The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-23
HEAVY SELLING
IN union PACIFIC
UNDERGONE to the Market Gen.
orally Heavy on liquida-
ton

NEW YORK, March 22-The growing
lhdlIterence of the demand for stocks has
chilling effect on speculative senti-
ilneit ana the level of prices was let down
CONSIDERABLY further today in spite OF
me constant irregularity of the market.
Inc fluctuations were largely due to the
ACT tiles OF the board room traders of
the larger class, whose position was 90
caslonally shifted in the progress of ma
nuevers designed probably to evade an
Undesirable UNI following. This shifting proc
ess involved the buying of stocks now
and then. but there was no evidence of
positive strength in the market at any
Time. The growing conviction that no
aggressive upward movement is to be
looked for In the immediate future pro-
NOTED considerable throwing over of Sc
curities by holders not prepared to re-
tain their contracts through an indefinite
decline The entanglement over Vene-
zuelan relations continued to be the sub
ject OF discussion and while no ground
was perceived for immediate alarm it was
ing various powers in interest offered a
delicate situation with room for trouble-
some developments.
UnfavorabIe Influence
The action taken YESTERDAY by the direc
lots OF the Corn Products company in re-
duclng the dividend on the preferred
STOCK had decidedly unfavorable in
nuence, especially coupled as it was with
The pessimistic remarks of the president
OF the company on conditions in that
trade. The shutting down of sugar re
fineries was cited as a parallel to show
lhat trade might not be undeviatingly
prosperous In all lines. The persistent
heaviness of United States Steel in spite
of all the glowing reports of the enor-
nous demand for the products has a dis
coufaglng effect on the advocates of high
er prices. The merely nominal improve
ment indicated in the New York Cen
tral net earnings for the March quarter
although compared with a period last
year OF extraordinary obstacles to trans
portation was not relished More atten-
ton was paid than recently to the appar-
emily officially inspired disclaimers on
some or the lately prevalent rumors of
intended dividend increases and stocks
which have moved under this influence
were notably heavy. Importance was at
tached to the news from Albany as prom
lSlng the success of some of the measures
of legislation which are feared for their
ef1ect on securities.
Closer Money In London
The foreign news also failed to offer
any sustaining influence for stocks and
some fears were reported of closer money
conditions in London. which would en-
danger the hopes of relief from that quar-
ter by gold imports, which were begin
ming TO be INDUCED. A Russian loan was
reported once more to have been negotiat-
ed in France and the imminence of an
other japanese issue was also taken ac-
count OF Tor the requirement on the mon
ey markets, especially in view of the re-
ported participation by American bank
ers. In the case of the last Japanese
iOdh, tne SUBSCRIPTIONS involved shipments
or gold to Japan. The first transfers of
currency through the subtreasury to New
Orleans for the season marked the begin
nlng of another cause of draining New
York banking reserves. Subtreasury re-
quirements also include large payments
for internal revenue collections, which are
made on drafts from interior centers
where the collections are due and which
represent in that way an indirect drain
on New York reserves for the benefit of
the interior
These developments impair any conf
dence that call money will fall back i'm
mediately to its recent extremely easy
condition. The pressure upon the stock
market increased progressively and was
most severe In the closing transactions,
the trading ending on rapidly descend
Ing scale of prices. losses extending from
~ TO over points for many of the lead
ing speculative stocks
Bonds were heavy. Total sales, par val
ne, $2.925, 600 United States old As and
new is registered advanced IA, the new
As coupon and 3s registered Il, the IS
q and Is coupon Y per cent on call.