The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-03-28
CTOCKS, BONDS
~ ae AND MONEY,

NEW YORK. March 27-The feveris.l
and erratic speculation in Colorado Fuel
occupied the largest share Of attention on
the stock exchange today. The vlolens
drop OF 5$s in the price Of this stock was
alleged to be due to the desires Of the
members of the pool to shake off weak
following preliminary to a renewed adj
vance in the stock. A more logical ex-
PLANTATION was found in the admission to
the stock exchange list for the first time
| today of the convertible bonds Of the
company. There has been very active
market on aIbitrage for these bonds on
the curb for some time, due to the TACT
that they were considerably lower III
price than the stock was quoted on the
exchange. The operation consisted IN
buying of the bonds on the curb and sell
ing the stock on the exchange.
1t was necessary to borrow stock for
delivery until today when the convertible
/ bonds became a good delivery against the
sale Of the stock under the ruling Of the
exchange. The bonds also declined sharp
ly from last nights price on the curb,
but it was noticed they were held well
above the price of the stock, as though
to discourage the conversion OF the oonuS
into stocks. Next to Colorado Fuel. the
principal activity was in Amalganated
Copper, for which there was an active
demand in which brokers usually employ
ed by inside interests were conspicuous.
The movement was believed to be direct
ed against the short interest. The stock
: lost most of its gain and Colorado Fuel
though it was on the downward grade at
the close.
An active demand for Sugar sprang up
late in the day, apparently based on the
advance in the price of some grades OF
refined sugar. The amicable course of
negotiations between the Anthracite min
ers representatives and the operators in
duced a covering movement in the
coalers and caused general advances in
the group. Reading was also helped by
It's good earnings statement for February.
The continued calmneSs in the money
market while the demand was being salts
fled to carry over until Monday, relieved
an apprehension of q furry which has
been present in the minds of Snecula tors
al week and induced not little covering
of short contracts. Some of the promi-
nent railroad stocks had the advantage Of
this movement, but the general market
was extremely dull and sluggish all day,
as is usual on the eve Of a prolonged hoi1-
day.
The widest movements were among a
few specialities. The upward movement
was renewed in the Colorado & Southern
SIS, KeOkuk & Des Moines ga, the pre-
ferred 312. Lackawanna 4; Twin City
Rapid Transit 33s and American Gable ,.
The late rally in the market caused a re-
cOvery in the stocks which had been
heavy early in the day and wiped out
most of the losses.
The feature of the bond market was the
active demand for Green Bay & Western
CeDenIuI6 ID ITOIn Nlu0ly SCdAl1It1u
sources They rose IA net and the de-
benture AS rose on a few transactions.
Total sales par value, $4,610,000
The recent restriction of operations in
stocks to the professionals has been &C
centuated this week by the fact that it
was to be a short week. followed by an
interim in the trading of three days here
and four day abroad. So long a period
without an open market in which to close
accounts in the event of some develop
ments of Importance in the financial
world always induces caution and a clos
ing of accounts.
Many of the brokers have anticipated
the coming holiday by starting away on
trips, but some of the large capitalists,
whose actions are watched closely for
guidance, have returned from early va
cation jaunts, giving rise to the hope
that important operations in the stock
market would be entered upon. This IN
fuence induced some of the buying on
Monday which was short lived There
has been a general acquiesence in the
waiting attitude of the market in view
of the several doubtful factors hanging
over it.
The money situation was the most I'M
mediate of these doubtful factors. Call
loans with which stocks are held are
made in the day preceding a holiday TO
carry over until the day of the resump-
ton of trading. and FOR this reason alone
the rate is likely to be run up somewhat
in placing loans at such time. At this
| time the forces of depletion of bank re-
hand have kept the traders in dread all
the week that there would be a furry in
money on Thursday ana has been a re-
preSSive influence
The varying phases of the negotiations
for settlement between the anthracite
miners and operators have been followed
with attention and have had a greater in
fluence on the market than was indicated
in the movement of the stocks of the
anthracite carriers themselves Conf
dent assurances have been expressed in
Wall street that there would be strike.
but the strong opinions to the contrary
expressed from the miners side had
some ultimate effect on sentiment The
development of strike at Lowell among
textile workers and demands for increase
of wages among New England shoe or
eratiNes have helped to keep attention
on the labor question.
The beginning of additional suits m the
state courts against the Northern S=curi-
ties company has kept alive the appre-
henSion surrounding that important prob
lem, and the testimony given in q law
suit by the principals in the great North
western railroad contest has not had a
reassuring effect as to the actual results
achieved by that combat or the present
relations which are the outcome. The
actiN ity of the interstate commerce corr
mission in securing injunctiOns against
rebates and rate cutting by railroads,
and the announced intention to investi-
gate the subject further have awakened
fears that this course may be hamper
1
announcement of the United States Steel
bond conversion plan has been awaited
from day to day and has been the sub
1ect of some perpleXity and mixed senti-
ment. Reports from the iron trade that
| there has been some reselling at high
prices of material that was urgently
bought on contract give point to the ap-
prehensiOn expressed that there may be
undue urgency in the recent buying IN
the iron market not warranted by the
assurance Of future production.
Judicial proceedings against some Of
the financial readjustment projects re-
Gently undertaken by large corporations
and the dispute over methods of account
ing in the case of the Evansville & Terre
Haute have had a disquieting effect on
sentiment. There has been some influ-
ence eXerted by superior crop conditions
in some of the winter wheat states, which
is a reminder of the SenSitivenesS of the
market to that influence at this season.
The resources of the money market meet
the requirements of an interior currency
demand, the collection of government S
surplus revenues and foreign demand for
repayment of obligations is still an open
question.
Further gold exports are indicated by
the weeks rise in foreign exchange. A
number of special stocks have moved
| widely and feVerishly during the week
! but not a reflex of any general condi-
| ton or with any marked influence on the
! general market
The principal activity Of the bond mar