The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-11
HostiIities Prophesied.

Last. nights rumorS that an agree
ment had been made between the two
parties We're contradicted and vague
intimations were thrown out of COM
ing hostilities which would threaten
generalization to the stock market.
The affair offers very little in the way
of substantial information and does
not reach beyond the real measure of
speculation. OF more substantial char
acter was the resumption by the banks
of the calling of loans. The violent
break here and there amongst some
obscure stocks suggested also a process
of wedding out of undesirable collater-
al The slump in the American Ice
stocks was explained by the differences
developed at the annual meeting. The
break in the common reached IA and
the preferred 10, with rallies of l Is
and 3 1-2, respectively. This incident
and the raiding down of Metropolitan
Street Railway five points caused an
unfavorable impression and led TO the
first violent decline after the market
had fallen into a dull and heavy con-
dition.
The weakness then became quite
uniform throughout the list, except
that Southern Pacific and Union Pa
cific continued very conspicuous in the
speculation. The free selling all day
by the bears led to a substantial rail-
ly, reaching between one and two
points in the last hour for the active
speculative leaders when they covered
their shorts. The exhaustion of the
demand at the higher level, however,
prompted renewed selling. st. Paul
dropped abruptly to 166 3-S, the market
quickly crumbled to about the lowest
of the day and the closing was very
active and weak. New York Central
was also notably vulnerable to the at
tack made upon 1t.
Recovery in Foreign Exchange.
The call loan rate at the opening
was per cent, and some loans were
made above that rate, but the ruling
rate was 6 per cent. The drop to below
that rate after the principal demand
had been satisfied was without special
Significance. The recovery in foreign
exchange and the rise in discounts at
London were highly significant and
conveyed an intimation of the effects
to follow and undue resort to foreign
credit facilities. Another evidence of
the dominance of the money situation
was the sensitivenesS of speculation to
rumOrs regarding the manner in which
payments are to be made to the Pana-
ma canal stockholders. A formulated
report of the intention of the secretary
of the treasury. to draw government
deposits with banks to the extent of
$40, 000, 900 to $25 900 for this pay
-
ment aggravated the markets weak
ness. The subtreasury took from the
money market nearly million and a
half dollars yesterday and 100000 was
deposited at the subtreaSury for trans
fer to New Orleans. Amalgamated
and American Smelling showed some
strength on the advance in copper and
lead and Reading made a temporary
advance on a denial of rumors that
the miners We're to be put on short
time.
Bonds weakened in sympathy with
stocks. Total sales par value $685.
900. The advance in governments gave
rise to unconfirmed rumors of an in
tention by the secretary Of the treas
ury to buy bonds for the sinking fund
and thus release funds to the money
market. United States new as advanced
IL and old As, 5s and So registered
1 IL per cent on the last call.
Closing List.