The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-09

NEW YORK, April S.-Today's bust
ness at the stock exchange aggregated
barely 100000 shares, which is back to
the low level of activity The fact that
Friday is the date also for the ex-
piration of the Southern Pacific pool
confirmed the disposition to keep out
of the market.
There is almost an infinite variety of
cOnjectures as to what the effect Of
this event will be upon the market art
! large. The possible event most drea ded
| is the throwing over of the large hold
ings of the pool following the eXpira-
ton of the pool agreement, but there is
a well defined suspicion that the expert
managers of the pool have not waited
until this time in a falling market to
protect themselves against the posi-
BILE necessities of forced iquida ion.
| The professional operations in stocks
and the commission houses cling TO the
belief that the clearing up of this I'M
certainty may lead to an awakening of
activity in trading. Each successive
development in the Southern Pacific
conflict and, in fact. in the general sit
uation, has given rise to q similar hope
in each case thus far to be disap-
pointed.
Upward Movement Expected.
The professional observers of the
]
the turn was effected from the long
downward course there would be con-
siderable vigorous upward movement.
The distinct easing OF the money mar
ket yesterday seemed to get no relief
from the pressure of liquidation. To-
day there was distinct relaxation OF
this pressure to sell, and effective sup
port at some points where the selling
was continued, but the market con-
tinued to hang in a suspended and in
animate condition. There were some
stocks, it is = in which there SEEM
ed to be sol urther liquidation, but
the market leaders We're free from this
pressure and inclined to advance with
out, however, inducing any general re-
Spouse. Yesterdays weakness in the
United States Steel stocks was Suffi-
GENTLY explained by the decrease in net
earnings for the past quarter reported
after the closing yesterday: The cor
poration'S new . per cent bond dipped
to a new low record price on the curb
this morning at S3%, but a complete
recovery followed.
The buying of the stocks on the eX-
change was confidently attributed TO
the account of inside and syndicate in
terest. such as have not been percepti-
BILE In these stocks for long time past
This support had a good sympathetic
effect on the general market. The
heavy selling of Rock Island, which
was feature yesterday, continued to-
day from the same sources, but there
was evidence of inside support In this
stock also. Amalgamated Copper was
decidedly weak in Connection with lie
violent relapse of G. lis Sd per ton in
the London price of copper. There was
some attempt to connect the selling of
Amalgamated with the involved spec
ulative condition in the coffee market.
Favorable Money Prospects.
Prospects in the money market were
considered favorable, but an advance
to per cent in the call loan rate late
in the day somewhat chilled this con-
fidence. The banks have gained a small
amount from the subtreasury since
Friday, and the movement of currency
on the interior exchange is believed to
favor New York. Much Importance
was attached also to a report from
Philadelphia that the Penns ylvania
railroad has determined to repay it's
100000 six months loan. maturing
in June, with the proceeds of the first
fnstallment of subscription to its new
stock. Wide declines in prices of dor
ma stocks were a feature again of
the market. North Western sold at
11SA, compared with 271 at the high
level in April, 1902. Sales of 1O0-share
lots of Philadelphia company and of
Laclede Gas preferred were effected
only at concessions for the first named
of II points and for the second named
of 9% from the preceding sale.
The bond market was dull. but
steady. Total sales, par value, 1885,
600. United States Is. IS and old is
advanced u. The new As coupon de-
clined u per cent on the last call
Closing List.