The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-18
FRACTIONS HAVE
CENTER OF STAGE
An Easier Opening on Report
of Financial Difficulties
at Paris

NEW YORK. March 1.-THE money
OUTLOOK was the dominant influence ON
STOCKS today and the days price move
inehl was downward on the average The
industrial stocks and specialties were
quite sharply divergent from the railroad
nSe ana iurhshed quite large record of
advances. This class of securities Is
largely dependent on factors of individual
erect being less responsive to general de-
velopment than the railroad list. The
individual influences today were NOT
known IN all cases. 1t was inferred from
the movement in the Metropolitan stocks
thdt hopes were entertained of a share
py thoSe interests in future subway work
common property interest might be
Traced In some of the other stocks which
advanced and it was assumed pools were
a. a. Work IN them The copper stocks and
the railroad equipments had some share
IN the snow OF strength On the other
hand, the heavinesS in the railroad LIST
was quite general, although the move
nleht during the day was heSitating and
Irregular. Prices touched a considerably
lower level, however, than Yesterday II
was supposed that pools and speculative
SyndlcateS We're unloading to a consIdera
bic extent and there was no doubt that the
money outlook was the principal motive for
TINS ACTON. Th1s was sentimental influence
10 some extent, as there was very LITTLE
withdrawal of credits by calling loans.
according to the reports of money brokers'
I IN was, however, quite a large paying
precautionary liquidation of stocks
New Time Loans
1t was said that considerable part of
the call loans paid off were liquidated
with the proceeds of new loans on time
operators in stocks hitherto have re-
trained very persistently from taking out
time loans even at the invitingly low level
or rates, being satisfied to rely on day to
DAY accommodations. The Importance at
taehed to the conditions in the money
market was emphasized by the increased
weakness developed after the appearance
OF preliminary estimates of the weeks
currency movement. In addition to the
S9,S19,0OO taken by the subtreasury I'm to
thursday evening on account Of the re-
payment or government deposits II is es-
tlmated that nearly a million dollars has
gone TO the interior on the express move
ment.
The apparent loss in cash of over s4O.-
OO0.0OO Is In excess Of the surplus reserve
Inc integrity of the surplus is therefore
dependent on the reduction of deposits
by loan contraction. 1t is known that
the trust companies have lenders at the
hiener rates for money and foreign bank
ing houses have also placed loans here,
their sales of financial bills in the ex-
change market helping to weaken that
market. reduction in the loan time of
the banks in tomorrow's statement is
therefore probability. feature of tho
day was the renewal of the demand for
gold from France, which made itself felt
In London. This gave rise to renewed
conJectures regarding q Russian loan and
was the cause of some uneasiness over
possible disturbances in France This
contributed to the growing weakness of
the latter stock market. During the same
period call loans fell to per cent. Tho
market closed weak at about the lowest.
value, S3,6S5, 900. United States bonds
were all unchanged on call.