The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-17
BULLS THROW STOCKS
RESULT OF THE RISE OF CALL
MONEY TO 7 PER CENT
Saturdays Feeling of encouragement
Vanishes-Prices Slide, With No APP
pearance of Effective Support Till
the Last Half Hour-Southern Pa
cifc Marked Up.

NEW YORK, March 16.-The feel
ing of encouragement professed on
Saturday over the money situation, as
indicated by the bank statement, was
dissipated today. When call money
rose to I per cent the discouraged bulls
began to throw over stocks, and there
was evidence of considerable Hquida-
ton by tired holders. Prices went
down very easily, and there was no
appearance of effective support until a
| sudden upward squirt in Southern Pa
cific during the last half hour The
marking up On this stock to 60 was SO
characteristic of the drastic Specula-
tive method of the manager of the
! pool in Southern Pacific that the
shorts took fright and covered hastily
in various parts of the market. Union
Pacific shared in the late rally as
Southern Pacific had done in the early
weakness.
There was a manifest en1barrass-
ment in the supposed efforts which
were making all day to depress Union
Pacific and support Southern Pacific.
| Spectators assumed this purpose on
the part of the pool in connection
/ with its suit to prevent the diversion
of Southern Pacific earnings away
from dividends. The possible inciden-
| tai consequences of this suit are unset
Ting influence on the speculation or
account of the important questions
that may arise regarding the control
Of competing lines by ownership of
stocks sold in the treasury Of rail-
| road corporation.
The Strike Question.
The progress Of the voting on the
strike question on the part of the en-
plOyes of the New Haven system serv-
ed to keep alive the labor question in
the mind of the speculative public.
The DrOUraCC nj tba Shrine aSOD
gives constantly new occasion for the
consideration of this subject on ac-
count of the higher wages and dis
putes growing out of them. This is a
wide-reaching influence for depres-
sion in the present temper of specula
ton. The proposition for New York to
provide its own street lighting plant
caused further sharp losses in the To-
l. cal gas stocks. The selling pressure
seemed particularly severe against
New York Central, for which reason
was not disclosed. A decline of IL
points in New York, Chicago & st.
| Louis preferred from the preceding
sale marked the continued difficulty Of
finding a market for dormant securi
ties.
1t was hoped that the success of
the banks last week in keeping within
their legal reserve requirement. would
lead to quieter money conditions this
" eek L ne absence OIL Violent ulSluTD-
ance in stocks last week, in spite of
the $15,000,000 loan contraction effect
ed, seemed to be regarded as encour-
aging. There was a moment effort in
fact to pull up prices, and some prog
ress was made in the case of Read
ing, Wabash preferred, Louisville and
few other stocks.
Standard Oil Disbursement. -
The disbursement of the Standard
oil dividend today seemed to be with
out effect in relieving the money mar
ket. London sold stocks here and
sterling exchange advanced, both of
which were factors in the weakness
of the market. The fact that the
week starts with a slight gain for
the banks on subtreasury operations
afforded but mild satisfaction. The
rally in the market was coincident
with the arrival at his office of lead
ing individual in the financial world
after vacation absence, although the
motive which prompted the profess
SIGNALS to pursue this course was not
disclosed.
The bond market was weak in SYM
pathy with stocks. Total sales, par
value, $1,875,000. United States new
As registered advanced IL per cent on
the last call.
Closing List.