The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-04
PRICE LOSSES IN STOCKS
OF ALDRIcH BILL
HAS UNFAVORABLE EFFECT
Lower Prices of the Day Touched in
the Final Hour-One Substantial
Rally Brought About by the General
Covering of Shorts.

NEW YORK, March 3.-Active
nquldation set in the stock market to-
day. resulting in price losses at one
ume from L to points for the prin-
cipal active stocks. There were one
or two abortive rallies on occasional
profit taking by bears, but they were
not we'll held, and the lowest prices
of the day were touched during the
final hour. There was a very sub
stantlal rally then, reaching from l to
points for many market leaders, due
to the general covering of shorts to
take profits on the days decline, but
the market became unsettled again
and closed easy.
The practical abandonment of the
Aldrich financial bill affected senti-
ment, even at the opening, but vigor-
Gus supporting orders were distributed
IN the market, and the decline was eff
fectually checked. The vigorous up
ward movement in Manhattan helped
to this end. AT this point the effect of
the money situation became concrete
by the calling of loans to a large ex-
tent by the banks. This forced consid-
cradle liquidation, and the bears made
successive drives against the market
to take 1t away from the sellers.
Bear Tactics Effective.
The buying demand was so insig-
INV Cf Gil Oll a SCciiG uONH. lIldI
bear tactics were very effective and
uncovered large stop orders. The set
ting aside of the Aldrich bill doubtless
mad It's sentimental effect upon money
lenders, as it had upon stock operat-
tlons The operations of the Aldrich
Dill were not expected TO afford much
increase of money resources on Wall
street, but much was hoped in the way
of relief from depletion from money
supplies by collection of government
rVenue. The reality of this source of
danger to the money market was re-
mforced by the days subtreasury
statement, showing the withdrawal
from the market by that institution
yesterday of $1,S51.OOO. bringing it's
absorption since Friday up to $685.
OOO
There seems to have been an awak-
ening to the fact that last Saturdays
bank statement understated the de-
cline in cash by about half, so that
the erect Of last weeks decrease on
this weeks bank statement will be
correspondingly aggravated. The nom
Inal decrease in loans shown by the
bank statement is also doubted as a
true showing of the weeks opera
tons, and yesterdays sale of $4,000
600 st. Louis & Iron Mountain bonds
announced, with another $4,000, 600,
supposedly taken by other interests.
is an indication of the continued reavy
demand for credits. 1t was believed
that strong interests were liquidatine
in the stock market today, and pre-
sumably taking losses, owing to the
hopelessness of advancing prices at
present and the immediate require
ment Tor funds to protect more i'm
portant interests elsewhere.
Railway Earnings a Disappointment
The report of a stock brokerage fail
ure in Boston was given a somewhat
exaggerated significance by the con-
mVance of the bears, and was a ma
terlal factor for a time in the weak
ness, The showing made by the rail-
roads In the January reports of net
earnings IS proving a heavy disap-
pointment, as confident hopes have
been INDUCED that the increase in
freight rates in January would result
IN largely offsetting the growth in op-
Grating expenses. Manhattan was we'll
supported throughout and the declara-
ton of the usual dividends caused a
show Of strength in Sugar.
reports of strike on it's lines east
Of st. Louis made the Wabash stocks
conspicuously weak, but the news of
the injunction against the labor men
caused a particularly effective rally in
those stocks. There were wide declines
in number of high grade. seldom ac-
tive stocks, and the closing bid prices
showed some still more notable recess
slons in stocks which were not dealt
in
Bonds wer weak, in sympathy with
the stock market, Total sales. par
value, $2,75O,000. United States bonds
were all unchanged on the last call.
Closing List.