The Saint Paul globe., 1905-03-17
SPFCIALTIFS
ARE IN EVIDENCE
chesapeake & Ohio Moves In
Nearly Three Points on
Good Buying

NEW YORK. March 16.-The reaction
day,oie a. itenushcy IN the stock market which
.isNp ueNeIoped with the furry in the call
money market late yesterday was con
tinued today. The selling seemed due TO
oh one same cause as there was no apparent
cnanse In conditions otherwise nor in the
which have been the main influence on
the speculation for sometime Great con
nuence was professed on the part of the
speculative element before the trading he
gan, that the upward prices would he re
sumed with full force and the tin cir
c9lated extensively that the long herald
t5o eo Nandegbilt deal would certainly be an
nounced during the day, the alleged in
crease OF the Chesapeake & Ohio dividend
being included in the plan.
L,n ne market made ready response to
Wnlch The interested observers have grown
quite acustomed. opening advances run
hlnS from large fraction to nearly .
points POI In many of the prominent stocks
Inc hrst prices. however, were the high
est, almost without exception and the
Tapldlty with which they took the down
ssd ~Srd course suggested quite forcibly that
ing nigh TO afford basis for selling TO
take take prohts at greater advantages. With
lne Ieactlonary tendency of the market
established the professional operatin ele-
ment attacked prices with great Vigor
The trading element generally has been
very distrustful of the market for some
tiiie ana mas constantly tested it bV maxi
Ing short sales in the effort to start a
reaction.
Bears DistrustfuI
These efforts up to this time have "a
otten proved unaVailing, SO that the pro-
iesslonai bears had become decidedly dis
truSIui This spirit was still manifest
p% tnem today in the prOmptness with
which they bought to cover their short
contracts from time to time. The conse-
quence was series of recoVeries through
out the day. The belief was still pro
LeSSed that the furry in call loans was
uue 10 the recall of government deposits
and was merely temporary Preparation
for the Standard Oil dividend is also as
signed as the occasion for the shifting of
IoanS.. The money rate was firmer how
ever, no loans being made below 3 per
cent and the rate rising again to a higher
inquire late in the day.
II was suggested that the recent re-
celpts or currency from the interior have
been due to remittances by interior banks
In preparation for drafts on their New
YORK correspondents for the repayment of
government deposits and that the lack of
Inls oHSettlng movement to New York is
nkeIy TO emphasize the movement Of
ture. Sterling exchange weakened. indi-
eating source of relief for higher money.
altnough discounts were firmer in London
as was natural with the heavy demands
ON the bank of England for credits, in
dlcated by the weeks expansion of loans
We're points OF resistance to the reaction
IN the days market, notably the local
transactions. the railroad equipment COM
panies and Chesapeake q Ohio. The Gov
erlng by shorts worked a material rally
an around during the last hour and the
DAY declines are moderate in conse-
quence. The closing was irregular
Bonds were irregular. Total sales mar
value 1855 600. United States bo3ds
We're unchanged on call.