The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-10

NEW YORK, March 9.-The action
of the stock market today verified q
Wall street aphoriSm that the expected
does not happen. A diSorganiZed mar
ket and violent declines were looked
for today by common consent. The
event proved that opening prices,
when there were declines, were the
lowest. The factors that made for re-
coVery We're at work from the outset
There are a vigorous contest of the
elements for reaction and recovery
during an hour of furious activity. BY
that time the reactionary tendency had
been arrested and the recovery gather
ed force for the rest of the day The
closing was rather unsteady, but nol
far from the top level.
The stock markets habitual dsin-
cllnation to do what was expected is
due to the keenneSs with which oper-
ators are able to anticipate the fu-
ture. 1t was clear enough from the
weakened position of the banks, as
shown by Saturdays bank statement
that the loan of stock must be resort
ed to. This expectation proved cor
rect today, and the banks did in fact
call loans to a very large extent and
stocks We're thus dislodged and forced
upon the market
Bears Ready to Buy
But the keen foresight of the bean
party had evidently been anticipating
the coming of this forced liquidation
by their larger selling of last week, so
that they were ready TO buy stocks in
order TO cover their short contracts
and take the profits today Buying OF
this character forced fractional ad-
vances in Union Pacific and Southern
Pacific in the very face of the opening
tide of liquidation, which was aggra-
waited by the accumulation over Sun
day of selling orders by mail, tele-
graph and cable from all quarters It
also developed during the day that
while the local banking houses were
calling loans the foreign banking
houses in the city We're in abundant
funds. They were able to make loans
on call at the opening at per cent.
The exchange market was freely re-
sorted to to replenish the fund of this
lending, so that the call loan was
forced down to per cent. even while
the active borrowing of the day was
still in progress, and money rates
broke TO nominal figures, after the de-
mand had been satisfied.
The sterling rate broke so to Go
points under the flood of loan bills Of
fered. Posted rates were twice re-
duced half a cent at a time Al the
same time sterling declined at Lou
don and Paris, indicating the extern
sion of the New York pressure over 4
wider field New York exchange At
chicago also recovered to par, eom-
pared with zoe discount on Saturday.
Pressure From Shorts Acute.
With the immediate apprehension
regarding the money supply thus re-
HeVed, the pressure from the shorts
became more acute, and later in the
day they rushed up Southern Pacific
4 "a over Saturdays level. The rise
In Union Pacific reached over points.
and In st. Paul, Manhattan and ANAL
gamated Copper over a point. Man.
haitian was strong feature all day,
said to be on pool buying, the opening
rise in the stock being l IA. The vfo-
lent advance in the price of copper.
both here and in London, helped the
rise in Amalgamated. In the active
list the earlier losses. which ran from
L to points in many cases, were
gradually wiped out, AMI the net
gains reached as much as a point in
quite number of Leading railroads
and Spacialties. The influence Of the
failure in the dry goods trade an
nounced on Saturday after noon, which
had been much dreaded, proved to be
very slight, owing to the time afford
ed to secure explicit knowledge Of the
failure and the evidence that the trout
BILE had been strictly localized.
The bond market, which had been
quiet all during the morning, recov-
cred in sympathy with the stocks To-
tai sales, par value, $3,1S0,O00. United
States bonds were all unchanged on
the last call
Closing List