The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-20
STOCKS WABBLE WILDLY
IMPROVEMENT TILL THE LAST
HOUR, THEN A SLUMP
Trading Cautious at the Opening Be-
cause of the Uncertainty Regarding
Southern Pacific, Which Afterward
Reaches the Highest Point for
Months.

NEW YORK, March 10. - Uncom-
mon interest attached to today's stock
market movements by reason of the
previous days advance in Southern
Pacific. There were fears of a corner
or some other awkward development,
and trading in the first hour was irreg-
ular and very cautious. Southern Pa
cifle shares fluctuated wildly at the
outset, selling up to 68A, the highest
point recorded in some months, and al
most as suddenly sold down to ga.
Later, when 1t became apparent that
there was no occasion for alarm, the
list steadied all around and showed i'm
proVements up to the last hour, when
realizing forced prices in the more ac-
i've issues down to a low level.
Covering by the short interest was
on an extensive scale, especially in
Southern Pacific and other pool issues
Louisville & Nashville exhibited con-
siderable strength in the early dealings
ON buying that was attributed to the
Western contingent. There was also
good buying of Atchison during the
early session. With the exception of
81. Paul and Union Pacific, which re-
fected pressure, the international
stocks opened generally above the late
London quotations. Higher prices were
reflected in Sugar, Tennessee Coal, corn
products and Rock Island, but attempts
to advance Amalgamated Copper met
with little success.
Better Feeling Prevails.
On the whole a much better feeling
was shown in speculative circles, due
TO the Improvement in the financial
situation. The undertone of the mar
ket was fairly firm, though trading was
IN moderate volume. No material
change was shown in the early after
noon conditions. although the market
was lower in spots as a result of profit
taking. The strength of Missouri Pa
enc. seemed to come from buying by
Gould brokers. The rise in Pacific Mail
appeared to be based on the belief that
that property must benefit by the ac-
tvity in Southern Pacific. There was a
slightly wider distribution of business
In the late session and the Westerners
were again active in some of their
speculative favorites.
Throughout the day interest con-
unued to center in Southern Pacific,
which was trading in to the extent of
over $4,000 shares, closing at almost
the lowest prices of the day, with a net
loss of "a points. Union Pacific was
next to Southern Pacific in point Of &C
uVity, but made net gain of l point.
one lot of rumors had it that Union
Pacific had turned it's holdings of
Southern Pacific stock over to the Ore
gon Short line. A number Of stocks
made material gains for the day, in
GUIDING the 500 issues, Pacific Mail
Northwest, Colorado Fuel and New
York, New Haven & Hartford. The
market closed comparatively dull and
easy.
Financial Conditions improve.
The local financial situation shows
Improvement, the banks losing thus far
thls week only about 100000. as
against $3,600,000 in the same period
last week. There was another advance
IN sterling exchange because of the
easier money conditions and increased
demand from importers The rise
amounted to 10 points, as compared
with yesterdays closing rate, most Of
the business being done at $487.25 for
demand. The supply of bills was small
ana the general outlook for the exs
change market was stronger, this con-
dlt1on being modified, however, by the
possibility of occasional weakness
caused by the sudden rise in the money
market. Time money was offered in
abundance at 5 u for 80 days, but the
demand was light. The prevailing rate
Tor cal! loans was u per cent, though
IN the late afternoon there was a<1llrrv
Whlch carried the price to 7 per cent,
closing at 6 per cent.
The bond market responded sharply
IN spots to the improved speculative
tone Total sales, par value, $1,85O,OOO.
Government bonds were all unchang-
ed on the last bid
Closing List.