The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-01
DAY IN WALL STREET
TRADING WAS ALMOST ENTIRELY
CONFINED TO OPERATIONS OF
PROFESSIONALS
llR
THE COMMUNITY OF INTEREST
Street Is Fearful That Apparent
Harmony Is Not Quite as Har-
monious as 1t MIshfhe-
Money Situation.


NEW YORK, Sept. S0.-The Small VOL
| ume of the trading today and the tenden-
cy of prices to retrace the earlier down
ward movement revealed the predomi-
nance of professional operations in the
market. The dealings Were Sless than
half million shares, and the late hard
ening movement retrieved approximately
one-half of the early decline. There was
no very urgent selling manifest at any
period of the day, although the bears
succeeded in uncovering step-loss orders
IN Sugar and to a small extent in Brook
lyn Rapid Transit and Missouri Pacific
Inc hrst named stock fell an extreme 3ss
ana the other two 3 points. Declines
reached points or over in number of
other leading stocks, notably among the
Pac1ncS, SouthWeSternS and Vanderbilts
Declines of to 4A among the junior
members of the last named group gave
emphasis to the feeling of scepticism that
has grown up regarding the much ex-
plotted rumorS of a plan for merging all
members of the group. Amalgamated
copper continued under some pressure,
but the declines Were resisted. The firm
tone OF the spot copper nlarketsin London
nelped the stock and it closed; with a net
loss of Is. Assertions were made in a
demonstrative way that the United States
Steel stocks were to be advanced this
week on the ground of the declaration to-
be made tomorrow of the regularly quar-
terly dividends on both the common and
the preferred stocks and on. the presenta-
ton of a detailed statement of the
finances of the company at tomorrow s
meeting, but these intimations did not
cause rush to buy the stocks, specula-
tors perS1sting in distrust. of industrial
stocks after the recent experience in
Amalgamated Copper.
Statements that working agreements
had been made for the continuance of
western Union wires along some rail-
roads in which the Pennsylvania owns an
interest were offered as dSproving appre-
hension of koStilities between the Pennsyl-
mi oJv
sion of an additional Standard Oil repre-
sentative in the st. Paul directory leads
TO prophecies of a similar representa- tive
on the Union Pacific directory and the al
legged completion Of negotiations between
the AtchiSon and the Hartman interests
for the use of the Pacific Mail steamships
by the AtchlSon were used to- point the
same inference, namely the safety of the
community of interest. Except for a rise
in Pacific Mall no effect WAS produced by
these reports, the Apprehension lowering
over the market that the community of
interest is not in reality in concert with
the financial powers, but only "a balance
of those powers. g -
The October currency requirements kept
uneasiness alive regarding the money
market future seemingly with little cause
as sterling exchange weakened. today and
New York exchange hardened at Chicago
The subtreasury paid out today on ac-
count OF gold deposited at Pacific. coast
redemption 1,250,0O0 The incoming
French steamer also brought 81 ,0eO 600 in
gold which was engaged in Paris over a
week ago. The fact that railroad earn
ingS for the third week in September in
creased over the corresponding week of
last year only 4.46 per cent, compared
with an increase for the second week of
liI2 per cent, was cited as evidence that
the corn crop shortage was beginning to
make an impression, and last week s
small grain returns at Chicago formed
an additional argument for the bears.
caused by covering of shorts
Railroad bonds were dull and irregular.
Total sales, par value, s., $3.50, coo. United
States IS advanced Il, and the old As
and the refunding Is Il per: cent on the
last CALL The new as declined Il per cent.