The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-03-13
CTOCKS, BONDS
~ ss AND MONEY.

NEW YORK, March 12-There was
some show of animation in today.s stock
market on an upward range of prices.
The strength did not permeate the whole
market, but there We're more of the US
ually prominent stocks concerned in the
movement than has been the rule re-
Gently. The most conspicuous of these
was Amalgamated Copper in which there
casional intermissions during which the
fall received momentary check. The
extreme decline reached 45s points. The
selling of the stock was accompanied
by rumors that the next dividend will
be reduced or passed. No authoritative
information was to be had on the sub
ject, nor on the many reports that the
marketing of the companys surplus
stock had involved heavy losses.
The weakness of this stock gave an
occasional check to the advance at other
points, but did not materially affect the
stronger tendency of the market. Gov
ering by alarmed shorts seemed to play
part in the advance, especially in the
coalerS, which have been freely sold on
rumors that the anthracite miners were
determined to push demands that would
not be granted. Today equally assured
predictions were heard that there would
be no labor troubles In the coal trade
and that there was no room for dissaI-
isfaction. There was no authoritative in
formation on this subject either.
Another case where speculative sentf-
ment was reversed from that of yestec-
day was that on the outlook Of the Win
ter wheat crop, on reports of copiouS
rains in Texas and the Southwest Buy
ing to cover short contracts was partic-
ularly effective in Missouri Pacific, which
also had the advantage Of a reported in
crease in the gross earnings for the first
week of March. The calmness of the
money Tnarket was the final factor of a
general character on the strength in
stocks. The rate for money is firm and
nobody is found to predict an early re-
taxation of rates, but feeling was reas-
sured today that there is no immediate
danger of forcing d condition of Strin-
gency.
1t is supposed that trust companies are
putting out loans at the higher rates and
thus relieving some of the pressure upon
the banks This shifting of loans from
the banks to the trust companies does
not effect any real strengthening of the
money ton, as the cash reserves Of
the trust companies are on deposit with
the banks, and the ultimate reserve
against the loans is thus unchanged but
the legal limitation upon the banks to
keep up the cash reserves to Is per
cent of the deposits makes this reduction
of their loan and deposit account de-
sirable for it's shifting of deposit liabil-
tiles upon the trust companies which are
not compelled to maintain any fixed re-
serve.
The foreign exchange market indicate s
also that loans are still being renewed
and extended from foreign lenders. Spe-
cial strength was shown today by Cen
eral Electric, Westinghouse Electric
North American, the Virginia-Carolina
Chemical stocks, the Cotton Oil Stocks
the Readings and Peoria & Eastern
There were gains of point or over foc
large number of stocks which were
modified by a late realizing movement
The bond market continues rather ir-
regular and moderately active. Total
sales. par value, $2,340,G00.
United States bonds were UNCHANGED
on the last call.
Stocks.