The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-03-23
CLOCKS, BONDS
OA AND MONEY.

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NEW YORK, March 22.-There was a
good deal of activity in today's market,
but ii was congested in a few stocks. st.
Paul was the favorite and there was
some demand for Union Pacific. Rock
| Island was erratic and kept dropping
! back after its advances to last night
| level, where it ended the day. The action
| of the wheat market gave hopeful feel
| ing regarding winter wheat. but it is not
| clear why st. Paul should be picked for
| the leading on that score. The scope Of
| a favorable bank statement was a factor
| in the buying, but the traders took their
profits in st. Paul before the appearance
| of that document perhaps on information
a few minutes in advance that it would
| dlsappoint expectations to a degree. The
| early market for railroad stocks was
| firm IN sympathy with St. Paul and
| weakened with it, but the total range
was very moderate. The active special
| ties were irregular, but mainly reaction
airy.
Those that were strong lost a good part
| Of their gains. The various rubber stocks
| and Hooking Coal were the conspicuous
! instances. The reduction of 81 ,135 800 in
J the deposits of the banks relieved the re-
serve requirements SO as to guard the
| surplus, which showed a small increase.
| But the proportion of cash in the deposit
| decrease was larger than expected by
about $2O00,000. 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 among stocks
which are rarely traded in to large ex-
tent on the exchange. The speculation
mas been especially conspicuous among
the stocks which are closely held at high
| prices Dy the class of holders who keen
alooI from the stock market and pay lit
tie attention to the price movement there
put mold their shares through advances
and decline. Such movements are viewed
with suspicion by experienced traders, be-
oause lney are comparatively easy to
cause by manipulation owing to the small
heating supply of the shares in the mar
kef. That has been the state of affairs
III the STOCK market during the past week.
ne neglect or the standard stocks is in
| tact accumulated by the erratfc move
ments OF the less prominent stocks. 1t is
very notable, however, that while there is
almost no demand for stocks, there is a
| marked disinclination to SELL so that
prices are remarkably firm The week s
price changes are mostly gains, although
| small ones. This firmnesS of undertone in
the market is attributed yariousIy to the
Gohifdence In the future prosperity OF
business conditions and to the fact that
the bulk Of securities are held by power
Iul capitalists and syndicates as the pro
| ceeds OF organizations and reorganizati ons
| who have adequate means tn hold +boro
ana Dide their time for favorable onnor
tunlty to make them. The actual nrop,
IoS LoI the outcome OF the year is In the
normal period of doubt and develonment
Speculation Waits on Crops.
This is undoubtedly the real reason for
the neglect of the stock market which
IS only varied in seasons of extraordj
nary ACTIVITY. as of last year The ex
lraordlnary growth Of the country's great
STAPLE crops is always a period of hes
4lduoH ana cautious specula ton The
outcome Of the winter wheat cron &c
looked TO with special interest this YEAR
owing 70 me shortcomings of last wears
caGps IN the winter wheat belt. The
rains of this week in the Southwest ba1ie
been taken as d promise of a favorahIa
outcome, and have helped to keen +ha
market for stocks firm The cIirrent
returns or railroad earnings from that
region are showing the effects of last
year snort corn crop in the falling off
IN traffc. The obstruction tn railroad
traffic in the Northwest by snow storr,s
mas mas peen partly offset by the belief that
tIi1 coming crop there is favored by the
snow" IheSuSual spring settlements Of
razor questions are a repressive Influence
on speculation. They are brought into
PioLillnence by the convention of mine
workers at Shamokin and the differences
with operators disclosed. The agreement
WIN textile workers in the New Eng
ldhd mills was a helpful factor The
IRON and steel outlook is regarded a.
nieHiy encouraging, although authorities
III the trade have been inclined Ia de-
precate urgent buying for future deliv-
cry, and the difficulties Of securing raw
material and TRANSFORMATION Of f6ichaI
product are complained of. The Trnits5
states Steel stocks have been inclined to
sag out this was in part due to doubt
ABOUT the proposed issue of $3.50. 600 COO
debenture bonds for the retiremant oP
$500 100000 of the preferred STOCK snd -
preFlue SoUVOo,uO0 additional capital
BritOns Need Some Money,
Speculative opinion is confused as r.
WHetner this heaViness is due to disan-
poihtment as placing a security ahead or
the preferred stock with prior claims 10
f@lnihgs or whether it is intended to
LdclHtate an accumulation of the pre-
Ierfed stock to insure the success IF
me plan But even in the absence OF
tEese various factors Of doubt and hes
natlon me condition Of the money mar
net would alone account for the dull
ness or speculation The enormous cred
IL commitments of the country are dine
IN part TO the large tie-up of capItaI
Ill Ill sytdIcate projects, and in part to the
great activity in business. The low sur
Plus reserves which results make the
money market sensitive to demand on
the reserves of circulation.
me country'S large indebtedness IN
foreign lenders makes our money marker
Vulnerable as well, to the exigencies of
foreign money markets Large govern
ment loan operations in prospect there
d. P,ls Heslh ming 10 have an effect The
russian loan announced this week az
oyer SSVVyU,VO TO be subscribed for in
RUSSIA, Germany and Holland was
something of surprise to the financial
world, and leaves behind it a large rms
sian loan to be placed in Paris The
week $ rail- in British consoIs is in an
uclPdtlon of the coming British loan to
prepare for the coming years war ex-
peliSes In South Africa, and is not re-
SdFued as large as was the requirement
LOT tiat purpose some weeks ago For
eigh money markets are hardening under
u tnls influence. and the money rate here
Is all that wards off further demands
upon US for gold. Finally the suspen
sion CT the secretary of the treasures
oIIer 10 redeem government bonds re-
moves a safety valve from the money
market which has been relied upon as q
relef in any pressure, and which haI
pen a sentimental influence in keening
up confluence even when it was nor
aVailed OF. The conviction is general
that If money stringency is to be avoided.
II must be by avoiding extensions ~
credits IN stock market speculation Soma
or the semi-speculative bond issues have
been In active demand during the week
put the general market has been rather
dull and irregular 0A
United states bonds were all UNCHANGED
as compared With the closing call of iast
stocks.