The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-20

NEW YORK, Feb. 19.-The normal
tendency to close up contracts proceed
ing a holiday proved a depressing in
fiuence in the market today indicating
that such outstanding commitments as
existed among the traders were on the
long side of the market. There was
evidence of rather heavy realizing in
one or two stocks, which have been the
subjects of recent speculative buying,
and this added to the general tone Of
depression.
The character of the liquidation and
the violent decline in Metropolitan
Street Railway and in Metropolitan So
cur1t1eS were cause OF uneaSineSS and
were accompanied by sensational ru-
mors. The extreme break in Metro
politan Street Railway which resulted
was Is and in the Securities Com
pany points. There were sharp rail-
lies in both stocks late in the day, go
ing to show that short selling by bears
had been conspicuous element in the
decline. But the depressing effect Of
the incident on the general market was
undeniable.
Copper Profit taking.
The active profit-taking in Amalga-
mated Copper also left the market
without a sustaining force. The sharp
reaction in the price for the metal in
London and reports for a large decline
in copper exports of this country for
February were the only new develop
ments to account for the action of the
stock. Missouri Pacific was weak. and
its action suggested a Tightening of
the load carried by the pool in the
stock. London was a seller here. but
not to an important extent. The main
tenance of the Bank of England rate
and the Stringency of money in London
have a depressing effect there. and
some account seems to be taken in for
eign financial centers of the threaten
ing aspect of affairs in the Balkans.
The late stiffening in the domestic
corn market was attributed to the state
of affairs in Southeastern Europe,
which serves to suggest that as an in
f1uence< as a bear factor on stocks is
not obvious. Sterling exchange con-
tinued to advance today and was not
offset by a corresponding rise at Paris.
thus narrowing the margin from the
gold export point. 1t Is not expected.
however, that gold will go out before
Thursday of next week at the earliest,
owing to transport considerations.
Canal Purchase Price.
The progress being made by the SEN
ate in the consideration Of the Panama
canal treaty gives a livelier interest to
Liz dOCoIlOil VI 1Ol
tances to pay the purchase price for
the canal. A light export demand for
grain made scanty supply of ex-
change. The active bull campaign in
cotton is watched with interest in the
financial district owing not only to the
additional requirements involved for
currency, but to the effect Of the high
price of the article upon the export de-
mand. Yesterdays currency transfers
to New Orleans and large customs pay
ment brought the requfsition by the
subtreasury upon the money market
up to $1,4S2,000, making the loss of
the banks since Friday $2,436,000. New
York exchange at Chicago also fell
from Is to 20 cents discount today. The
rally on short covering of stocks early
in the last hour was not held and the
closing was dull and heavy. New York
Central the Fries and the United
States Steel stocks showed quite not
able resistance to the general depres-
sion.
Bonds became weak in sympathy
with stocks. Total sales par value,
100000. United States bonds were all
unchanged on the last call.
CIoeinn 4