The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-18

NEW YORK, March 17.-Today;s
stock market was entirely in the hands
of the professional operators and these
for the most part of the smaller class.
The whole market was dominated by
Southern Pacific. The manifest sup
port for that stock and the cessation
of yesterdays pressure against the
Union Pacific caused check to the
early selling here, and gradual re-
coVery ensued. Late in the day South
ern Pacific, Union Pacific, st. Paul
and one or two other leading specu-
Iatlve stocks were a point above last
night.
The realizing at the last took the top
off prices and the closing was easy.
During the unsettled period of the
morning there was continued pressure
to sell New York Central, carrying that
stock down almost a point. The per-
sistent slow liquidation in this stock
had very depressing sentimental
effect on the whole market It is vari-
ously explained as being due to sales
against expected privileges to sub
scribe to new stock or to the general
conviction that with money at 6 per
cent high grade railroad stocks are on
too high a price basis.
Sharp RaIIying in North Western.
New York Central recovered with
the rest of the list, and there were
some sharp rallies from recent depres-
sion IN North Western, the local gas
stocks and a number of specialties
Reading was a center of strength,
which was attributed to a reflection of
favorable showing of the net earn
ings. The rise in the London copper
market led to a revival of the demand
for Amalgamated Copper.
The recovery in the Pacifics was
followed by the announcement that the
speculative pool in Southern Pacific
had been extended from April 1, the
original date of it's maturity, to April
10. Speculative sentiment seemed to
be as much confused by this announce
ment as by the previous moves on the
part of the present pool. 1t had been
feared that the coming dissolution of
the pool would result in the throwing
overheard of large blocks of stock. On
the other nand, It's continuance will
involve the tying up of large sums of
money. The extension also has a ten
dency to weaken the stock from the
standpoint of litigation for Southern
Pacific control by Union Pacific. Some
hope was taken at the conference I'M
dertaken blythe officials of the New
Haven & Hartford road and its en-
ployes for an adjustment of difficulties.
Money Market Softened.
Money was tighter, but there was a
softening of the market after the prin-
cipal demand had been met. The sub
treasury gained over 100000 from the
banks from the operations since Fri
day, thus wiping out its contributions
of yesterday to the local money supply
but the rate of absorption is less than
1T was last week. On the other hand
there was a very substantial rise in
the foreign exchange rate. With the
relaxation of the money pressure here
and hardening of money rates in Ber-
lin and Paris, there is said to be less
inducement for the placing of foreign
funds here, for which reason the for
eign exchange market Is now practical
ly bare of loan bills, so that the de-
mand for remittance has been sufficient
to cause a material advance in the ex-
change rate.
The bond market was dull and ir-
regular. Sales, par value, $1,104,000.
United States bonds registered IS de-
clined one-half on the last call.
Closing List.