The Saint Paul globe., 1905-03-25
SOUTHERN STFELS
LEAD ADVANCE
Railroads and lndustrials on
Covering by the
Shorts

NEW YORK, March 24-There was a
pronounced upturn in the course of prices
On the STOCK exchange again today which
;,a- ~es uiiueupteuly Ie due In part to the clos
ms UP oi snort contracts put out on the
decline during the week YesterdaI,'S
market already showed svmntonS tSat
te.,C fdle Gecllne had run to point where eff
IeCIiVe resistance was encountered and
sulnclent buying demand was met TO sun
port prices. Bears with uncovered short
contracts accepted this warming and
Ihere was at the same time a marked
revival in the circulation of rumors of
tne same class and for the most part
Identical in form with those which have
already served many times to excite t,e'
demand for stocks The associated
strength of the New York Central. Union
racine ana North Western was a notable
case In point The information dissemin-
ated on the break yesterday was that con
trol OF Union Pacific had passed from its
present hands.
Rumors Galore
Today the information was renewed
that buying of the best character naneil,
III tne interest of persons already i'm con-
ITol, was conspicuous in both New York
,oa1t central and Union Pacific. News or ru-
IiorS OF TINS character are of as great
erect In the excitement to speculation as
the most explicit announcement of plans
aIIectlng the control operation of a prop
eIty: Inc southern iron combination was
another project which was paraded before
TIE IMAGINATION Of spectators with proved
etect, as shown by the wide movement
IN stocks of that group. The long time
reports OF merger of lead interests was
another effective instrument in the up-
ward movement of prices.
Old and new dividend rumors also
played their part. stocks in the rubber in
9ustry being especially affected The
metropolitan stocks had the benefit of
nKopes or success In securing contracts
lor iuTther SubwayS in the efforts making
On behalf of those interests. Colorado
Fuel was still in demand on the strength
OF o. It's subscription rights to new securi-
ties. A glance over the list will show the
important part played in the recovery bv
stocks thus specified as under individual
lnnuences. The reversal of sentiment on
me me general market situation was at
trlbuted to subsistence of fears of string
ent money.
Foreign Exchange Declines
The headlong plunge in the price of
Iore!gn exchange was the principal fac
Tor In the change of sentiment The in
dlcations thus given of the freedom with
which foreign money resources are be-
coming available to the New York mar
ket proved greatly reassuring. The price
OF exchange was pronounced to be within
measurable distance of the gold import
point and it was felt that actual need for
money here would lead promptly to an in
ward movement of gold. Account was
sharp drop in the sterling exchange rate
at Paris. which has fallen centimes in
tne pound IN two days past, showing con-
increase In the demand from
that center on London
Estimates of the domestic currency
movement indicate considerable loss i'm
cash by the banks on the weeks move
ment which is practically all measured
by the subtreasury absorption of SO, ,7S6, 900
up 10 Thursday night. But the sharp
liquidation of the week in stocks and the
large resort had to foreign lenders is ex-
pected to result in large contraction in
the volume of loans of the banks with
consequent benefit TO the surplus item.
The allotment to American subscribers
OF full half of the new $3.50, 600 600 Jap
aneSe loan was regarded as a highly
gratifying evidence of the abundant cap
ltal resources at command in this market
something was made of the belief that
opposition to the stock transfer tax in
the New York legislature would prove
erectual The profit taking in the last
hour was well absorbed and the market
closed strong and animated at the best
prices of the day.
value 81. 4.420, 600 United States 3s coupon
advanced a per cent on call.