The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-26
DEPRESSION IN STOCKS
IRREGULARITY AND FEVERlSH
NESS MARK THE TRADING
General Show of Strength at the Open.
ing, but When the Close Comes 1t Is
Dull and Weak, and Nothing in the
Shape of Gains Is Apparent

NEW 4Ofthg rep. Z5.-Ihe under
tone of the stock market continued de-
pressed today. although the movement
Of prices was feverish and irregular
throughout There was quite a gener-
al show of strength at the opening, and
individual points Of strength at differ
ent times afterward, but nothing in
the way Of gains was left at the close,
which was dull and weak.
The Tightening course Of the money
market continued to be the dominant
factor in dampening any speculative
enthusiasm. Time money rates con-
tlnued to harden, and lenders do not
care to do business at lower rates than
3-4@5 per cent for any period. This
was the decisive index of the money
situation. There was a Tightening
here, and relaxation there, in other
matters bearing on the money situa-
ton, but these were the result OF Off
setting factors. Yesterdays heavy
demands from Chicago introduce a
new factor of Importance into the stu
alton. The subtreasury was not called
upon today to make any further trans
fer to that point. but New York ex-
change at Chicago declined 10 points,
to 40 cents discount, showing a contin-
uance of the pressure for funds.
Heavy Days Losses.
Yesterdays transfers through the
y r.
customs collections, brought the loss
OF the market TO the government instf,
tuition for the day up to $2,219,000,
making the aggregate loss since Friday
on that account $3,339,00O. There is
some talk that this heavy drain upon
cash resources will be offset by large
contraction in the loan account Of the
banks by transfer to foreign tenders.
AS matter of fact, loan bills made
their temperance in the foreign ex-
change today, and were principally
responsible for the easier tone in the
market, although there were large ex-
port takings of corn today, and Lon
don bought stocks slightly on balance.
On the other hand, sterling at Pa
ris reacted again. 1t was not known,
however, until after the close of the
market that arrangements had been
made for the shipment Of $75O,OOO in
gold to Buenos Ayres. This is de-
scribed as a special transaction, but
It's effect on cash reserves is not diff,
ferent from the most orthodox regular
transaction.
Realizing in Two Roads.
1t is not improbable that the weak
closing in the stock market was due
to an 1nk1ing Of this news. The lack
of confirmation of yesterdays rumors
regarding Wabash and st. Louis &
san francisco, as to possible deals
connecting those railroads with other
large systems naturally led to realiz-
ing. The advance in Rock Island had
the appearance of an effort to revive
the influence of the rumors. The spe-
c1al pressure against Metropolitan
Street Railway was also regarded as
rather Om1nOuS. The rise in st. Paul
was due to the possibility that the di-
rectorS at tomorroW'S meeting may
take action on the proposed new stocks
issue. Amalgamated Copper felt the
benefit of an advance in the selling
price to Europe of the metal Laclede
Gas and North American reflected the
report of the purchase of the former
by the latter. The buying Of Sugar
was attributed to favorable trade re-
ports.
The bond market was quite broad,
but the price movement was irregular.
Total sales, par value, $2,450,0OO.
United States bonds were all I'M
changed on last call.
Additional Securities.
These securities were listed by the
governing committee of the Stock Ex-
change today:
General Electric company, $1,973,00
additional common stock, making total
listed $43,930,100; Commercial Cable
company. $1,666, 700 additional capital
stock, making total listed $15,00O,00
Norfolk & Western Railway company,
$1,O00,O00 additional first consolidated
mortgage per cent coupon bonds of
1896, making total listed $S4,210,5 500;
st. Louis & San Francisco Railroad
company, $5,149, 900 additional per
cent refunding mortgage coupon bonds
Of 1851, making total listed to date
900; Pennsylvania railroad,
$50,000,000 IL per cent ten-year con-
vertfble coupon bonds of 1912.
Closing List. -