The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-22
ACTIVE TRADE IN
Tenn. COAL { IRON
Independent Steel Stocks Show
Marked Activity i'm
Trading

NEW YORK, March 21.-The narrowing
limits OF the speculation was fact clear
iy defined by the days events in the
stock market. and it is generally believed
that the money outlook is the factor MAX
Ing for restriction. Not only was the vol
ume OF dealings largely curtailed, but the
movement of prices was sluggish and I'M
certain. The hope that yesterdays late
and strong rally marked a resumption of
the upward movement did not last longer
than the first hour today Profit taking
was freely in evidence and there was no
substantial demand to follow the slight
opening advance in prices. There was a
resumption of strength at some points dur
ing the rest of the day, but it was in the
less important grade of stocks and failed
to impress sentiment in the same degree
as similar movements in stocks of the first
class Neither We're these evidences of
strength we'll sustained. the whole market
showing the effect of the diminishing de-
mand.
ndustraIs Active
Industrials and specialties made up the
largest part of the days showing of
strength. The southern iron merger re-
port was revived in full Vigor and the
Iallroad equipment stocks were still re
Sponsive to the brilliant business prospects
in that department of industry. The un-
varying growth and expansion reported
from all lines of trade and industry had
representing different industries covered
by these reports. In addition there were
many formulated rumors that dividend re-
sumptlonS and increases were in definite
prospect, which eVentuated in the Ten
neSSee Coal dividend. The Corn Products
stocks We're in contrast to the rule and
suffered from expressed doubts of the
maintenance of the dividend. justified as
the market closed by the announcement
OF reduction. Sugar reflected the SMUT
ting down of its principal refinery.
In the Chicago Union Traction stocks
the obvious trouble was the action against
its franchises by the Chicago city gov
eminent. In the railroad department
while the interest was small and the
movements mostly abOrtive the reports
upon which they were based pointed to
projects of grandiOse proportions Thus it
was said that Pennsylvania was taking
over Atchison with the purpose of guar
anteeing . per cent dividend on that
an immediate dividend TO be forthcoming
on Southern Pacific. The Chesapeake &,
Ohio movement also was connected with
dividend rumors. These rumors proved to
be not very impressive in the face of the
modest dimensions of the resulting move
ments in the stocks affected
Call Money Easier
The easier tone of the call money mar
ket was attributed to the passing of the
effects of the government withdrawals of
deposits from the banks last week 1t
was said also that some large holders of
securities were transferring their stocks
on large scale to London, with view to
taking advantage of the lower money
rates over there to mold their securities
in that market. The effect would be to
relieve the local money market of that
mucn demand and it is thought to con-
fuse somewhat the estimates of the de-
mand for our securities for foreign ac-
counts. This money was appreciably
firmer and interest rates in that depart
ment were lifted a fraction. Sterling
exchange in response continued weak. The
belief was strengthened that money rates
Will shortly harden and speculative ardOr
was cooled accordingly. Something was
made of protested fears of foreign compli-
cations growing out of Venezuelan at
fairs. but the growing weakness of the
market was more generally attributed to
disappointment over the scanty demand
for stocks. The closing was weak and AT
the lowest of the day.
Bonds We're irregular Total sales, par
value, So, 635. 600. United States bonds
were all unchanged on call.