The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-19
STOCKS ARE SLUGGISH.
TRADERS SHUN COMMITMENTS
ON EVE OF HOLIDAY
Exchange Will Be Closed From Friday
Till Tuesday-Downward Tendency
in Prices Prevails in Whatever Lazy
Movements There Are.

NEW YORK, Feb. 18.-The decision
or the governors of the New York
Stock Exchange today to suspend OPP
erations from Friday evening until the
Following Tuesday morning confirmed
the tendency towards stagnation in
the market. The professional traders
are always disinclined to undertake
commitments on the eve Of a holiday,
and three-day interval in the trad
ing is sufficient to induce an almost
universal closing up of accounts and
practical desertton of the board room.
With the curtailment of the activity
prices moved sluggishly and in an ir-
regular way. But the downward ten
dency prevailed and the market closed
easy at general net declines running
TO point or more in a few of the
prominent stocks. AmaIgamated Cop
per continued to be a feature of the
trading and made a further progress
upwards, but without maintaining its
highest price, which reached a. This
compared with 70 in February Of last
year, which was the highest for that
year. Today's price was the highest
thus far touched this year.
No New Explanation.
There was nothing new to explain
the continued advance in these stocks
beyond the current comment on the ia
Vorable outlook for the trade, a. fur
ther rise In price of metal runlors of
agreement by contending interests and
the universal activity and strength of
copper stocks as a class both here and
abroad. The sustaining influence Of
this movement was supplemented
early IN the day by the conclusion on
the part of International exchange
houses not to ship gold by tomorrow 5
steamer. Money went higher in Lon
don today, but the advance in the
sterling exchange rate at Paris show
ed that French capital was ready to
respond to the additional needs in
London The low rate for money in
Berlin indicates also that London Dor
roWerS may continue to resort to that
center. The fact that these resources
are open to London is evidently the
explanation Of the postponement or
prevention of the expected gold outgo
from New York.
Some interest attaches to the action
OF the Bank of England governors on
the discount rate tomorrow. London
advtees indicate some expectation that
the rate will be reduced but the known
large dependence of London at this
time on continental capital and todav's
advance in the private discount rate
IN London make 1t questionable
whether the rate will be reduced. The
local money market was firmer again
today. The deposit Of $40O. 600 at the
subtreasury for transfer to New Or
leans brings the total for that destina-
ton up to $696.000 for the week. Gus
toms collections also continue very
large, SO that the subtreast1ry has
taken from the banks 1854, 900 before
todayS transfers to New Orleans. The
movement to New Orleans is evident
ly due to the speculative activity in
the cotton market
Sterling Exchange Continues Strono.
With New York exchange at a. dis
count at Chicago, 1T is not probable
that there Is any large movement of
currency from the West to New York
Sterl1ng exchange continues strong in
this market. The various DEVELOPMENTS
IN the money situation may have help
ed TO depress prices of securities. The
probability of reductions in railroad
earnings on account of storm damage
was another factor. new divisional
bond issue by the Atchison and r1-
mors of large issue by the Louis
vile Nashville served as admoni-
tlons Of the large corporate REQUIRE
1 l1Il oVerhang1ng the money market.
me special heaviness Of New York
Central was attributed to a. doubt of
the productive results of some of the
heaVy outlay contemplated by that
company. There were sales Of sub
scr1ptton rights to the new Chicago q
North western stock issue at Is | a TO
IA 5-8. Chicago & North Western pre-
ierred sold at a decline of Is points
from last months preceding sale. The
only other features of the market we're
amongst minor stocks
Inc bond market was dull and irreg-
uiar. Total sales, par value, $1,9I0.-
O00. United States bonds were ali I'M
changed on the last call
Closing List