guard the surplus which showed a small increase. But the proportions of cash in the deposit decrease was larger than expected by about S2,OOO,- 000 What the source of this extra drain on the banks was does not appear. There was, however, no large resumption Of buying of stocks after the bank statement appeared and the market closed irregular.
 There have been some extraordinary price movements this week amongst stocks which are rarely traded in to large extent on the exchange. The move ment has been conspicuous amongst stocks that are closely held at high prices by the class of holders who keep aloof from the stock market and pay little at tention to the price movements thereof, but hold their shares. Sucn movements are viewed with suspicion by experienced traders because they are comparatively easy to cause by manipulation, owing to the small floating supplies of the shares in the market. This feeling is emphasized when low-grade non-dividend paying stocks with no known prospect of early dividend share in the movement where the large mass of important representative stocks are left neglected and sluggish. That has been the state of affairs in the stock market the past week.
 The country's large indebtedness to for eign lenders makes our market vulner- able as well as SuDJeCl tO the SAlseHcleS of the foreign money markets. Large gov ernment operations in prospect there are beginning to have an effect. The Russian loan announced this week of over 490. 000,- GOO to be subscribed for in Russia, Ger many and Holland was something of a surprise to the financial world and leaves behind it a large Russian loan to be placed in Paris. The weeks fall in Brit ish consols is in anticipation of the com ing British loan to provide for the coming years war needs in South Africa, and Is not regarded so certainly as was the last requirement for that purpose.
 Foreign money markets are hardening under this influence and a high money rate here is all that wards off further de- mands upon us for gold. Finally, the suspension of the Secretary of the Treasury's offer to redeem government bonds removes a safety valve from the money market which has been relied upon for relief in any possible time of pressure and which has been senti- mental influence in keeping up confidence, even when it was not availed of. The conviction Is general that if money strin- eency is to be avoided it must be by avoiding extensions of credits in stock market speculation.
 some of the semi-speculative bond is- sues have been in active demand during inc week. but the general market has been rather dull
 limited States bonds were all unchanged as compared with the closing call of last week.
 New York Stock Market.
 ar s,r,vata Wire to Murphy & Cn.