The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-02
STOCKS ARE APATHETIC
TUESDAYS TENDENCY TOWARD
GAIN is NOT CONTINUED
Market Moves SluggishIy and HaItinsly
From Beginning to End-High Mon
ey Rate the Deterrent Influence Upon
Speculation.

NEW YORK, April 1.-The stock
market dropped back into an apathetic
condition today. 1t moved in an ex-
tremely sluggish and hating manner
throughout the day. This was dis
appointment to such spectators as had
hoped that yesterdays advance herald
ed the beginning of a continued up
ward movement. The stiff call money
rate yesterday and the furry to Is per
cent was ignored and the buying of
stocks persisted in, even while money
was at the highest, but the high mon
ey rate today was evidently the deter
rent influence on the speculation.
Yesterdays buying in face of the
high money rate was based upon an
assumption that the corner would be
turned today in the money difficulty
aad that easier conditions would be-
gin with the disbursement of April
dividend and interest money. When
the call money market was seen to be
quite as stiff as yesterday there was
some selling of stocks by yesterdays
buyers in Consequence. The whole
market was strictly professional and
the suspicion got abroad that yester
days advances We're due more to pro-
fessional manipulation and to covering
by shorts than to any other cause.
Developments Unimportant.
The days developments were not
important and seemed of little intiu
ence. The subtreasury statement, as
expected, showed that the payment of
yesterdays draft for relief purposes in
the Philippines resulted in making
good to the money market the previous
subtreasury drain since Friday. Some
further benefit to the money market is
expected from the payment of govern
ment interest. There is still confidence
that the movements of money in the
in1y1O - j1ta n Hx-iI 70 ha
tdge of New York in the way of re-
leas" of funds accumulated for divi-
bends and interest. A seasonable re-
turn flow of money from interior points
IS also expected.
But there was perceptible today in
the speculative sentiment a recurrence
of the fear that heavy corporate re-
quirements are waiting to absorb any
increase in credit resources. The dis
tuFbance in the loan market today
was attributed to the payment of sub
scriptionS for Chicago & North West
ern's new, stock In the time money
market lenders show a disposition to
restrict their loans to within the six
months period, the obvious purpose be-
ing &c have the maturities come when
the TALL demand from the interior for
funds begins TO withdraw money from
New York again.
Result of Court Proceedings.
The hearing today of the proceedings
to make permanent the injunction
against the voting of Union Pacifics
holdings of Southern Pacific stock
caused feeling of suspense and a de-
sire to await the decision. There was
some renewed heavy selling also of
Pennsylvania. The dissolution of the
injunction against the Wabash engi-
neers' strike was the cause of some
liquidation in the Wabashes. Sugar
suffered from the reduction in the price
of refined grades to meet yesterdays
cut by competitors. There was a vio-
dent and unexplained break in Colorado
Fuel, with an effective rally. A further
decline in London discount rates was
regarded with satisfaction. Heavy ex-
ports of grain made a good supply in
the exchange market and a sharp break
in the cotton market, 1t was hoped,
would increase the foreign demand.
The market closed dull and irregular.
Bonds were dull and irregular To-
tai sales, par value, $1,86000O United
States new As registered declined. IL
per cent on the last call
Closing List