The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-03
STOCKS ARE NEGLECTED
RALLY HAS TEMPO
RARY ELEVATING INFLUENCE
Then Comes Downward Movement,
St. Paul's Decreased January Earn
inss Having an Unfavorabe Effect
Money Situation Not Rosy Yet.

NEW YORK. March 2.-The closing
rally in stocks on Saturday had some
slight influence upon the opening deal
1ngS today, but the advance was insg-
nificant and the market soon relapsed
into dullness and neglect, and a slow
downward movement. The decrease in
net earnings for January reported by
st. Paul was an unfavorable influence,
although it was sought to explain it by
the high price for fuel which had to
be paid. Amalgamated Copper showed
some strength owing to the further ad-
vance in the metal, both here and in
London, and Pennsylvania made some
resistance to the depression. Late in
the day again the unexplained adj
vance in Manhattan induced some re-
covery in prices but the closing was
unsteady and very dull.
The money situation continues to
weigh upon the market and the pro-
fessional traders made the varying ru-
mOrs regarding the chances of the AL
drich financial bill the nominal motive
of their operations. The weight OF the
days rumors inclined against the bills
chances and this was assigned as the
cause of the declines.
No Money to Loan.
There was no money to loan on time
in Wall street at less than ) per cent
INNGiy anu IldlIy ltuutIS we're IOl VIII
ing to accommodate any but their reg
ular customers. The ruling rate for
call money was 3 ga per cent. Some
relief was afforded by large sales Of
bankers bills in the exchange market
in the process of borrowing foreign
funds. Discounts We're easier in Lon
don and there was reported an eXpec-
tatiOn that the bank rate would be
reduced there this week. But there
was a suggestive break of l centime
in the sterling rate of Paris, which
may mean that cheaper money in Lon
don will lead to withdrawals of French
capital.
The New York banks have already
lost $2,136,000 to the subtreasury since
Friday and that institution had a cred
it balance at the clearing house this
morning of $344, 305, showing the con-
tinued drain of funds there. There
was rather less pressure, however, upon
New York from the interior, exchange
at Chicago recovering to 20 cents dis
count, compared with 40 cents discount
last week. A contraction Of bank re-
serves is normal TO this season and ex-
pected to go further. But the surplus
reserve Of IS, 951 800 and the associated
banks disclosed by Saturdays bank
statement IS the lowest for this season
since 1890.
Big Bunch of Securities Authorized.
Last weeks insignificant contraction
in loans leaves that item of the clear
ing house banks still practically on
the highest record in their history. 1t
is estimated also that securities lately
authorized but rather more remotely
In prospect run up to over 5000, 000,-
600. Meantime, underwriting syndi-
Gates carrying over from last year are
being dissolved and the securities dis
tributed, forcing members of the syn
dicates to resort to the banks-for credit
to carry them as individuals, or to sac
rifice their holdings by forced sales
in the market. Sales of bonds for Feb
ruary this year in the stock market de-
creased nearly 100000 900 in par value.
or over p per cent from the sales of
February of last year These are the
conditions that keep speculation from
the stock market and discourage in
VeStment demand.
Bonds were dull and inclined to be
easy. Total sales, par value. $685.
600. United States bonds were all I'M
changed on the last call.