The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-04
WEAK AND RATHER
IRREGULAR MARKET
Selling Was on Rumor That
the Southern Steel Merger
Would Not Go Through

NEW YORK, March "A number ~
, i,Ioiuenls occurred today which served to
a apsSo speculative sentiment on the stock
exchange and renew apprehension Over
the reliability of the many renortS 70
saTulhs combinations and mergers of ex
!S.hg properties which have been made
tne ground for buying stocks for some
time. The market was weak from III
outset owing it was said to an unexnectad
Nolume OF selling for foreign account The
unfavorable news regarding the RncSia,1
position at the seat of war and some sno1
gesuVe rumors of a possible internal dis
Iurbance in the empire to take form ON
9 I',an1Iy We're supposed to account for the
WEAKNESS from foreign sources The
weakness was much pronounced in the
Paclflcs and New York Central The mo-,
t Kee s showed good recuperative force from
the hrst decline and there We're occasional
IecoVerles and special points of strength
served as rallying point for the rest of
the market. VI
sIoss Sheffield Weak
But sentiment was again unsettled bv
fn re apPeaTance on the tape of a quotation
toT single 100 share lot of SloSs Shelf
neIa steel selling at the price of Sc. A
se0 .,oI SAFE OF the same amount at the
same same price followed. This is one of the
properties which has been reported as
practlcaliy insured for incorporation in the
southern Iron merger and reports have
nau practically official sanction that the
OiSdLuZefS OF the combination were 10 nav
10 for all of the outstanding common
STOCK Many thousand shares of the stock
PASSED through the market on the stock
exchange at prices which never tonchad
the alleged figure agreed upon for ahsorD-
tlon; out which did reach 1857 momen-
Iarlly: The stock sold yesterday at los
me me 1aet that 100 shares should be of
Iered down continuously for % points
without hnding single buyer naturally
mad disturbing effect There has never
peen wide market for this particular
STOCK, so that the material results of the
slump might be expected to be slight Rut
other stocks which have been associated
WIN the merger report are more actively
traded in, especially Tennessee Coal and
its sharp break in the market had dis
turning erect on sentiment generally The
ADMISSION that the proposed merger had
peen deferred was the only news to ac-
count for the movement
Currency Forecast
The forecast of the currency movement
of the week indicated a small gain for
this center on balance on the regular eX-
press movement with the interior. Sub
treasury operations, however have alb
sorbed more than SO, 000, O00 pointing to a
decline in the cash item. The present
large drain into the subtreasury is largely
que TO drafts by interior national banks
on thelr New York correspondents for
payments to the treasury department to
make good the national bank the
per cent fund, which had become depleted
Dy the large current reduction of bank
notes. This large redemption was an in
cident in the heavy flow of currency from
the interior to New York. the New York
ct'ii'Ao ill6 lilc Ddik notes Tor re0emD-
ton as they were received. The move
ment to replenish the per cent fund
marks stage in the refiuX of the cur
rency movement Rates for time loans
We're marked up again today and it seems
evident that large progress has been made
IN taking up the available supply of cred
its offered by the trust companies as well
as by the banks.
The Southern group of railroads led by
Atlantic Coast line. the Southwestern
group and Erie I'd preferred with a
number of specialties. notably Smelling.
comprised the list of strong features. At
lantic Coast Line especially persisting to
the last at near the high level The closing
generally was heavy and not far from the
low level of the day
There were some very large transactions
In Kansas City Southern IS, supposed to
be the outgrowth of the coming dissolu-
ton of the voting trust. The small huc-
tuation in the price gave the impression
OF private sale passed through the mar
ket
Bonds were steady. Total sales par
value, $4.S55,00O. United States bonds were
all unchanged on call