The Saint Paul globe., 1905-02-28
STRONG OPENING.
IRREGULAR CLOSE
Pacifics and fractions Taken
In Large BIocks-Profit
Taking Later

NEW YORK. Feb. 27.-The bulky total
pt over zooU'oo0 shares reached by the
business done at the stock exchange to-
day witnessed the continuation of the
speculative excitement and the wide
spread interest in the market The Nav
however. was distinctly devoted to a proc
eSs OF digestion, and there were no such
Violent advances as We're made last week
very substantial progress was made
however; in realizing the profits caused by
last weeks advances
During the prevalence of an active spec
uiative and long continued rise in prices
Mondays are always chosen to effect a dis
~ ~Irlo9tlon OF holdings and to convert paper
prohtS into cash. The Sunday interval
naturally leads to an accumulation of or
GERS from outside sources in brokers of
noes. The execution of these offers good
opportunity Tor selling to advantage Such
movement was clearly in progress to-
day, and while a check resulted to the
rise In prices the absorptive power of the
market was what was chiefly remarked.
No New Developments
The resistance offered to the selling was
not helped by any notable new develop
ment, with the exception of the striking
movement in Southern Pacific The ad-
vance In this stock was explained in some
quarters as an adjustment to the recent
advance in Union Pacific, in which the
subsidiary stock has not shared but an
additional motive for the buying was of
1ered in the circulation of the rumor that
a dividend payment on the stock had been
practically determined upon. This rumor
lacked official confirmation. as did last
weeks many rumors of combinat ton prof.
ects, but it was as little impaired in its
influence on that account as were the
previous stories
The rate of absorption in Southern Pa
cific in the first stages of today's move
ment was unprecedented on the stock ex-
change. not less than 100000 shares
changing hands in a period of ten min
utes during the period of greatest ac-
t1Vlty. The great animation of the pres
ent market makes a striking contrast
with the corresponding season of last
year, when the volume of dealings was
dropping off from day to day until on
March 10 sales of less than $4,000 were
recorded, low record for many years.
garded. although il offered nothing to dis
courage the buying of stocks. The effect
of the fire loss at New Orleans was re-
stricted TO Illinois Central the principal
sufferer.
Prosperous Conditions
Railroad traffic officials reported prog
ress making In the opening up of their
lines all over the country after the storm
biockades: and the milder weather has
also resulted in largely increased offer
ings of grain from the primary points.
The very heavy outlay for equipment and
improvements announced by the Baiti-
more & Ohio and the Long Island are re-
garded as gratifying evidence of present
prosperity and confidence in the future,
but locomotive was the only railroad
equipment stock to respond notably and
Its strength was temporary.
The money market gave some evidence
of increasing demand for credits, but no
apprehension was felt of a lack of sup
ply. Foreign money centers reported a
confident feeling in the future ease of
money, and 1t is felt that supplies will
be available from those sources for the
New York market in case of an urgent
demand The persistence of the selling of
stocks and the small response to the
striking movement in Southern Pacific
which rose to 729s. prompted a general
unloading of stock late in the day which
carried prices to the lowest level, and
made the closing considerably unsettled
Bonds were irregular. Total sales, par
value. $5,S70.000. United States IS regis
tered advanced ls per cent of call