The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-04
BRIEF RALLY IN STOCKS
HEAVY SELLING MOVEMENT
THAT OVERREACHES MARK
Shorts Hasten to Cover Durina the
Last Hour, Which Is Followed by a
Lively Rally, Which Is Not Well
HeId-Closing Is Easy.

NEW YORK, April 3.-There was
another heavy selling movement in the
stock market this morning, which APP
parently oVerreached the mark, judg-
ing from the scramble by the shorts
to cover during the last hour, when
the supply of stocks had become
scarce. This led to a. lively rally and
a general recovery of prices to above
last nights level. The rally was not
well held. however, owing to the evil
dence of renewed realizing and the
satisfaction of the more urgent de-
mand from the shorts. AS the result
the closing was easy and below the
top level of the rally.
The appreciate relaxation of the
confidence that the factors at work
would bring still further relief next
week were the dominant influences in
the rally. The morning selling was
primarily due to the bad influence of
violent break in Southern Pacific to
80 IA, which aroused fears for the
position of the pool. The apparently
endless stream of liquidation in Penn
SylYania was also turned into the mar
ket afresh, carrying the price to a new
low level on the movement. at 135.
Attitude of the Banks.
The Friday requirements in the
money markets kept up the call mon
ely market late in the day, and there
We're appearances to warrant the as
sumption that the banks were assum-
ing an admonitory attitude towards
the speculative pools in a way which
might account for some of the selling.
The extreme which has been reached
in the personal antipathy growing out
of the Southern Pacific quarrel gives
color to the report that the weapons
or Low 70 inf ,aiT1 s,f
the supply of financial resources en-
ployed by the pool III the stock market.
The fact that the Southern Pacific
books closed tonight for the annual
meeting indicates the ending of the
struggle for representation at that
meeting. The demand for the stock
is likely to be affected as a conse-
quence. Its movement became fever
lsh in the late dealings during the raj
~ in the market, and in it's rise to
90 II there were several wide price
changes. A rumOr found currency at
the same time that a prominent finan-
cier, whose services have been called
upon to settle more than one threat
ened financial contest, had been in
duced to adjust the difference amongst
the Southern Pacific shareholders The
feverish relapse in the stock sufficient
ly Indicated the skepticism with which
TINS rumor was received. The notable
feature in the late strength was Brook
lyn Transit, which was lifted 2 3-S
over last night. The movement was
attributed to the prospect of the usual
summer increase in traffic and to some
general plans for the betterment of
passenger transportation in Brooklyn.
Weakness in Copper.
In the early decline Amalgamated
copper weakened on the slump. The
movement was attributed to the pros
pect of the usual summer increase in
tratflc, and to some general plans for
the bettefment of passenger transpor-
tation in Brooklyn In the early de-
cline Amalgamated Copper weakened
on the slump in the London copper
market, and further weakened Of
ferlng down of the metal on the local
Metal Exchange. United States Real
ty suffered from strike talk. Tennes-
see Coal was sold on the reduction in
price OF pig iron by Southern fur
naces. Colorado Fuel extended its re-
cent decline. The weakness of Sugar
was attributed to unsettled conditions
The preliminary estimates of the
week S currency movement indicates a
small gain on balance from the interior
but the loss to the subtreasury of
$l,567, 600 and a shipment of $3.50 900
IN gold to Canada promises to bring
the net decrease in cash over 81 800
OOO The shipping loans incident to
the April l settlement will greatly
confuse the showing on that item The
confidence that the usual seasonabIe
factors are at work for the replenish
ment of the local money market, how
ever, overshadows the influence of
the probable immediate showing by the
banks.
Bonds were irregular Total sales
par value, $2,670,0OO. United States
bonds were all unchanged on the last
call.
CLOSING List