The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-07

NEW YORK. March 6.-The stock
market continued very much unset
tied today and traversed it's range OF
prices several times, but the final result
showed that the urgent preSSue of liQ-
uidation had spent itself and that the
bear party felt itself at the limit Of
safety on the short side Probably the
demand from this element to cover
their short contracts was the principal
factor in the late strong rally in prices.
There was, however, some indication
of investment demand on the declines.
Support was evident at the opening
and had an important effect in reliev-
ing the anxiety caused by yesterdays
apparent abandonment of stocks to the
mercy of the bears. The confusing
mist Of uncertainties caused by yester-
days many rumorS of financial en-
barrassment was considerably cleared
this morning, with a reaSSuring effect
upon sentiment. The money situation,
however, showed no sensible relaXa-
ton, the call loan rate running up
to per cent early in the day. This
was the occasion of the first break in
stocks.
Drive Made at the Market,
After a period of dullness about the
level of last nights prices, a drive
was made at the market which car
ried many prominent stocks a point or
more below last night. The leaders
had been as much above on the open
ing rise. The market seemed to have
been oyersold to a standstiIl on this
drive and made an irregular recovery
until near the close, the leaders rising
again from one to two points over last
night. There We're slight recessiOns
before the close, which was Irregular.
Much attention was paid in Speculd-
tive circles to the gossip concerning a
nnSSihla 1apaI a in ct Union
Pacific's right to vote its holdings of
Southern Pacific stock at the latter
company's annual meeting. The ex-
fstence of a long standing pool in
Southern Pacific is commonly accept
ed in Wall street, it's operations and
commitments being based upon the as
sumption of an early refunding opera
ton for Southern Pacific, accompanied
by inauguration of dividends on the
stock. The policy of the Union Pa
cific control in deferring dividends On
Southern Pacific and making heavy
OUTLAWS of earnings had come in for
bitter criticism from the pools inter
ests. These are apparently identified
with the movement to contest Union
Pacifc's control. 1t is the gen
eral suposition also that the man
ager of the pool has assumed the lead
erShip of an aggressive bear movement
in the general market during the week.
The vigorous rally at the close today
was accompanied by rumors that a
truce had been patched up between
the contending interests in this dis
Dute. The quieter cotton market had
an influence in the recovery in stocks.
Unexplained Calming Effect.
The estimates of the bank state
ment, based on the known movement
of currency, also seemed to have a
calming effect, for what reason is not
clear. The subtreasury yesterday
took more than a million dollars from
the market again, bringing it's absorp-
ton for the week up to $6,123, 900.
This probably about measures the loss
of the banks on all accounts as the in
terror movement was about evenly bal
anced. But last weeks bank state
ment understated the cash decrease
by nearly $4,000,000, so that the av-
erages this week may have to make Up
the discrepancy. The large liquida-
ton in the stock market points to eX-
tensiye loan contractions and it is
known that large credits have been
secured abroad during the week, but
the local loan operations have been to
some extent a mere shifting from one
borrower to another. The late recov-
cry in stocks, however, pointed to some
recovered confidence in the money sit
uation. German banking houses in
Tie Clty were ldls e AeiluefS loudy anu
sterling exchange was weak under good
offerings of loan bills. Wheat expports
for the week increased $4,000 bush
els and corn exports increased 1,44S,-
600 bushels. Dry goods imports fell
$1,204,810 below those of last week
United States Steel bonds sold as low
as 81 IA when issued, or within a
fraction of parity with the preferred
stocks. Northern Securities also @as
largely sold. Inactive stocks contin-
ued to show wide declines before a
market was found.
Bonds moved in sympathy with
stocks. Total sales, par value, $2.710,-
900. United States IS advanced IA
per cent on the last call.
Closing List.