The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-25
LESS DONE IN STOCKS
LARGE PORTION OF SHORT INTER-
EST ELIMINATED FROM MARKET
Demand for Union Pacific Suddenly Sub
sides and Everybody is Guessing-Per-
pIexity of Spectators Causes Nervous
and Irregular Market.

NEW YORK, March PA much small
er amount of business was transacted IN
the stock market today than on the TWO
preceding days and the market showed
the effect Of the extensive realizing winch
had been effected on those days and the
elimination of a large portion of the snort
interest from the market. There was no
evidence of the large operations by pow
erful forces which kept the market sum
uIated yesterday and the day before The
source and the purpose of those opera
lions have been cause of beWlidernent
even to the professional traders who have
followed them eagerly in the stock mar
ket to secure a profit In the feSuillns
price movement. Emphatic denlais from
official sources that any large interest,"
in Union Pacific was being accumulated
by Northern Pacific or Great Northern
interests have somewhat shaken the spec,
ulative hypothesis which mas receiv tta
enormous absorption of the stock on
Tuesday.
This doubt is emphasized by the sud
den subsistence of the demand, lndlcating
that it has been satisfied, from whatever
source it may have come, leaving no ap--
parent sol1citude to sustain the market
price. of the stock. The Northern Seo
reason on its face for the sudden ana
convulsive advance of more than points
in Union Pacific and for the sweeping OF
100000 shares of the stock in single
day. Neither does the explanation of an
uncovered short interest serve to explain
satisfactorily the sudden buying OF va
rious stocks in such volume as has peen
seen this week Yet the buying was IN
dubitable and the speculative world IS
considerably bewildered by 1t. Today's
nervous and irregular market was a
fair reflection of this perplexity. Several
stocks were pushed UP at different times
as though to sustain the market. Among
these were Amalgamated Copper, Brook
lyn Transit and Erie.
Demand for London Accounts
AT the same time there was an inpor-
tant demand for London accounts, snow
ing the uneasiness of uncovered bears on
Americans in that market. But this was
not sufficient to offset the continued ruling
of stocks related to the Northern Sc
curities merger Inc continued aGl WY
in the curb market for Northern PACING
and Great Northern preferred carried them
sharply downwards and confirmed the
suspicion with which the previous rise IS
regarded Great Northern preferred on
the exchange dropped over points, leav--
ing a wide breach in the valuation placed
on the stock for purposes OF distribution
of Northern Securities assets.
Further rains in the winter wheat Delt
were of no help to stocks IN face OF the
rise in the price of wheat futures. Cond1--
lions still further approached the goio
EXPORT point without affecting the money
market The decline in London discounts
Increases the disposition to Withdraw
French capital from there and 1t is TINS
demand detected upon New YORK whicn
it is expected to draw gold from mere.
The continued ease of money here with
this prospect offers some inducement to
the holding of securities with borrowed
funds and IS one of the reasons offered for
the improved demand for stocks. South,
ern Railways funding OF SID, 900 OF
obligations into f1ve-year bonds hurt the
stock The weight of realizing upon the
whole market gained force and carried 1t
down to the lowest at the closing, which
was weak.
The bond market was irregular and not
so active. Total sales, par value, 81, $40, :,
600. United States IS coupon advanced
A per cent on call.
CLOSING List.