The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-30
STOCKS RECOVER
FROM WEAKNESS
Union Pacific, st. Paul and
New York Central Well
Taken

NEW YORK, March 29.-Prices moved
upwards again today on the stock ex-
change and the advance was notable in
view of the downward swing which has
been in progress since the first of the
week. The average level at the low point
yesterday was not lower than before the
recovery set in last week. Such renewed
resistance at similar price level has
great significance aScribed TO il as dem
onstrat1on OF a fixed level where resist
ance becomes effective. If a downward
movement breaks through the level of
previous decline made shortly before, it
involves the impairment of margins and
tne unccVerlng of stop loss orders In ad-
dltion to those which were reached ON the
Immediately preceding decline. and is there
tore likely to be sharply extended. With
the power of resistance developed anew.
the professional party of reaction is likely
to conclude that their efforts at depres-'
sion have been defeated and to desist.
The recovery did not extend very far at
first. and the animation died out of the
market to marked degree The specula-
tive demand was restrained by the i'm
mediate outlook in the money market.
to borrowers unduly extended and de-
pendent on call loans.
Japanese Loan
The immediate influence on the call
money market was the placing of sub
scriptions for the SIS 600. 900 instalIment
OF the japanese loan. Whatever precau-
lions may be taken to avoid disturbance
IN the placing OF subscriptions. it is OBJ
several days there will be a necessary
tying up of funds temporarily. the sub
scrlpuons requiring deposit to be held
until the awards are made. 1t was be-
lleVed IN the banking world that at least
$i.OOO.O 900 or $4,000, 600 will be thus in
Volved: The call loan market today
showed the effect of this preparation in
the per cent rate at which money
loaned even early in the day. 1t is re-
ported that large subscriptions are being
offered here for this loan for European
account, and the transfers Of credit in
anticipation may help to explain the re-
cent large decline in the exchange market
mere Peace rumors were again decided
influence in the worlds security market
and London was a buyer here as a re-
Election of this influence. The same in
huence served to check the advance in
the exchange market. The question is
canVaSsed whether the subscriptions to
the japanese loan will involve the with
drawal of gold on the demand of the Jap
aneSe government. The successful Lon
don stock exchange settlement was an
additional incentive to buying for London
The Canadian Pacific group made an
only news bearing on them was the very
favorable statement of net earnings for
February by the parent company
Large Coal Orders Placed
reports from the coal trade indicated
large orders placed for anthracite at the
reduced prices to go into force in April,
owing, II was said, to the desire to Sc
cure ample reserves against possible min
1iS IOuDieS Inc announcement of the
Pennsylvania bond issue was according
to expectation. and the cooperation in
the underwriting of the two great banking
houses winch are most representative OF
the rival lines of division in the railroad
world was of decided effect on sentiment
as a sign of the harmonizing of interests
IhiS consideration gave renewed force to
the late suggestions as to the Northern
securities settlement and its conse-
quences- Union Pacific rebounded strong
Iy as a result. and this had a notable
Sympathetic effect on the whole market
IL had been feared that there would be
hurry IN call money late in the day, and
when this failed to develop the market
took on new strength and animation and
Went to the best prices of the day. The
closing, however, was irregular and rather
dull 1910 ei
The striking advance in the Wabash de-
oenture 3 bonds on the contention of a
committee of bondholders for an exchange
INTO a fixed interest bond was the feature
OF the bond market. Total sales. par
value, SS.090.000. United States 3s.
coupon. advanced Il and the new As *
per cent on call.