The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-11
STOCKS RISE and FALL
SPIRITED STRENGTH AT THE
START NOT MAINTAINED
General Net Declines Mark the Close
of the Days Trading-Wabash Holds
the Center of the Stage-WhoIe
Movement Strictly Technical.

NEW YORK, Feb. 10.-The spirited
strength and activity with which the
stock market opened today were not
maintained and the tone of the market
became gradually more reactionary and
at last easy at general net declines
running to point or more in a few of
the leading active stocks. The most
prominent of these was the Wabash
preferred, in which Sc much of yester-
days strength and activity centered.
This fact made the speculative senti
ment peculiarly susceptible to the fact,
which became very obvious this morn
ing, that there was very large selling
going on of Wabash preferred under
cover of the new strength which it
was sought to develop elsewhere.
The suspicion got abroad that the
apparent active demand for these
stocks and the show of strength which
this gave to them was due rather to
skillful manipulation by the specula-
tive pools having them in hand than
to any sudden realization of their val
ue at present prices on the part of a
widespread public.
Entire Movement Technical.
The whole movement CT the day was
quite strictly technical and was little
influenced by any of the days news.
The size of the individual orders in
Rock Island, for which the accepted
unit seemed to be 900 shares, gave an
artificial appearance to the movement
in that stock, so that it had little inn
preston on sentiment when 1T was
moved upward in face of the general
reaction which took hold of the mar
ket during the course Of the second
hour. The support of Missouri Pa
cific had no better success in reStor-
ing the tone OF the market. The At
chisonS took their turn in the advance
and among the specialties, Amalga
mated Copper, Peoples Gas, Brooklyn
Transit and American Smelling were
cons picuOus.
Sterling exchange continued to adj
vance and London to sell stocks here,
but these factors were no more promi-
nent than during yesterdays strong
market. Call money continued easy
and an advance in sterling at Paris
sufficiently offset the rise here to keep
gold exports beyond profitable limits.
The subtreasury took nearly $1,500,00
from the banks on yesterdays opera
tiCns, Wiping out the previous gain
from that institution and establishing
net loss of $4,000 since Friday.
These figures caused some calculations
to be made on another unfavOrable
bank statement for the week, but call
loans We're made at a lower average
than yesterday and there was increas-
ing ease in securing time times.
Influence of Aldrich's Bill.
The bill introduced yesterday by the
chairman of the finance committee of
the United States senate for liberaliz-
ing the provisions for deposit Of Unit
ed States funds Of the national banks
was considered an important influence
in the open strength of the market.
The acceptance of other than govern
ment bonds by the secretary of the
treasury last fall as security for gov
eminent deposits is believed to have
been the saving factor during the mon
ey stringency. The provision allowing
the proposed Panama canal construc-
ton bonds to rank with the per cents
as security for deposits and circulation
will afford another important measure
Of relief from. possible money strin-
gency. The coming requirement for
the payment of 100000 to the Pam
anna company shareholders make these
means of relief of special importance.
The approach of the Thursday holiday
may have had its influence upon the
realizing movement of the day.
The bend market continued irregular
Totai sales, par value, $3,5SO,O0 Unit.
ed States new As registered and the
Is declined IA per cent on the last
call.