The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-08
500 COMMON
SELLS UP TO 119
Realizing Sales by Traders
Give the Market an Easier
Closing

NEW YORK, March THE specula-
ton in stocks took on rather waiting at
titude today and business was largely
confined to testing operations to learn the
temper of the market. These failed to de-
jVelop any vigorous upward tendency and
the subsequent drop was due as much to
disappointment over this lack as to any
position pressure. The Northern Securi-
ties decision, or supposition regarding II,
has figured so long and so often as
speculative factor that the. market Is
somewhat at a loss with the conclusion
reached. A swarm of rumors has figured
in connection with the case in the way of
new combinations and absorptions of con-
troll said to be awaiting the disposition of
that control for carrying out. None OF
these has been announced and there was
none of the active selling today to realize
which is usual after a heightened buying
movement with elimination of the fac
tors which induced the buying.
Apathetlc Tone
But the apathetic tone which is creeping
over the market is evidence that the many
combinations and merger stories are los
failure of the much talked of southern
iron combina ton has had an admonitory
effect and is regarded as showing the
highly credulous condition of mind into
which the speculative actors had been
led. A natural spirit of misgiving re-
garding other vague stories on the
strength of which stocks have been bought
is the result. Authoritative denial was
made today of a recently prevailing rumOr
of a new issue of Sugar stock with val
liable subscription privileges. Disclaimers
were put out of another story to the eff
feet that the New York Central was to
control the Ontario & Western and to
guarantee per cent dividend. Such
incidents increased the dubious frame of
mind of spectators and intensified their
disposition TO await veTification of other
reports which have been credited.
The strike on the Interborough system
In New York city had no very clear effect
directly through the stocks Immediately
concerned. which. in fact, showed strength,
but the effect was bad on the general
speculative temper. There was a direct
effect also in the reduction of the attend
ance at the stock exchange caused by the
resultant dullness of the market was part
" due to this fact. There was no change
In current conditions of money or busi-
ness to alter the tone OF the stock market.
Money on call continued easy.
London Easier
An easier tone Of London discounts led
to renewed expectation of a reduction in
the Bank of England rate on Thursday,
but Paris WAS seller of securities, ap-
parently on account of the dark Russian
prospects. New York exchange at Chi
cago declined to a small discount and
the New York subtreasury continued to
York banks. The terms of the settlement
of the grain rate war are regarded as
threatening permanent decline in the
grain traffic to Atlantic ports, which may
have been factor in the heaviness of
the Trunk lines. A. number of gross
earnings reports for the last week of Feb
ruary by southern and southwestern rail-
roads showed some rather striking de-
clines from those of last year. Atchison.
howe, er. was at one time strong, said to
be on covering by shorts. The Reading
advance was attributed to renewed aco
tivity by a pool. Revived rumors of a
lead merger We're responsible for the
strength of National Lead and the
Smelling stocks. The few gains were
poorly held and the market as a whole
plainly showed the waning influence of
the unverified rumors which have long
served to carry prices upwards. The
closing was easy and at about the lowest
of the day.
Bonds were heavy. Total sales. par value.
S3.O6O,0 900. United States bonds were all
unchanged on call.