The Saint Paul globe., 1903-03-12

NEW YORK, March 1.-THE con-
stant fluctuations in today's stock mar
ket reflected a very unsettled and un-
certain state Of mind on the part Of the
professional trading element and 1t re-
qu1red the utmost agility by that part
Of the professionals known as scalpers
to follow price changes. The average
level, however, was gradually lifted and
the market closed with one of the up
ward furries in progress and at about
the top level of the day.
There was a sensible relaxation of
the pressure of forced liquidation which
the recent calling of loans by the banks
has caused and some recovery due to
the covering of short contracts by
bears was, therefore, normal. Loans
on call We're made during the most ac-
tive period of the days money market
at 5 1-2 per cent, and per cent was
the maximum. For time lenders wer&
disposed to hold firmly for per cent
rate, but borrowers showed less ur-
gency to secure funds, especially for
the longer periods, and contented them
selves with loans for three to four
months where no concession was al
lowed for the six months period.
Higher Interest Induces Lending.
There was nothing to show the source
of this relief to the money situation
unless it might be the result of the
liquidation in the stock market. The
higher interest rate has resulted in
some lending for the account of in
terror institutions, which are also re-
ported to be calling some loans at
home for the purpose. of making these
loans in Wall street. Sterling exchange
was considerable firmer today and
there was quite notable falling off in
the offerings of loan bills.
The advance in money rates in Lon
don and the jump of sterling at Paris
of l centime showed the obstacles aris-
ing to the extensive borrowing abroad
for account of New York which has
been in progress. The subtreasury also
increases It's inroad upon the New York
money supply, the loss to that institu-
ton yesterday amounting to $673, ,000.
This brings the absorption since Friday
up to the close OF. business yesterday to
$3,147, 900. Since the 1st of February
this government institution has with
drawn from the New York money mar
ket something like $20,000,0 900. This
state of affairs in a period of string
ency gave special significance to the
visit in Wall street today of the secre-
tary of the treasury. The conviction
was general, Notwithstanding the off,
cial disclaimers that some measures of
relief for the local money situation
were in contemplation.
keene VS.. Hartman,
This was really the strong underly-
ing influence on the improved specula-
time sentiment, though active play was
still made on the constantly changing
rumors regarding the contest between
the Hartman and Keene interests in
Southern Pacific. A turn against the
shorts in Metropolitan Street Railway
was also factor. official denials Of
published charges against the financial
accounting of the company was the
basis of the strong upward movement
in that stock. The advance in the price
OF copper gave an additional impetus
to Amalgamated. The conviction that
the treasury measures would relieve
the money market seemed to be espe-
cially strong in foreign money centers
and induced buying on the New York
exchange of stocks to the extent of up
wards Of $4,000 shares. This was an
important influence in the early firm
ness. Nothing was learned up to the
time of the close of the market of the
details of any measures to be adopted
by the treasury department.
Bonds were irregular in sympathy
with stocks. Total sales, par value,
$2,080,000. United States So coupon
advanced IL per cent on the last call.
Closing List.