The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-26
STOCKS LOOK UP A BIT
INFLUENCES FROM ABROAD I'M
PROVE THE CONDITION
Retterment is of Negative Quality, How
ever, Comprising AmeIioration of De-
pression-5uylnq Is Attributed Largely
to the Short Account

NEW YORK, Feb. 25.-The tentative
effort to turn the prices upwards which
was In evidence yesterday and the day
before in the stock market met with bet
ter success today. The more favorable
condition came from abroad again, just
as the adverse factors from that direction
have defeated the previous efforts to adj
vance prices. The Improvement was Of
a negative character largely, consisting in
an amelioration of the depression abroad.
The numerous failures which occurred
yesterday among banking houses at a.
r1ous points on the continent served to
clear the atmosphere and to create the
impression that the weak spots were now
uncovered and the mystery and suspense
relieved. This was evidently the view TAX
en- in the foreign markets themselves. The
extreme depression in Russian securities,
which has been the cause of the financial
troubles in France and Germany has been
aggravated by the Japanese naval sue
ceSses, and the latest affair at Port Ar
thur was something of an antidote to this
and helped the bourSes which are largely
committed to Russian securities. The be-
ginning of the fortnightiy settlement in
London today failed to uncover any weak
spots. and this again disproved some OF
the fears which have conduced to the
recent weakness there.
The buying of today was attributed
largely to the short account. This as
sumption was based in part upon the fact
that the turn in prices came without any
change in the character Of the news or in
existing conditions. But unchanged con-
ditions, even when they are unfavorable.
do not warrant an indefinite decline i'll
prices.
Sized Up by Professionals.
The professional traders have been
watching the market keenly for several
days past for signs that the new consid-
cradle decline had reached proportions to
satisfy the conditions which started it, or
whether, in their own phrase, the mar
ket was oversold Assertions Were made
that there was some slight buying from
commission houses, attracted by the low
level of price. That it was not large Is
market The further rise in wheat and
the fall in cotton were consistent in re-
Spouse to the war in Eastern Asia. The
early strength in sterling exchange was
an index of some further pressure on the
foreign money markets, but exchange
eaSed off during the day on the realization
that there may be considerable delay IN
the Panama canal payments, owing to the
questions raised in the French courts.
There was less money offering here TO
loan on time and the demand for the
longer periods showed an appreciable in
crease. The average of the days gains
point ST. Paul, Amalgamated Copper and
Brooklyn Transit were the leaders Of the
market and United States Steel preferred
did not share fully in the strength. The
closing was strong, but very dull, with
rumors of a settlement Of the Western
grain rate war. sTt ~,
Bonds were firm, but were lightly dealt
in. Total sales, par value, $1.355 900.
United States IS registered DECLINED "a
per cent on call.
Closing List.