The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-03-15
CTOCKS, BONDS
~ a AND MONEY.

NEW YORK, March 14-There were
some remarkable movements today
among The obscure specialtles, bat the
important representative stocks were
neglected ana practically immovable.
some important developments in the
money market situation helped the stock
market to face with equanimity the
forecast OF a movement OF currency OF
the week which, on it's face, promised
to wipe out entirely the slender surplus
reserves of the banks. The rise in the
call loan rate above per cent, the
highest of the year, indicated the pres
sure upon the money supplies An an
nouncement during the morning of an
additional deposit of $500, 900 at the sub
treasury for transfer TO San Francisco
emphasized the influence of the earlier
drains reported.
Altogether, the banks were shown to
pc losers to the extent OF upwards OF
$6Oo0,OO0 since the last bank statement,
including todays transfer to San Fran
cisco. Last weeks bank statement, it
will be remembered, showed surplus
revenues of only So, 95S, 425. During the
day there came very heavy offerings OF
government bonds at the subIreasury
Tor redemption. This was the direct re-
suit OF the withdrawal of the govern
ment's offer to redeem bonds after to-
morrow. The total redemptions today
ran up to 81, 479, 554 and, as the navnents
are In cash they will show for one days
average IN tomorroW's bank statement.
consideration was also given to the fact
t1at a Standard Oil dividend Of $40 per
share is payable tomorrow, Involving
the disbursement of $40 OOO. 900 which ca1
market '
The increased pressure for money TO-
day also led to renewed borrOwine in
foreign markets, under which the ex
change rate yielded a fraction Light
was thrown on the prevailing Scarcity
OF commercial bills in the exchange
market by today's statement of +ha Eeb
IudTy exports Of
Whlch shows decrease COMPARED with
Iast February of SIC, 877, 96s notwith-
atanolng an increase in value of cotton
exports of 81 354, 279 The statement ~
gram exports for the past week shows
continuance of these conditions the
Outgo OF wheat falling to below COO 0oN
pLshels and the corn exports showing
only nominal figures cornnared with +he
corresponding week of last yaar Dc
PAYMENT of foreign obligations bv gold
n LApoIIS IS only to be avoided therefore
~ ~ laling back on foreign credits.
~ otner developments the settlement
OF the Boston strike was fayoTe hi1rH ~
Ierpreted, although some uneasiness sim
PIeNalls concerning the settlement If fba
y TLn terms with the anthracite miners
Inc increase in the Southern ra1IrI-a1
preferred dividend had been exnac+add
WIN great confidence, but the stocks oT
Cnat company advanced on the announce
Iieht' winch also served to check a ser
ITare nIoneInent IN the general list Tnera
w. some very sharp relapses among
minor stocks which have been recentl9
advanced on rumors Of consolidationss
ana INSCRIPTIONS, but there were other
str0ng points on similar r11noorS M
VioIent advance in the Weztinethouea
eleGtrIc stocks on light transactions had
nothlng in the way of news to accom-
14P II. Inc Gould group of stocks, led bv
striking gains a
Inc Wabash debenture Bs were active
ana strong. Otherwise, the bond mar
R ~ co. WAS as irregular Total sales par value
united States new As declined u. the
D Sdd4 IS 4 and the IS Y per cent on the