The Saint Paul globe., 1904-02-25

NEW YORK, Feb. 24.-The action of
the stock market became halting and ir~
regular today on somewhat decreased
volume of business. The moderate gains
established during the early part of the
day were subsequently lost. The motive
Of the early advance was not very clear
ment among the shorts. The borrowing
demand for stocks on the exchange this
morning pointed to the existence of a
considerable short interest This prompt
ed some Of the traders to take the long
side In the hope of dislodging the short
interest. The signs of an open short
position were not wanting yesterday, but
IN the suspicious mood of traders 1t was
believed to be more apparent than real.
The professionals were then convinced
that the real liquidation going on was
concealed by the borrowing of stocks for
temporary delivery in order to hide the
character of the selling.
There was feeling this morning, on
the contrary. that the selling movement
had somewhat overTun itself. The recoV-
cry in prices of Americans in London
helped this feeling. The buying move
ment was lacking in vigor and the re
sulting advance was very moderate The
weak tone Of the later market was clear
ly enough due to the renewed apprehen-
sions over the financial situation at the
great money centers on the continent.
The reports of numerous banking fail
ureS at Berlin, Paris, Vienna, Lyons and
Tunmors that there would be further fail
ures at other continental points weakened
the war news to account for this reaction,
but it gave rise to natural misgiyings
that the diplomatic situation might be
strained so as to threaten eventualities.
Confidence Is Undermined.
The sudden rebound on Monday, while
our market was closed, from the paniclxy
slump Of Saturday, was attributed to
more or less artificial measures of sup
port with the purpose Of -averting the
threatened failures, and the evidence since
that necessary liquidation was proceeding
undermined confidence anew. In the do
nestle field the bears ON the market had
as material to work with the announce
ment of additional cuts in grain rates
both West and East and threats on the
part of the trunk lines that lake grain
would be carried for nothing if necessary
in the pursuit of the contention. Fears
of a coming great strike in the soft coal
field are abated.
The passage of the Panama treaty by
the senate leads to an expecta ton of an
early call for repayment of 20 per cent of
government deposits from national banks.
Discussion is beginning of the date for
the spring movement of currency to the
interior, to which point is given by the
fall to discount of New York exchange
at Chicago. The foreign exchange mar
ket advanced strongly in response to the
passage of the Panama canal treaty, and
also presumably on account of the ffnan-
cial difficulties in Europe. The relative
firmness of Amalgamated Copper was at :
tr1buted to expectation of the dismissal
of temporary injunction against pay
ment of dividends on stock of subsidiary
companies owned. Net losses We're gen
eral at the close but in only few lead
ing stocks did they approach point.
There were some firm spots in the
early bond market, but prices generally
gave way in sympathy with stocks. Total
sales, par value. 81, ,405, 600. United States
bonds were unchanged on CALL
Closing List.