The Saint Paul globe., 1903-02-21
STOCK PRICES RECOVER
RESULT OF CONFIRMATION
OF METROPOLITAN RUMoR.
Short Sellers of Thursday Hasten to
Cover and Assist the RaIIy-Renew-
ed Advance in AmaIsamated Copper
Poor Bank Statement Expected.

NEW YORK, Feb. 2O.-The failure
or the confirmation of the rumor con-
corning the Metropolitan Street Rail-
way company, circulated yesterday, led
10 prompt recovery of prices Of
stocks this morning. The denial by
w. Z. Whitney that he had sold any Of
the stock within six months convinced
the operators that yesterdays market
mad been subjected to a raid by dis
semlnation of inventions. The short
sellers of yesterday hastened to cover
and helped the rally.
The recovery in Metropolitan Street
Railway was especially emphatic. The
renewed advance in Amalgamated Con-
per also pointed to some uncovered
snort interest. This stock was helped
by the strength of the metal market.
which was marked in London 1t was
notable also that the recovery in fu-
lures there exceeded that for spot cop
per, thus establishing a premium for
FUTURES as compared with discount
Tor some time past.
Selling Mo Treasury Stock.
New York Central seemed to feel the
Deneht of the additional subway pro-
jects for New York and also the au-
thorlZed denial Of recent rumors that
the company was selling treasury stock
IN the market against a future issue.
But the feature of the early market
was the st. Louis & San Francisco
stocks. The common rose 4, the first
preferred 81, the second preferred Az,
and Kansas City, Fort Scott & Mem
phis preferred 2A. The funding bonds
were also in demand at advanced
prices. Many reports have circulated
recently of coming combination of
th1S property with some other large
railroad system, the most recent story
pointing to Southern Railway. Moth
n
the property was disclosed during the
day.
During the afternoon the Wabash
stocks came into prominence, the pre-
ferred advancing 2A, after an an
nouncement that wages had been adj
Vanced on the system west of the Mis-
sissippi. alt seemed to be assumed that
this would avoid the strike which had
been dreaded recently Other Gould
STOCKS and Southwes terms generally
advanced in sympathy. Missouri Pa
cific was also helped by the increase of
over $300,000 in December net earn
ings.
Favorable Reports on Earnings. -
Reports of railroad gross earnings
Tor the second week in February were
good without important exception. The
advance IN refined sugars helped Amer
lcan Sugar, and special developments
AC0FOAIoAOIc lOT advances IN Other
individual stocks. The market closed
quite active and at about the best.
There seemed to be general convic-
tlon that tomorrOw's bank statement
VIII be poor one. The movement of
currency has been away from New
York especially to New Orleans, so
that a net loss in cash of nearly So
100000 is indicated on the known
movements of money. 1t is estimated
also that there may have been some
withdrawals of deposits by trust con-
panies, possibly as a beginning of the
recuperation of their reserves as re-
.quired by the clearing house rule. The
loan item will also be watched with
interest, as the volume of loans last
saturday was already with $4,000, 900
OF the high record of the clearing house
banks on March l., 1902 Time money
continued to advance, and the reaction
In sterling at Paris made the export of
gold next week more probable
The bond market has been dull and
irregular. United States old As declitf-
ed per cent as compared with the
closing call of last week.
CfOsino GsI