The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-29
ST. PAUL AND
UNION PACIFIC WEAK
Nearly the Whole List Shows
a Heavy and Draggy
Undertone

NV YORK. March 2S.-Today's stock
market was an affair of constant fIucfIa
~ IONS, giving an appearance of uncertainty
20 20 the temper of the speculation. but the
iuctua tons were mostly below last nights
level. The occasional rallies were n0orly
neld and the end of the day showed the
average OF prices considerably below last
night The activity was nearly all on n
descending scale of prices. the occasional
rallies leading up to dullness and neglect
showing the subsistence of the demand
from the shorts at the higher level. call
money again touched per cent and the
outlook in the money market plainly was
tne most direct factor in the operations
OF the day; Preparations We're being
made for the subscriptions to the new
japanese loan which is to be offered TO-
morrow, $16.O0O,O00 installment being
the Offering claim that every Safeguard
VIII be adopted to protect the money mar
Ret from disturbance, and that the opera
ton Will be largely in the nature of =
transfer of book accounts between hanks
BUT WaH street has an old experience of
such assurances and is we'll aware that
an operation, of that magnitude is not
perfected without necessary shifting of
loans on large scale.
Depends on Width of Maroin
The amount of disturbance resulting in
the money market is likely to be depend
ent on the width of the margin surplus
ABOVE the legal reserve requirements AS
the surplus is just now unusually low for
the period of the year, there was some
natural misgiving that the money mar
ket might not escape the spring furry
The latter part of the week will have to
meet the usual quarterly requirement of
April l. Reports from the south show a
general disposition to hold cotton at pres
ent low prices to await a recovery, which
makes a large requirement for money In
tereSted inquiry is on foot to know how
soon the coming Pennsylvania bond issue
VIII come upon the market. the eXpecta-
Ton being that $4,000, 900 recently au-
thorized and the 50,000, 600 now in the
treasury will both be included in the Is
sue In addition to the money situa-
without any verification of numerous mer-
ger or dividend rumors. a Southern
Paclhc dividend had been definitely set
down for yesterday and not being forth
coming there was disappointment on the
part or an element which had bought on
that report. The report that ST. Paul
contemplated a the expenditure of $780,
100000 for an extension to Pacific coast
was formally denied by the chairman of
the board of that company.
Denial Causes Sales
The denial was effective in inducing
selling of the, stock. although similar
denials, official or informal. have been
made of nearly all the recent deal ru-
mors. There was evident unloading also
Of Reading on the part of recent large
speculative buyers of that stock. With
Pacific, st. Paul, New York Central and
Reading thus under pressure, small in
huence was exterted upon sentiment by
the few advances in the industrial class,
which still manifested themselves in
scattered manner. London was a heavy
seller In this market, and there We're
reports of a violent disturbance on the
st. Petersburg bourse. Paris was es-
pecially affected in sympathy, but the
manifestation was read as sign of COM
ing peace. which Is a development hoped
for in the securities markets Sterling
exchange was strong and moved decisive
~ away from the gold import point or its
immediate prospects. Bonds were irreg-
ular Total sales, par value, $2,845. 900.
United States bonds were all unchanged
on call.