The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-01
TENDENCY TO RECOVER
STOCKS SHOW THIS IN AN IR-
REGULAR, HESITATlNG WAY
This Is Due to an Assumption That
Easier Money Conditions Will Fol-
low the April acknowledging Is
Active and Strong at Near the Top
Level.

NEW YORK, March S1-The stock
market showed a rather hesitating
and irregular tendency to recover to-
day. The movement seemed based
upon an assumption that easier money
conditions will follow the arrange
ment of the April settlement. The i'm
mediate money market was still under
the influence of the preparations for
the settlements and call loan rates
were very stiff all day.
The SubtreaSury statement showed
that the banks have lost to that in
stitution since the last bank state
ment S2.445, 900, and there was a small
credit balance in it's favor at the clear
ing house this morning, but the gov
ernment's draft for SO ,000,0 900 was pre-
Sented at the SubtreaSurY during the
day by its fiscal agent and was paid
out in cash for disbursement in re-
lief of distress in the Philippines. The
fiscal agent through an Oriental branch
is about to dispense with a recourse
to the exchange market. The effect is
to benefit the New York money market
and offset the previous absorption by
the subtreasury. The payment over
the counter of the subtreaSury serves
also to allow the amount to figure in
the reserves of the banks for one
more day than would an ordinary SUBJ
treasury operation.
wore Keller IN Sighe.
The disbursement of the government
interest payable on April 1 will further
relieve the drain into the subtreas-
ury. Foreign money markets showed
the same spirit of expectancy of easier
conditions and discounts were quot
ably lower in Berlin and London. so
The published opinions of a leader
in the financial world expressing con-
fidence in the duration of prosperity
and faith in the soundneSS of Securi-
ties which remain to be digested in the
market were much discussed. There
is no one current factor which is so
potent in causing disquiet and heSita-
ton over the financial outlook as the
existence Of this mass of apparently
unsaleable matter in the market, and
the meaureS necessary to protect these
holdings are undoubtedly the cause Of
the constant liquidation of securities
of the highest grade. The proclama-
ton of faith IN the new securities by
a we'll recognized authority on values
therefore had a marked effect on senti-
ment. There were occasional inter-
ruptions to the advance, the most not
able occurring after the strong OPEN
ing when a general attack was made
on the list.
AmaIgamated Copper Depressed.
Sugar yielded easily by reason of
the reduction in prices of granulated
grades and Amalgamated was de-
pressed on account of the violent
break in the London copper market.
Later the Wabash securities We're sold
on account Of the proposed $40, 100000
bond issue, but the weakness of this
grade of securities was not infiunced
in shaping sentiment as the evidence
that support was offered New York
Central, Pennsylvania, st. Paul and
the high grade railroad stocks. Doubt
less demand to cover by shorts play
ed part in the strength, but cessa-
ton of liquidation in the high grade
investment stocks afforded great re-
lief to the sentiment of depression
lately prevalent In the market. The
f1urries in the call money market in
terrupted the advance but did not
cause weakness. Call money rose to
Is per cent in the last hour, but the
temporary check to the advance was
followed by renewed strength and the
closing was active and strong and at
about the top level. The days gain
reached to IL points for st. PAUL.
New York Central and Union Pacific
which were the most CONSPICUOUS
stocks In the trading. Gains of a
point or more were numerous. =.
Bonds were steady and not very ac-
tive. Total sales, par value, $3.50, 200.
United States old AS, declined IA and
the 3s registered and the new As
coupon IL per cent on the last CALL
Closing List.