The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-16
LESS DOING IN STOCKS
EVIDENCE OF FURTHER LIQUIDA-
TON is MANIFEST
Prices Rise Early in the Session and
Then Comes the Inevitable Selling
Values Leave OFF at a Lower Point
Than Tuesdays Level.

NEW YORK, April 15.-The notable
feature of today's stock market was the
decided falling off in the volume of
business. Aggregate sales for the day
barely reached half million shares.
compared with over SOC, 900 shares yes
ter, and 100000 on Monday. There
was some continued demand to cover
snort contracts today, but there was
also evidence of further liquidation of
a substantial but not at all precipi-
tate character
As prices reached a higher level
there was the inevitable selling which
always follows a violent decline by
lucky traders who got in at the bottom
and are quick to take profits, and also
on the part of buyers of a more influ-
entail character who bought on the de-
cline to support the market and to re-
assure sentiment with the purpose of
preventing needless sacrifice of values.
There was a large amount of this kind
of buying on Monday and yesterday
morning during the struggle to turn
the market upwards. The fact that
Northern Securities on the curb al
though quiet, ruled at a level below
last nights close all day was an addi-
tonal incentive to caution on the long
side. Nevertheless there was consid-
cradle buying at different pOintsdn the
list of seemingly good character and
based on individual causes.
Good Buying of Railroads.
Missouri Pacific was we'll taken all
day on its report of net earnings for
February, showing an increase over
February of last year of $373,776, which
is no less than 10 per cent increase.
The other members of the Gould group
moved in sympathy. Baltimore &
Ohio's report for March showed an in
crease in net earnings of "a per cent
and was freely bought in consequence.
Norfolk 81 Western moved up in sym
pathy and was helped also by rumors
OF a proposed increase in the dividend
rate The annual meeting of the New
York Central stockholders without any
action towards the new stock issue and
without any evidence to confirm recent
allegations of change in control re-
neYed some anxiety and had a favor
able influence. Among the industrials
Sugar had the advantage of an ad-
vance in the refined product, Ice pre-
ferred reflected reports of an acQuisi-
ton in Baltimore, Metropolitan Street
railway responded to rumors that the
question of investigation of its finances
by the local municipal authorities de-
cided in the negative, an advance in
the London copper market helped
Amalgamated and pool operations were
manifest in United States Leather
stocks. a number of the iron and steel
lndustrials were inclined to advance
also.
The tone of the whole market chang
ed late in the day, when Manhattan
began to run off on the news that the
demands of the employees had been re-,
FUSED. The general market reacted and
in many cases fell below last night. the
Pacifics and Western stocks being nota1
bly, affected. Among inactive stocks
was a drop of q points in Westing-
house Electric 1St preferred and Is
points in Fort Worth & Denver City
Stamped.
More Ease in Money.
The money market continued to work,
easier both for call and time loans.
The subtreasury is contributing to the
local money market by reason of the
increase in refunding operations and
the rates of exchange at interior points
indicate flow Of currency towards
New York. There was a stiffening of
foreign exchange rate, however, and an
advance in discount rates, both in Lon
don and Paris. Discussion continues
active over the possible bearings of the
Northern Securities decision and the
probable steps which will be taken in
the event of dissolution of that corpor
alton. The extent to which the North
ern Securities stock has been distrib-
uted and the consequent dissemination
or holdings of Northern Pacific and
Great Northern stock which would re-
suit from an exchange for outstanding
Northern Securities stock was a SUBJ
Ject of special interested discussion to-
day, as was also the probable action
to be taken on the quarterly dividend
on Northern Securities, the regular pc
Rod for which is now imminent.
Bonds We're firm for the most part
although there We're some recessfons on
the late reaction in stocks. Total sales.
par value, $2,795 900 United States old
is declined Il and SIS advanced Il per
cent on the last call
CIocinn ief