The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-31
STOCKS THROWN OVER
HOPES OF A RISE IN PRICES FAR
FROM REALIZED.
Call Money Runs Up to 8 Per Cent
Disappointed Holders Unload Stocks
All Through the disclosing IT.
regular and Active.

NEW YORK, March 30.-Hopes of a
rise in prices of stocks today as a re-
suit of the favorable bank statement
of Saturday were disappointed The
opening dealings proved that the Sun
day interval had resulted in an ac-
emulation of selling orders from var
lous points. Apparently banks were not
calling loans, but many brokers sent
out calls to their customers for addi-
tonal margin and the increased de-
mand for call money which resulted
ran the rate up to per cent. The
hope that the corner in the money
market had been turned and the COM
paratiVe ease normal to the April per-
1od thus brought into immediate pros
pect was seen to be without warrant
and disappointed holders threw over
stocks again all through the list.
The decline in the first hour was not
acute except in a few stocks, and there
was a very general recovery by mid
day, but the demand fell into almost
complete stagnatiOn at the high level,
offering no encouragement for the bid
ding up of stocks. Some observers
professed to detect some buying for
investment account at the lower lev
els, especially of Pennsylvania. There
was alleged also, to be some demand
OF this character for foreign account,
but the effect on prices was not per-
ceptible.
Depress Whole List.
The break in Southern Pacific to the
lowest point in the movement aroused
uneaSineSs as to the position of the
pool in that stock and this had de-
pressing effect on the whole. list The
supposition that the leader of this pool
has embarked on very extensive
campaign for the short account in the
general market to recuperate losses
believed to have been sustained on
the bull side in Southern Pacific, while
at the same time attempting to main
tain the pool holdings of Southern Pa
cific, offers a speculative anomaly, the
possible effects OF which Wall streets
most ingenious critics admit they are
unable to forecast.
The labor controversy with the
structural iron workers was RESPONSE
BILE for the sharp break in United
States Steel preferred. The advance
in Manhattan, on the other hand, was
due to the reported postponement of
the adjustment of the labor dispute on
that system. The late break in New
York Central was accompanied by I'M
founded rumors that the New Haven
men had gone on strike. The price
touched $780, which is the lowest on
the present movement
Lowest Point of the Day.
The furry to per cent in the call
money rate followed and combined to
produce the late break to the lowest
point of the day. The covering by
room shorts lifted prices a fraction,
but the closing was irregular again
and active. The loss by the banks to
the sub-treasury on Saturday of near
ly a million dollars and the credit bal
ance at the clearing house of that in
stitution this morning of $4O9,818 re-
vived the apprehension over the con-
dition of banking reserves. The news
that the treasury warrant for $3,000,-
coo for payment of the appropriation
to relieve distress in the Philippines
would be received in New York to-
morrow failed to offset the effect of
the sub treasury's figures. The divi-
dend and interest disbursements for
April are unusually large this year
and the appropriation for them helped
to disturb the money market today.
The bond market was irregular but
not very active. Total sales par value,
$2,96O,000. United States 3's coupon
advanced IA, new As 1-2 and the old
As ga per cent on last call.
Closing List.