The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-05

NEW YORK, March 4.-The relief to
the banking position afforded by yes
terday's sharp liquidation in the stock
market was manifest in the quieter
tone of the trading today. The banks
We're apparently satisfied with the re-
cuperation effected yesterday and de-
sisted from further calling of loans.
The bears started prices during the
morning, but found they We're dis
lodging little stock by Offering down
prices, and they covered their short
contracts.
The result was to bring prices back
to about last nights closing level. At
that point proceedings came almost to
a standstiH. The relaxation of the sell
ing pressure encouraged a resumption
of operators by the bull pool in Man
haitian, which lifted that stock 2 3S
over last night, and support was given
Amalgamated Copper. The strength in
other local fractions and in Missouri
Pacific seemed to be largely due to
sympathy with the movement in Man
haitian. A rise of 4 points in General
Electric and recovery of 41-2 in
Northwestern from yesterdays wide
decline had a reassuring effect upon
sentiment.
Some Wide Recessions.
On the other hand there were wide
recessions on small offerings among
other rarely active stocks The adj
Journment Of congress had very little
direct Influence, as the principal meas
ures of interest to the financial world
were disposed Of yesterday. 1t was
argued that the failure of the Aldrich
bill left affairs unchanged, and as
there has been no extensive Specula-
ton based on the assumption that it
would be enacted, the bears showed
hesitation about extending short lines
on the score Of it's defeat. 1t is evil
dent that the immediate conditions in
the money market are more regarded
than was the hope of the enactment
of this relief measure.
The Steadying of the stock market
with the cessation of the calling of
loans by banks proves the assump-
ton that holders of stocks will not
sell at the present level unless com
PEELED to do so by contraction of credit
resources. Buyers are restrained by
the same restriction of credits. The
action taken by the United States
Steel directors on the bond issue and
stock conversion plan, and the elabOr-
ate outlay projected for improvements.
had the same chilling reception as has
been accorded similar projects by the
railroads, which promised heavy in
roads upon the vanishing surplus sup
ply of capital.
Little Movement in Steel.
The steel stocks made little move
ment, but the bonds when issued were
offered freely on the curb. Syndicate
support was offered for a while at 95,
but the bonds were offered down to 92
The sellers argued that the privilege of
conversion for 40 per cent of the pre-
ferred stocks in the bonds warranted
an assumption of a parity of market
value for the two issues. The prospect
Of action on the Cuban treaty at the
extra session of the senate, as we'll as
an advance in the price of refined
sugar helped sugar. The decrease of
20 per cent in January net earnings
reported by United Pacific seemed to
be ignored The subtreasury state
ment showed $47S,000 more taken from
the money market, and New York
exchange at Chicago fell back from
zoe to 35c discount. Call money rose
to IL per cent late in the day, and
rates for time loans We're firmly held
but additional offerings of loan bills in
the exchange market caused a decline
in quotations there. The market clos
ed rather irregular.
Bonds were dull and irregular. Total
sales, par value, $1,76O.OOO United
States bonds were all unchanged on
the last call. DEE 81