The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-11


NEW YORK, Feb. 10-The average
level Of prices In the stock market got
back to about where it was Monday
night. That is to say, the recovery Of
yesterday was lost. There were no new
developments to account for the reaction,
but there was some recurrent force to the
considerations which weakened the mar
ket on Monday. The principal factor in
cnecklng the advance was the diStruSt felt
as to the character of the operations
which carried prices upwards yesterday
ThlS was emphasized by the very patent
profit taking in United States Steel pre-
1erred on the part of a prominent trader,
and the very obvious manipulative tactics
by which it was sought to offset this by
bidding up few specialties here and
there.
There was a suspicious feeling also that
the marking up Of prices yesterday had
been more or less artificial and designed
to afford basis for some of the selling
which it is believed will be necessary to
cover losses in Baltimore, although it is
possible that it may be deferred. The
action of yesterdays market gave rise to
SurmlSe among the speculative element
that the financial markets might be eX
pected to sympathize with Japanese sue
cesses In the course of the war, but to-
days market failed to bear out that sur
mise, as prices receded on the additional
news of Russian losses.
Looking Toward Canal Payment.
The presence in the city Of the secretary
erecting the Panama canal payment di-
fected attention anew to that subject al
thOugh the secretarys opinion was quot
ed that the operation could be concluded
without disturbance to the money market
and even with the actual addition to re-
sources OF such portion of the
canal canal payment as is Withdrawn
is expected also that the obligation of
foreign insurance companies on account
Of the Baltimore fire losses may facilitate
the completion OF the Panama payments
without disturbing the exchange market.
The real repressive influence seems to be
the fear of excessive corporation borrow
lngs and the extra requirements involved
IN the Baltimore fire losses, the conse-
quent necessary extension of credits and
the Panama canal payment.
Rumors of a sale of New York Central
notes to meet Improvement expenses il
Illustrated in that stock the sensitiveness
of the market to the effect of borrowings.
A rumor Of coming issue Of st. Paul
stock, which was officially disclaimed, was
a factor In the weakness of that stock.
The heavy offerings of Pennsylvania on the
slight early advance created a bad i'm
preston. The sharp rise in Brooklyn
Transit and in Amalgamated Copper divi-
dend influence with the weakness of
United States Steel preferred for time
but. weakness gained on the whole mar
Ret and the closing was at nearly the
lowest. An important banking failure in
Bremen was contributing factor to the
weakness and rumorS were circulated sew
eral times during the day of the death of
Senator Hanna. The statement of the
exports of domestic products for Janu-
airy fell so far short of the recent level
Of increase Of previous years as to cause
some disappointment
Bonds were easy. Total sales par value
$1,7O6,0OO. United States bonds were UNI
changed on call.
The New York Stock Exchange will not
close on Saturday. Feb. 49, the day of
Lincolns birthday. which is legal holi-
day. This decision was announced today
by the governors of the Stock Exchange,
to whom the petition for the double holt
day had been presented.
L.