The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-08
STOCKS DISAPPOINTING
NO INTEREST IN SPECULATION
SHOWN BY OUTSIDE PUBLIC
So-CaIIed Favorable Developments
Fail to Effect the Good Results Elk
pected-Uneasiness Felt Over tho
Position of the Southern Pacific
Speculative Pool.

NEW YORK, April 1.-THE weak
ness which developed in today's stock
market bore witness to the disappoint-
ment felt in speculative circles at the
failure of what are considered favora-
bic developments in the situation to
awaken any sign of interest in Specu-
latiOn on the part of the outside public
Call money was not higher than s
per cent at any times. and fell lower
than that on enlarged offerings by the
banks. There was some lending on
call also by stock commission houses.
which have supplied their expected
needs with time loans and have money
on their hands now owing to the prac-
teal Stagnation of the commission
business in stocks. The immediate
money situation ceases to be a factor
in the stock market. Great hopes
have been entertained that the ad
vent of this condition would arouse
some speculative interest in securities
and would afford opportunity to begin
to move the undigested mass with
which the market is weighted down.
Credits Still Tied Up.
Not much prospect was offered by
the days events of any effective as
similation of congestion of securities
in which is involved the embarrassing
tie-up of credits which threatens the
future facilities of the money market.
The indefinite poStponement of the
Southern Pacific annual meeting was
viewed in a more encouraged spirit
this morning. owing to its. insurance
Of the indefinite prolongation of the
present control of that property, but
renewed uneasiness was felt over the
position of the speculative pool in
Southern Pacific stock. The extern.
sion of the pool carries it only to
April 10, and the suggestive weakness
of the stock today had a weakening
sympathetic effect on the market
There was heavy selling at other
points in the list, attributed to the
same source.
This development put an end quickly
TO an upward movement during the
first hour, led by New York Central,
which seemed designed as bull DEM
onstration With the purpose of at
tracing the expected outside interest
When this demonstration was seen to
fail Of its effect, speculative interest
became stagnant. Reports of strikes
at some of the cOllieries in the anthra-
cite region, owing to disputed inter-
probation of the strike commissions
award, had depressing effect on the
coalers. The sharp declines in tha
United States Steel securities coming
at the same time with a meeting of
IilC llIldHCe Oh the corpora
ton had a decidedly unfavorable eff
feet. Both stocks fell over point, and
the new 5 per cent bonds sold on the
curb at 81 IL
Wide Declines.
The feature of the day was the wide
declines among dormant stocks made.
necessary before a sale could be eff
fected. Lackawanna was sold down 9
points, after a preliminary rise of a
point Lake Erie & Western preferred
and Cleveland. Lorain & Wheeling
preferred each dropped points on a
single sale; Westinghouse Electric. 4;
Virginia. Carolina Chemical preferred.
"a, and New York Dock preferred,
z IL. The expected judicial decision
IN the Northern Securities case came
in for considerable discussion in con-
nection with the points left uncovered
by the decision in the Southern Pacific
injunction case. and the possibilities
lying in the Northern Securities de,
c1slon were believed to have a good
deal to do with the weak undertone of
the market.
Bonds were weak and irregular.
Iotal sales, par value, $1,750, 600.
United States IS coupon advanced IA
per cent, and the SC registered IL ner
cent on the last call
Closing List