The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-19
FEWER STOCKS BOUGHT
sULLYe FAILURE AGGRAvATES
WEIGHT OF REALIZING SALES
Strength charaeterlzes the Fore Part of
the Session, but the Advances Are Soon
Lost-Ciose is Feverish and Near the
Lowest.

NEW YORK, March 1S.-There was a
rather pronounced tapering off of the
buying movement In stocks TO-DAY, ana
the weight Aof the realizing sales, aggra-
waited by the Sully failure. The reduction
of the short interest accomplished by
yesterdays active buying left the market
more vulnerable. But yesterdays advance
had induced some hopes of further- rise.
and brought into the market this morn
ing a slightly Increased demand. Some
of the large wire commission houses sent
out market letters last night which We're
framed in a more bullish tone than any
similar output for many weeks past. me
result was period OF strength during
the early part of the day.
Another sustaining factor has been
the persistence with which professional
traders have fought the advance by snort
sales of stocks. The necessity of cover
ing these shorts as the advance continued
has served to extend the rise materially
The days early advances had been some,
steadied when the news of the Sully sus-
pension on the cotton exchange DECIDED
the downward tendency. There was
liberal selling out Of stocks and sharp
night for a few of the leading active
stocks. But vigorous supporting orders
were forthcoming at the decline and the
market rallied. There was nothing to
show any large pressure of liquidation Oh
stocks as a direct result OF the cotton
failure. Mr.. Sully's recent admission TO
stock exchange membership and a sup
position that he was affiliated with a
party in the stock market speculation of
considerable influence and Importance
were the grounds of the sentimental IN
fiuence exerted on the stock market by
the failure.
Wall Street and Cotton.
The speculative attitude of Wall street
as a whole towards the bull movement IN n
cotton has been rather adverse, and wan
street spectators are supposed 10 nave
lost large sums by perslst1ng on the SNORT
side of the cotton market. 1t has been
the current superstition that the COTTON
leader was interested on the short side
of the stock market. The weeks move
ment in that market combined with the
collapse in cotton in that case, would
have caused a process of WhlpsaWlng or
of losses both ways which would be try
ing to the heaviest resources. The asser-
lions that the operator was short in, the
stock market met with some denIaIs but
the nervous tone in stocks caused by
the failure continued to the closing, Wh1ch
was feveriSh and irregular and not lar
from the lowest. Renewed selling for for
eign account while the foreign exchanges
were in session was a factor IN the re-
dictionary tone The forecast of a favor
able bank statement came after the Sully
failure was announced and was without
influence A fall in sterling in Paris and
a. sharp advance here, as well as mark
ing up of the prices of gold in London,
were taken as increasing the Likelihood OF
an early outgo of gold to Paris.
There was moderate activities In the
bond market and the tone was Irregular
Total sales, par value, 81, 600. United
States bonds were unchanged on call.
Closing List.