The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-19

NEW YORK, March 18.-Stocks
showed some hardness today and hopes
were INDUCED for raise on the part
of a considerable speculative party
which is watching the market closely
for recovery when the interior be-
gins to send back funds to New York
and money becomes easier. The few
scattering indications of a relaxation
of the money market did not appear
sufficient to induce buying much be-
yond the ranks of the professional
shorts, who have become uneasy over
the cessation of the liquidation in
stocks and show anxiety to cover their
shorts.
The cessation of the recent persistent
selling of New York Central and Penn
sylvania was a partly favorable inf1u-
ence in a negative way. The advo-
Gates of higher prices stand in dread
of obstacles to be encountered in the
way of selling orders on the part of
persons who are tied up in unmarked
able ventures and who may desire to
realize on securities with an active
market to protect themselves in a pos
sible money squeeze late in the year.
1t has been feared that the recent SELL
ing of the Pennsylvania was for the
purpose of making good losses sustain
ed in project that has come to grief
railway stocks is therefore of great
sentimental influence on the market.
Money Conditions Easier.
Money conditions are undeniably less
stringent. The doubt is how far this is
due to the liquidation of stocks and
the lesSened demand for money in the
stock market, and also to the transfer
of obligations to foreign creditors
whose demands for reimbursement
must be met in the future. The ad-
Vancfng course of foreign exchange is
a significant evidence of the present
end of the borrowing from foreigners.
The subtreasury yesterday made on
other small contribution to the local
money supply. Interior banks for some
time past have arranged as far as
possible for all obligations to the gov
eminent to be paid to the New York
subtreasury by draft on their New
York correspondent banks. The lessen
ed requirement of the government in
StitutiOn may be accepted in part as
more compliant attitude on the part
of interior money-lenders toward New
York. OF today's special movements,
that in the coalers was due to gossip
that the report Of the anthracite strike
commission, presented to the president
today, would prove to be favorable to
the companies.
Effect of Cuban Treaty.
The influence of Sugars advance
also came largely from Washington
and dealt with the Cuban reciprocity
treaty Buyers of Tennessee coal pro-
fessed to have information of very
large current earnings. Corn products
was bought on the declaration of it's
first dividend. Southern Pacific fur
nished the only sensational feature Of
the day. There was heavy buying of
the stock in the last half hour, which
carried the price up five points, the net
gain being only fraction under the
top figure. The stock loaned at a pre-
MUM of Is, and there were rumors
Of important developments in connec-
ton with the controversy between the
pool and Union Pacific interests. Shares
or the latter company were moderate
ly active at a one point gain. Other
strong stocks included st. Paul. Read
ing, Northwestern and Tennessee Coal.
Profit taking toward the end caused
a shading of prices and the closing was
irregular. In the special classes there
was an eight point decline in American
Express.
The bond markets bowed steadiness
throughout the day, but shares only
to a slight extent in the strength Of
the stock market. Total sales, par
value, $1,475,0 900. United States Bonds
were all unchanged on the last call.
leo