The Saint Paul globe., 1903-04-03

NEW YORK, April 2.-The stock
market today continued almost wholly
in professional hands, and there was
a further dwindling in the volume of
operations. The tone of the market
was heavy to weak throughout.
Ihe motives which prompt the pro-
tessional operators are difficult to dis
Germ. On Tuesday they bought stocks
with money at Is per cent in the con-
1idence that the call money market
was about to relax. Yesterday they
sold stocks again, although there was
distinct relaxation in the call money
rate, with promise of further
growth of ease. Some other considera-
tions apparently had interviewed which
caused a question whether the easier
money market was destined to benefit
the stock market The Southern Pa
cific quarrel weighed on the market.
The developments in this controversy
showed nothing to affect directly the
value of the securities concerned, but
the bitterness of feeling shown by the
contending parties and the boldneSS of
their habitual methods in stock mar
ket operations kept alive a fear that
speculative duel might be precipitat-
ed in the stock market itself, with
probably disastrous consequences to
many innocent onlookers.
Pennsylvania a Disturbing Factor.
Another disturbing factor was the
renewal of liquidation in Pennsyl-
vania, carrying it back to last weeks
low level. The selling received a re-
neWed impulse from the February
statement of net earnings which show
ed the expenses increased more than
twice as much as the increase in gross
earnings, with a corresponding cut in
the net returns. The net earnings for
two months in
SbOOO,0O0 less than for the same two
months last year
Taken in connection with the Feb
ruary Union Pacific statement publish
ed on Tuesday, showing a decrease in
net earnings of $413,474, there is a dis
position to surmise that the recent
liquidation in that stock NAV have
been from other than professional bear
sources. The mildness or the demand
for stocks for short account and the
little help given to any rally in the
market from the demand to cover en-
phasiZes this impression. The ques-
ton of the action to be taken by the
Wabash employees following the dis
solution of the strike injunction is
awaited with some concern, as was
indicated by the heaviness of the Wa
bash stocks today.
Effect of Wireless TeIegraphy.
L IlS ucCllLe IN w western mon naQ
no other explanation than the progress
reported to be making towards COM
mercial basis by the wireless systems.
A sharp break in the local copper mar
ket affected Amalgamated Copper. The
attack on Colorado fuel was professed-
ly based on the proposed bond issue
Large customs payments, deposits,
to retire circulation and some large
miscellaneous collections resulted in
an absorption by the subtreasury yes
terday of 81, PA, 600. in spite of the gov
ernment interest payable. This proved
a disappointment. The statements of
the great foreign banks for the week
reflected the enormous requirements
for the April settlements. A refluX of
funds to the market, however, is now
in order in both foreign money mar
kets and here, so that the immediate
money situation is OF declining I'M
portance.
Bonds were weak. Total sales. par
value, $1,900,00O. United Staes new As
decline1 IA on the last sale
Iek