The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-31
BULLINC 0. ( v.
AND PENNSYLY AN|A
Southern Steel Stocks Show
Renewed Strength on
Merger Rumors

NEW YORK, March 3O.-Today's stock
market was not much more than a drift
ing match, and the movement was nor
conclusive or convincing at anv time
Inc volume OF transactions shrunk to the
lowest IN many weeks. Very large i'm
portance was attached in the discussion
about the stock exchange to the threat
ened stock transfer tax as the factor MAX
ing most for this sudden collapse in ac-
uVlty- The decision to make this tax
bill parity measure was accepted as
ohering an extreme probability of it's en-
actment into law. While the amount of
the proposed tax is not regarded as ex-
tremely burdensome in the actual trans
Ter OF stockholdings from one owner to
another, it is generally agreed that if
would form a serious restraint upon ma
nipulative operations and upon the social
ed scalplng operations on the floor of the
stock exchange. upon which the profess
Slonal traders largely rely for their Iiveli-
hood. The manipulative measures usual
IN a very active speculation are not con-
nned 10 room trading operations, but are
relied on also to further the fiotation of
new capital issues when they first make
their appearance.
Calling of Loans
With large volume of such new is
sues in prospect there is a fear that the
marketing of them may be handicapped
ton in the market. But there was ground
for suspicion that if other conditions
We're not operative this factor might not
have been so effective in the decline Of
activity. the discussion being a result
rather of the idleness of the market than
its cause. There was calling of loans
during the day which necessita ted a shift
ing or accommodations even where re-
newals were secured without an advance
In the rates. The stocks never escape
some disturbance when this process is
an ,.G,NNss@
anese loan were the direct cause of the
firmness of call money. but preparations
We're also going on for the April l set
Elements and the placing of the Pennsyl-
vania bond issue looms beyond. Con-
hdence is profeSSed that the harder tone
of the money market will be short lived
and that the loan operations. when con-
cluded, will permit the quick return OF
their proceeds to the money market 1t
is upon this conviction that current oper-
atoms in stocks are rather of a waiting
character than a reflection of any positive
opinion on the outlook The selling pres
sure was light, but there is no disposition
to buy on large scale.
Weak Bank Statement
A weak bank statement on Saturday is
taken for granted. Although some of the
interior exchanges on New York have
risen to premium this is believed to be
due to remittances to participate in the
Japan loan subscriptions. Interior banks.
however. are drawing freely on their New
nal revenue collections. which adds mate
rally to the subtreasury requirements at
this center. Returns of February net
earnings of railroads as they come to
hand are not encouraging to demand
for stocks. although the poor earning
conditions then are shown to be corrected
by later returns of gross earnings. The
market got no help from foreign infiu-
ences, the weakness of Russians being
aggravated at Paris by the German at
titude in Morocco. A revival on merger
talk alarmed the shorts in those stocks
and had some sympathetic effect on the
general market. The greater tranquility
than was expected in the call money mar
ket also contributed to the late firm
ness. The wide movements in a few low
grade securities were due to Individual
causes. The increase in the Lackawanna
dividend rate has been so long and so
often expected that its announcement
caused little impression. The market
closed irregular after it's substantial re
covery.
Bonds were irregular. Total sales. par
value, 1895. 600. United States bonds
were all unchanged on call.