The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-14

NEW YORK, March 13.-Sentiment
in Wall street took on a more cheerful
tone today and an upward tendency of
prices was in force. The movement did
not display much vitality and was
mostly centered in a few stocks, espe-
cially the Wabashes. 1t had for it's
principal basis the fact that profess
sional traders found that they could
bid up prices above the existing level
without being overwhelmed with the
offerings brought out in consequence.
This evidence of the cessation of the
pressure to liquidate which has been a
burden on the market for several days
led to the indulgence of a hope that the
bank statement tomorrow would be
more favorable than has been expected
IN view of the continued heavy drain
this week upon cash resources. The
quietnesS of the money market fos-
tered this hope. 1t is not unusual for
the special demand for loan incident to
the carrying over of stocks from Fri
day until Monday to cause a furry in
the call loan market on Friday.
Standard Oil Payments.
Today it was feared that the prepa-
ration for the payment of the $20,000,-
600 of Standard Oil dividends on Mon
day was notably calm, until u was
paid in the last five minutes Traders
'NiC blopOoCu " reason lIdI the POSI-
ton of the banks must be better than
supposed. 1t was considered possible
also that the proceeds of the Standard
Oil dividend might be coming into the
market by anticipation. Rumors We're
renewed of intended measures of
money market relief by the treasury
department and it was alleged that the
presence in Washington of J. p Nor
gan was for the purpose of urging such
4 oil
form in the rumOrs of the redemption
prior to maturity of the outstanding )
per cent bonds of the government. This
issue, Of which there is 9,350,050 still
outstanding, natures on Feb. /, 1904.
The rumors met with denials in Wash
ington.
Much discussion was given also to a
report that both houses of congress
would be called in extra session early
In the fall to ratify the Cuban reciproc-
1ty treaty and also to act on the Al
drlch bill or some similar meas
ure. The upward bound in Sugar
was in response to this rumor. The eff
fect of these rumors, which were all
without Verifcation, was evidence of
the primary Importance still attached
to the money situation in the specula-
tive outlook, a sharp reaction in the
London market after the recent violent
proht-taking in Amalgamated Copper.
Liquidation Quiets Speculation.
This was well absorbed and did not
cause more than l Il decline in the
stock al any time. The bringing Of suit
by the Southern Pacific from voting it's
holdings of Southern Pacific and the
granting of the injunction had little eff
feet on the prices of those stocks. but
rather quieted the speculation in them.
The reaction in the last hour seemed
due to profit-taking on the days ada
vance by room traders although the
rise in the call money rate to 6h per
cent after noon was an added influence.
The bidding up of the rate of IN per
cent by belated borrowers Just before
the close was not given much signifi-
canoe. The loss in cash to the sub
treasury for the week of 4,4O6 900 was
offset by the receipts of only a few
hundred thousand dollars on balance
from the interior. If tomorroW's bank
statement accurately reflects these
movements in the cash item there must
have been loan contract of upward of
S12,000,O0O to have prevented inroads
upon the legal reserve required Of the
banks.
The bond market was dull and irreg-
ular. Total sales, par value, $2,305, 900.
Closing List.