The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-24
WEAKNESS IN STOCKS
OPENING PRICES LOWER, WITH
LITTLE TENDENCY TO SELL.
Chief Cause of Weakness is Belief That
the Banking Interests Do Not Favor
=. Any More in the Direction of Higher
Prices, Thinking Monetery Condi-
tons Do Not Warrant 1t.

NEW YORK, March pa number
of causes contributed to the weakness
shown by the stock market today. Chief
among these was the belief that the
banking interests view with dis
favor any move in the di-
attitude appears to be based on
the belief that monetary conditions as
a whole are not such to warrant even
moderate extension of speculative
commitments. London's prices also
were lower, the all-around weakness in
that market being led by consols, which
reached the lowest points in years.
However, there was a touch of en-
enlargement from aboard. The annual
report of the Dresdener banks said that
fears of a collapse of the industrial
development of this country We're rap
idly diminishing. Advances from the
granger states reported normal March
conditions, with a restriction of the
primary grain movement, owing to bad
country roads. The trunk lines are
still unable to meet the demands of
shippers and the situation in this re-
gard is little changed from that of a
week ago. Relief is hardly looked for
until the resumption of lake naviga-
ton.
Lower at the Opening.
Opening prices were lower for the
most part and reflected an irregular
undertone, but there was little pressure
to sell save in the case of Union Pacific.
Recessions marked the early course of
Rock Island, Canadian Pacific, Anal
gamated Copper, sugar and several
specialties, while Tennessee coal Met
ropolitan and Brooklyn Rapid Transit
were firm. Before the end of the first
hour the market became more listless
and prices drifted within narrow
no he no. no ryG md
professional and traders used the lowe
London quotations as an excuse to sell.
There was steadiness in the steel
stocks, and a few other induStriaiS in
the middle of the day, but the weak
ness of sugar seemed to come from
unsettled trade conditions. The de-
cline in Amalgamated Copper followed
a cessation of the recent active manipu-
lation. Southern Pacific was erratic
throughout. selling at an advance of
2 IA points in the early dealings, but
declining later to the lower level.
Aside from the naming of a date-April
3-for the closing of the books for the
annual meeting, and additional allega-
ations of bad faith by the minority
stockholders, no new phase, was in
jected into the controversy which is
still viewed with some degree of APP
prehension.
More Liquidation.
Following a slight hardening of
prices in the early period of the after
noon, when abortive efforts were made
to advance st. Paul, another liquidat-
ing movement set in and number of
issues registered sharp declines. some
stocks closing at the lowest prices of
the day. The drive seemed TO be di-
rected chiefly against the Pacifics,
some of the grangers and Readings.
and had the effect of unsettling the gen
eral list. London sold upward of TO-
900 shares and bought very little.
Sterling exchange was 10 points lower
but the demand was light. Further
ease was shown in the rate for time
loans, and the days business in call
money, which was freely offered, was
only moderate. Considerable thought
is being given to the April money
movement. A retrospect of last years
movement shows gains from the inter
ior for the first two weeks of that
month.
The bond market was dull and irreg-
ular. Total sales aggregated 5000. 900.
Government bonds were unchanged on
the last call.
Closing List.