The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-17

NEW YORK, Feb. 16.--There was
notable shifting of speculative inter
est today from the railroad list into
the specialties. Most of the stocks
embraced in the days movement were
industrials, but there were a few rail-
road and other stocks included which
do not figure in the usual activity of
the market The standard railroad
stocks were quite firm, but this was
evidently due to sympathy with the
advances in the industrials
There was some special strength in
Wabash preferred, which was due to
buying by the interests which have re-
Gently sustained that stock. The rail-
road list as whole was conspicuous
for the small volume OF transactions
In 1T and for the sluggishness Of it's
movement. The industrial stocks
never show the same bond of SYM
pathy in their movements as is the
rule with the railroad stocks. It is not
unusual for one of this class of stocks
10 move independently upwards in a
general declining market The sew
eraI fndustrials which rose today did
not move in concert. and in most
cases separate explanations were Of
fered for the strength Of each.
IndustriaIs More, inviting.
But is was evident that their move
ment in general was due to a specu-
Iatlve theory on the part Of profess
slonal operators that the futility of
efforts to advance railroad stocks had
been demonstrated by last weeks
events, and that the industrials offer
ed the only hopeful field for higher
prices as the result Of the continued
favorable business advices from all
quarters.
So far as the news was responsible
n Inx
was due to the advance in price Of
the granulated product; in Amalga-
mated, to the continued rise in copper
In London; in United States Steel, to
reports Of heavy orders on hand: In
Leather preferred, to revived rumors
OF a plan for funding the accumulated
dlVldends, and so on for other stocks
AS for general influences, there was
no notable change in the situation.
CAN loan rates continued easy, but
time loans were quoted q fraction
hlgher, and there Is a disinclination
upon the part of lenders to put out
FUNDS on time at present rates It is
expected that heavy corporate require
ments, including railroad bond and
stocks issue, will make early reuuisi-
lions upon the money supply. The adj
vance In sterling was checked here,
but the rate declined in Paris and the
private discount rate there rose to 8
per cent, which was perhaps the most
significant development in the money
situation. 1t could not be learned.
however, that any definite step had
been taken toward the export of gold
this week.
Western Weather Effect. -os.
Opinions at first were somewhat
mixed over the effect OF the severe
weather in the West, but the decline
which developed in the wheat market
indicated the conviction that the
snow covering provided for the crop
afforded security for it's safety. The
weekly statistics of railroad traffic
showed some improvement in the con-
d1ttons for moving freight, although
much obstruction is still reported
The foreign trade statement for jan
uary attracted some attention on ac-
count of the high level Of the value Of
our imports, which is disclosed. The
increase In imports continues to more
than offset the renewed increase IN
exports, on account Of the revival Of
the export of corn compared with last
year. The net result is continued de-
cline In the value of the foreign trade
balance In our favor, as compared with
last year. The market closed dull and
steady.
The market for bonds maintained
steady tone. Total sales, par value.
$6S5,OOO. United States bonds were
all unchanged on the last call. b
Closing List.