The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-27

NEW YORK, Feb. 26.-After a day
of Indifference and neglect, today's
stock market closed with an active
selling movement in force, and with
the majority of active stocks from l
to 2 points below last night. The only
manifest new development to cause
this sudden weakness was the adjourn.
ment Of the st. Paul directors without
taking action on the issue of new
stock. AS such action had not been
certainly expected, and as there had
been no extensive speculation based on
the stock issue, the late weakness is
more plausibly explained as due to a
speculative WEAKNESS with the per-
sistent hanging back of prices.
This sense of disappointment was in
evidence at the opening. when 1t was
seen that the authorized reports of the
practical consolidation of Rock Island
and st. Louis & San Francisco were
without stimulating effect on specula-
ton. st. Louis & San Francisco, in
fact, relapsed sharply to 21A below last
night, in comparatively light offerings,
and Rock Island after mere frac-
tional advance, became heavy and
ruled below last night for the rest Of
the day. .
Mo Active Speculation in Sight.
This reception accorded to the most
far-reaching project Of railroad con-
solidation since the Louisville deal,
seemed to be accepted as a conclusive
demonstration that nothing was to be
hoped for in the way Of active Specu~
lation for the present. The relief from
the pressure of selling in Metropolitan
Street Railway alleviated for the time
the depressing effect on this conV1c-
ton. There was a demonstration also
in Wabash preferred, which carried
that stock up q point. in face of ru-
mors of the issue of an order for strike
and Of the unfavorable showing of
January net earnings. Some of the
iron and copper stocks made soma
show Of resistance to the prevailing
depression, owing to favorable trade
reports, but the whole market gave
way at last and sold down rapidly I'M
til the weak closing.
The uneasiness over the rapid deple-
ton of the New York banking reserves
was slightly relieved by the days news
of the receipts Of 100000 in gold from
San Francisco. But the market had
to face, as an offset, the news Of the
shipment of $750,000 in gold to BuenOs
Ayres. In the international exchange
markets there was a relaxation of
pressure all around, the private dis
count rate. both at London and Paris.
going quickly lower and giving ground
for the supposition that the reduction
in the Bank of England rate is defer
red for only a week. But is is feared
that further shipments will be made
to Argentine from here, and that Chi
cago will make further demand for
currency Operators in the market
also were inclined to be discouraged
about the prospect of action at this
session on the Aldrich financial bill.
Time Money Hardens Further.
Time money, which is the true index
Of the present money situation, hard
ened further today, and practically no
business was done at less than per
cent for periods longer than three
months. Opinion was inclined to settle
down into conviction that extremely
conservative banking must be the rule
for the rest of the year, until some new
factor develops to relieve the situation.
One of the features of the days mar
ket was the wide concessions to find
market for small offerings Of some Of
the expensive high grade stocks. Chi
cago e North Western was a notable
example, the price declining 8 points
on quite feverish fluctuations. The
subscription rights to the new stock
sold at 10 Is, compared with 10 IA
on the first day they were dealt in last
week.
Wabash debenture B bonds made a
sharp recovery, and gave an irregular
tone to the bond market, which was
otherwise easy. Total Sales par value,
$1,875, 900. United States bonds were
all unchanged on the last call.
Closing List.