The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-25

NEW YORK, Feb. 24.-The minds of
operators in stocks today were mani
testify turned upon the money market
outlook The significant upward
movement in st. Louis & San Fran
cisco and in Wabash preferred had
very little sympathetic effect upon the
general tone of the market. The in
Huence of the weak bank statement on
Saturday and of the developments of
today in money proved more than suf-
f1cient to overcome any sympathetic
effect from these manifestations of
strength.
But in the afternoon, when it was
announced that the senate had taken
up the consideration of the Aldrich
financial bill, @ substantial recovery
set in and large proportion Of the
earlier losses was recovered. The
whole movement was. largely profess
sional, but was but a fair demonstra-
ton of the Importance attached in the
financial community to everything
that promises relief from the threaten
ed financial stringency of the coming
fall. In this connection, any assur-
ance such as provided by the AID
rich bill against Withdrawals from the
money market by the government in
the collection Of surplus revenue is
considered Of prime Importance.
Depleted Bank Resources.
The bank statement Of Saturday,
since which day there was no session
of the Stock Exchange until today,
was regarded as rather formidable
evidence of the rapid inroads being
made upon banking resources by large
corporation requirements. The very
large decrease in cash gives rise to the
Supposition that the local trust CONS
panies are also beginning to anticipate
their needs in the enlargement of cash
reserve to conform with clearing house
requirements.
Much significance was attached to
the development today of quite an
acute pressure for funds from Chicago.
The transfer of 100000 to that center
through the subtreasury is known to
have been largely supplemented with
direct shipments by express. 1t is be-
lieved that large payments becoming
due March / on real estate operations
in Western towns are responsible for
this unexpected demand. The extent
of commitments in Western land spec
ulation has been the subject of puzzled
conjecture In New York for many
months. Large ventures were
known to have been made in prelimi-
nary payments, with the idea that fu-
ture payments would be provided for
a resale of property, but that market
lost its activity, as 1t has in SO many
other lines. The extent of the require
ments for these supplementary pay
ments for real estate becomes of great
interest by the cessation Of this de-
mand for funds. The local market
hardened on account Of these devel-
opments and caused a reaction in ster-
ling exchange away from the gold ex-
port point
What Affected Exchange.
The exchange market was not af-
fected by heavy sales here Of stocks for
London account, the light seaboard
grain clearances or by the decline in
the export demand for cotton It was
evident that exchange was affected
rather by cessation of the demand
for remittance to repay to foreigners
maturing loans owing to firmer money.
The movements in st. Louis & San
Francisco and in Wabash preferred
were shrouded in mystery but specu-
lators supposed the two movements to
be connected. The stock market hy-
pothesfs was that newly secured
control of st. Louis & San Francisco
carried threat of competition to the
Gould Southwestern system and that
the Pennsylvania railroad was availing
itself of this to press for substantial
property holdings in the Wabasha
system, on account of the latter'S
trunk line aspirations. The strength
Of Amalgamated was attributed to the
further rise in the metal, and Sugars
rise seemed to be connected with an
advance in the price of coffee. The
market closed quite active and firm.
There was some breadth to the bond
market, but the largest activity was
In st. Louis & San Francisco funding
As and Wabash debenture Bs. The
general tone was irregular. Total sales,
par value, $4,612,000. United States
coupon So advanced IA per cent on
the last call.