The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-07

NEW YORK, Feb. 6.-Today's stock
market fell back into dullness and
the price level yielded. There were
some profes Eons of depressed feeling
over the prospect of a weak bank re-
turn and over the upward course of
sterling exchange. The hitch in the
proceedings for a settlement of the vex-
ed Venezuelan question induced some
selling here for London account and
added another nominal reason for the
reaction.
But the obvious fact was that the
activity and apparent strength of yes
terday covered large realizing opera
tons by the professional leaders of
the market who have conducted this
weeks campaign for rise. Their buy
ing and their demonstrative bidding
for stocks, which have been feature
of this week, were lacking today. When
it was perceived that this support was
relaxed, room traders offered prices
down and found vulnerable, spots. The
selling was not urgent nor long con-
tinued and the buying to cover by
shorts caused some recovery from the
lowest. The closing, however, was
heavy and very dull.
Banks Loss Of Cash.
The weeks heavy subtreasury re-
qufrementS, which amounted to Sc, $780,
600, have been offset by the receipts
from the interior, which seem to be
less than 100000, so that the banks
have lost cash during the week to the
extent OF upwards of 100000. The
loss to the Subtreasury was more than
half accounted for by last Saturdays
payment to the government of a Cen
trail Pacific note, but the government
operations have taken a sum daily
from the money market The condi-
TIx of hac
nevertheless one of growing ease and
the demand even for time money has
shown a falling off at the rates asked
by the banks. The growing ease of
money is probably the real ground for
the upward course Of sterling eX-
change.
With the increasing accommodations
in New York there is every induce
ment for those who have borrowed
abroad to pay off their maturing obli-
cations. Expert authorities in the
foreign exchange market affirm that
the extent to which this process has
been carried since the first of the year
is far beyond and public comprehen-
sion.
French Prone to Invest.
There is excellent authority for as
sorting also that a growing DISPOSE =
| ton is manifest, especially in Europe,
u invest IN american securities. rms
process is not perceived in the stock
market, and probably does not involve
the old and seasoned securities which
figure in the international markets and
which are at d price level to induce
selling rather than buying by foreign
ers. 1t is said in explanation of the
French buying Of securities that it
represents reinvestment in anticipation
of which is to be made to Panama
canal shareholders by the Uni ted
States government. There We're few
features in today's market. The Wis
consin Central stocks were bought on
rumors of changing control Amalga :
mated showed strength in face of the
reactfonary market and there were
advances in a number of low-priced
| industrial stocks. The rise in Hooking
| Valley was supposed to be connected
with the undisclesed plan for the dis
position of that property. Otherwise,
| the leading active stocks moved pretty
| uniformly With the reactionary ten
12ncy.
The bond market was quite broad
and active, but irregular in toae. To-
| tai sales, par value, $3,600,000. United
States bonds were all unchanged on
| the last call.