The Saint Paul globe., 1903-02-14
IN STOCKS
INCREASE IN BUSINESS MOSTLY
ON THE SELLING SIDE
Stock Is Marketed Constantly Until
the Final Hour, Which Brings a
Supporting Movement in the Eries-
Closing Is Dull and Heavy.

NEW YORK, Feb. 13.-The increase
in business on the Stock Exchange to-
day was mostly on the selling side and
caused a further recession in the level
of the prices. The marketing of stock
was pretty constant until a supporting
movement in the ErieS during the final
hour. Support was evident at the same
time in some of the other Morgan
stocks, notably Reading and Southern
Railway, the latter rising a fraction
over Wednesday. The sentimental eff
than to check the selling elsewhere.
The buying of the Eries themselves
was not followed up, and the closing
was dull and heavy
The selling of the Eries was on a
very large scale from the outset, Lon
don joining in the movement. Extreme
declines were effected in the common
stock of 2 IA, in the first preferred of
2 SIS, and in the second preferred 8 3-S.
The erms of the new issue Of bonds
were disappointing, but there was also
selling by speculative holders, who had
bought with the idea that some new
disposition of the whole property was
involved.
New Capital Issue.
Some sort of new capital issue by
the Erie has been understood to be on
the programme for several years past.
The prospect of increased earnings by
reason of the outlay and the possible
rights to subscription by stockholders
at the issue price of 81 12 did not
prove sufficiently attractive to prevent
very heavy realizing on the recent ad-
vance. The stocks were practically
unsupported until the last hour.
The sympathetic effect on the gen
eral list was considerable, and the ac-.
orally a point or more below WedneS-
days level at one time during the day.
The concentrated selling of some of
the recent speculative favorites point
ed to enormous realizing on the part of
some of the speculative pools There
were some evidences also of beariSh
manipulation, especially in the circula-
tion of rumors of the serious illness of
a prominent operator, who is supposed
to have important market interests
committed to his guardianship. The
rally in the last hour was helped by
the preliminary figures of the weeks
currency movement, which indicate a
net gain in cash by the banks during
the week up to Wednesday night of
over $1,00O,0O0.
Rise in Sterling Exchange.
Earlier in the day the sentiment over
the money situation was dominated by
the further considerable rise in Ster-
ling exchange, practically to the gold
export point, allowing for yesterdays
reaction in sterling at Paris. Exchange
authorities affirm that if fast steam
ship were sailing to Europe she would
carry a consignment of gold. There
will be no fast ship to sail until next
week, but probability of gold exports
is indicated. Money is growing tight
er in London, and the selling of stocks
here today for that account was large,
and was a material factor in the
strengthening of exchange. The weeks
exports, both of wheat and corn, also
fell off materially from those Of last
week, while the weeks imports of dry
goods show the inward movement of
merchandise still maintained a high
level. The January exports of domes-
tic products showed the expected in
crease by large outward movement of
corn, but decrease in cotton was dis
appointing, and the present high price
of that staple, it is feared, will dis
courage the export demand.
The Central of Georgia income bonds
rose sharply, but the movement of
prices generally in the bond market
was irregular. Total sales, par value,
$2,35O,00Q. United States Is declined
IA, and the old As IL per cent on the
last call --o-
LET