The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-01
Twin CITY MAKES
NEW HIGH RECORD
uenerai Upward Movement in
Prices, With Copper One
of the Leaders

NEW YORK, March 21-Todav.s
STOCK market was in the hands of the
professional traders and they made light
progress in prices Only a handful of
the standard market leaders We're &C
much as point away from last nights
level at any time. The movement al
though very sluggish, was a clear index
or the conviction on the part of the trad
ing element that the present curtailment
OF the money market resources is the
restrictive influence on speculation and
that Ii is not more than temporary To-
day was expected to mark the end of the
period OF most urgent requirements for
the Japanese bond subscription and the
ment seems to be confident that a re-
taxation OF money will follow Immediate
~. The tone of the early market was
more constrained while the dread was
still entertained that there might be a
hurry IN the money market with the
closing of the month.
Call Money at 4La
The comparative tranquility of the call
loan rate which did not get above Az
per cent Gained the apprehension and
prices improved late in the dav as had
been the case in the same circumstances
ABOUT every day this year. Outside of
the professional circle. however there was
no stirring of speculative interest Abroad
as well as here the expectation of a re-
taxation of money after the turn of the
quarter had its influence on stocks. The
eStlmates OF the weeks movement in
dlcates that the payments to the sub
treasury which footed up S4.577, 900. have
been offset to the extent of several hun
dred thousand dollars by receipts from the
interior on the express movement There
have been some remittances from the In
terror to participate in the Japanese loan
subscription.
Interior banks evidently continued to
make drafts on their New York cor
respondents to pay internal revenue col
lectlons which accounts for the large alb
n no sinh frsas
idea that any contraction of loans has
been possible during the week owing to
the heavy demands which have had to be
met in the money market The loss In
cash will not be offset therefore by any
reduction of deposits through decrease
in loans. Considering the local level to
which the surplus has already fallen. in
last weeks bank statement. it seems
evident that Very large supplies for the
money market must have come from the
trust companies and other sources to
have kept the weeks money market as
quiet and steady as has been the case.
ReadIustment of Loans
The bank statement therefore will hard
ly be looked to as a conclusive reflection
OF the money situation as a whole and 1t
Is feit that the future course of the mon
ey market will depend largely upon the
feadJuStment of the volume of loans as
between the banks and the trust compa-
MES. number of industrials and spe-
c cla,ties We're Were C strong from individual
lead merger, the benefit to New York
traction companies from future tunnel
enterprises settlement of the Montana
copper disputes We're some of the specific
instances of old rumOrs which played a
new part in the days market The best
prices OF the day We're touched shortly
before the close, but were not fully held,
the closing tone being irregular.
Bonds were irregular. Total sales, par
value, $1,000. 600 United States SIS regis
tered and old is advanced u and new As
"A per cent on calls.