The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-13

NEW YORK, March 1.-THE stock
market today started out with its re-
cent tendency to reverse its position of
the day before. This vacilIating
course is usual towards the termina-
ton of a wide price movement but
the arc measuring the oscillation fell
to such small proportions today that
the room traders became discouraged
IN their efforts to scalp profits and in
the end abandoned the market to semi
stagnation. Speculative attention re-
verified to special causes affecting in
dlVlduaI stocks, and tOday's largest
dealings and widest movements were
in this class.
There was no evidence of further
urgent pressure of liquidation, and call
loans were made on the stock exchange
at IL per cent, and in exceptional
cases at 5 per cent. This was partly
due to realizing of funds by the liq-
uidation of stocks and partly to the
decreased demand in view of the spec
ulatiVe dullneSs. 1t is clear that such
funds as have come to New York have
been attracted by higher interest rates.
and the sources from which they have
been drawn show the effect in the
tightening Of their own money rates,
as in the case of Chicago.
Credits Diffused.
The volume of credits has been more
luSSu llldH EeUuCeQ. w all street was
obliged to accept the intlmation re-
cetved today that the secretary of the
treasury had decided that the present
money situation in New York did not
require action for relief by his depart
ment. The fact is beginning to be bet
ter understood that any release of
treasury holdings now will increase the
necessity of drawing upon govern
ment deposits with the banks to make
the Panama canal payment. Insofar as
the payment shall be made by drawing
on funds actually in the treasury, it
will go to increase the valuable cash
AS to whether this cash goes abroad in
the shape of gold export or remains
here must depend upon the internation-
al exchange situation at the time. 1t is
clear that these payments Will be
available to foreigners, but they will
nevertheless increase the supply of
loanable funds, and may be an actual
relief to the New York money market
by borrowing.
TOdays report Of the exports OF
domestic products for February gave a
good impression of the growth of the
trade balance in our favor, showing, as
it does, an increase compared with
February Of last year of $40, 600 O00
Corn exports play a considerable part
in this showing, but the increase III
value of cotton exports compared with
y y
substantial figure of $12,654,565.
RepIenishment of Foreign Credits.
The elimination of the speculative
rise in cotton and the heavy selling
at the reaction give promise of con-
tinued replenishment of our foreign
credits by the Outgo of cotton AS for
the immediate money situation the
subtreasury yesterday took another
100000 from the market. There was
a deposit of 100000 today for trans
fer to New Orleans and small sub
treasury debit balance at the clearing
house foreShadoWed another heavy re-
quirement by tomorroW's statement
There is some anxiety lest the payment
on Monday of $20.e00,000 of Standard
Oil dividend may disarrange the money
market, as it has been learned that
the funds collected for this purpose
have been out in loans, and will have
to be recalled. The stock market clos
ed dull and weak. OF the days special
movements the rise of Amalgamated Is
due to the excited jump in the copper
market. st. Paul was lifted apparent
ly on the declaration of the regular
dividend. Sugar weakened on the fear
that the Cuban treaty will be defeated.
Union Pacific declined on the call for
proxies by the Southern Pacific mi
nority.
Bonds were about steady. Total
sales, par value, $1,705,0O0 United
States bonds were all unchanged on
the last call
Closing List.