The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-28

NEW YORK. Feb. 27.-PriceS of
stocks yielded to a sharp attack late
in the day. and were carried between
one and two points below last night
for the principal market leaders. 1t
was reported that the banks were call
ing loans and presumably forcing some.
liquidation, but the active demand
from shorts to cover at the decline in
dictated that short selling had played
a considerable part in the break. The
serious inrOads upon bank reserves
resulting from the weeks currency
movements was the cause of the de-
cline. Previous to that the market
had been neglected and sluggish, with
Sagging tendency rather than ac-
lively weak.
The generous support of the Wabash
tissues, some early recovery from yes
terday's weakness by st. Paul and an
upward tendency by Amalgamated
Copper and a few other stocks served
as obstacles to the early tendency to
decline. The leaders professed to be
waiting upon the formal announce
ment of the Rock Island and st. Louis
az San Francisco project, and upon
definite information to indicate the
fate of the Aldrich financial bill for
this session. An attempt was made
to connect the Wabash movement with
the evidently far-reaching plan in the
Southwestern railroad world working
out through the medium of Rock ISL
and, but the dealings in Wabash were
by few room traders, who dealt with
each other on a very large scale.
Serious Monetary Condition.
With the surplus reserves of the
banks down to about 100000 last
week, and with loss for this week in
dictated in cash reserves within half
million of that amount, it would be
seen that a serious condition will con-
front the New York money market,
unless some considerable offset to the
reserve shrinkage has been affected by
the loan contraction. Unless this aft
ernoon, there has been nothing to show
that there was any liquidation going
on the stock market Of an important
character But the action Of the for
eign exchange market and the report
ed offerings of loan bills give promise
that foreign capital has been resorted
to to take up some credits paid off to
the New York banks.
1t is considered probable also that
the local trust companies have taken
over some loans from the accounts of
the clearing house banks. Prepare
ton for the March settlement in
creased the pressure today so that call
loans were forced up to per cent be-
fore the close. Time money is very
llItlIy ueIu aI per cent Tor all Pc
RODS.
Demand for Currency to Continue.
There is nothing to Indicate early
cessation of the interior demand for
currency nor of the subtreasury re-
quirements upon the money market
Payments of internal revenue at inte-
rior points are being made to the New
York subtreasury by draft upon New
York correspondents of interior banks.
Dry goods imports for the week,
$1,536, 667 in excess of last week ex-
plain the large customs collections and
also, in part, the demand for foreign
exchange. Corn exports for the week
have fallen off 1,370,518 bu from those
of last week. The relaxation in the
exchange. market is clearly due, there
fore, to the offerings of bankers loan
bills. Discounts hardened In London
again today, and Paris seems to be the
available point for extension of further
credits here If desired. 1t was of in
tereSt, therefore, that the French
chamber has authorized the issue of
$50,000,000 short term treasury bonds
and a provisional credit for March ex-
penses and deficits in previous bud
gets. The market closed irregular al
the rally on covering by shorts.
The bonds market weakened, in SYM
pathy with stocks. Total sales, PAL
value, $3,3S0,000. United States bonds
were all unchanged on the last call.
CLOSING List