The Saint Paul globe., 1903-04-07
STOCKS UP AND DOWN
EARLY STRENGTH FOLLOWED BY
TOBoGGAN MOVEMENT
Decision in Southern Pacific Case Will
Have the Effect of Favoring Higher
Prices Late Selling Movement
Wipes Out Most of the Advances.

NEW YORK, April 6.-The stock
market showed a considerable degree
of strength this morning, but prices
ran off on the good news of the day,
showing the continued disposition OF
holders to realize in a good market.
From the stock exchange standpoint
the dissolution of the temporary in
junction against the voting of the
Southern Pacific stock held by Union
Pacific was regarded as good news in
the sense that ii was favorable to
higher prices. Speculative Wall street
has entered little into the merits of the
respective contentious of the two sides
TO the Southern Pacific quarrel regard
Ing corporation policy in the DISPOSE
uon of earnings, but there had been an
uneasy sense that the questions raised
in the dispute carried a threat of grave
consequences to many far-reaching ar.
rangements by railroad corporations.
The question of the right of a rail-
road corporation TO own stock of
competing line is one that involves
some of the most important arrange
ments made during the recent era of
building up OF community of interest
among railroads. The judicial decis-
ion refusing TO make permanent the
injunction against the Union Pacific's
interests was accepted as encouraging
ton to realize was emphasized by the
granting of an appeal to a higher court
and the indefinite postponement of the
Southern Pacific meeting.
Union Pacific Up.
Immediately after the announce
ment of the decision. Union Pacific
rose rs over Saturday. Most OF the
active list at that time showed gains
or between one and two points, with
Pennsylvania, st. Paul and Canadian
Pacific cOnspicuously strong. AS re-
suit of the late selling movement moth
ing but fractions were left of these ad-
vances and the tone of the closing was
easy and intensely dull. The decidedly
easier tone Of the call money market
was also an influence in the early
strength of the market Money rates
were lower in London and there was a
temperance in the exchange market.
here of bankers loan bills. Brokers
IN the time money market report that
possibly the only funds offered in that
department are by foreign houses.
Rates for time money and mercantile
paper do not show the relaxing ten
dency yet.
Although the call money market re-
hected a passing stringency of money.
a bad impression on sentiment was left
by the large unexplained decrease in
the cash reserves of the banks reported
in the Saturday bank statement. There
was some disposition to blame this
upon large operators. who were ac-
cused vaguely of withdrawing large
sums from the banks with the delib-
crate purpose of increasing the pres
sure for money. but the pending re-
serve requirements of the trust COM
panies offers the more likely explana-
ton of the large Withdrawals of cash.
Hinher Grose E.Eoinoe
Some very favorable showings of
railroads gross earnings for the fourth
week and month of March had an en-
couraging influence. The increase by
the Missouri Pacific over the CORE
spending week of last year amounted
to 26 per cent, that of Norfolk & West
ern to % per cent, Southern Railway
and Central of Georgia to 20 per cent.
Chesapeake & Ohio 16 per cent. while
for the month of March Mobile &
Ohfo's gross earnings rose 29 per cent
and New York Central q per cent.
Notwithstanding the high level of
operating expenses, such increases in
gross make q striking showing of rail-
road prosperity. The reported settle
ments of the Wabash labor dispute
had soothing effect upon the prevail
ent apprehension over the. labor out
look. There was heavy selling of Sugar
reported for Boston account, supposed
to be in the pursuit of a bear cam
paign.
The bond market was dull and ir-
regular. Total sales, par value, ST.
865,O00. United States new As regis
tered declined Il per cent. and the new
IS, coupon, q per cent. The old As
advanced p per cent on the last call
Closing List