The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-03
DAY IN WALL STREET
MARKET STARTED WITH AN AD-
VANCE CAUSED-BY DEMAND
FROM SHORTS
STEEL AND IRON SHARES UP
Some Depression Noted i'm other In
enthusiastically Strength Is Lost
and Market Slightly
WeakeFt AT Close.

y
NEW YORK, Oct 2.-The. market
started out today with something of an
| upward rush of prices. Apparently the
professional traders Were impressed
evening as the market closed by the
president of the United States Steel
CORPORATION would have strengthening
influence on the whole list. There was
quite an active demand for awhile for
United States Steel. which lifted the
price IA over yesterday. Colorado Fuel
and Tennessee Coal showed some
BILE conditions in the trade revealed by
the statement of Steel corporation
earnings, which would benefit those com
panieS also
demand from the shorts, but the force
of the demand spent itself early and
the market fell into dullness and heav-
mess, punctuated by number of weak
friends of United States Steel were in
clined to attribute this weakness to the
contrast afforded with the policy of that
company in the publication of its earn
ings, but the United States Steel St c.s4-
tues Tell back with the rest of the mar
ket, and the professional speculative
eien:ent in the street failed apparently
to be impressed with the new policy of
the United States Steel corporation as
an epoch-making departure. The large
profits reported by that company had
some reassuring effect nevertheless,
owing to the wide reaching Importance
attached to prosperous conditions in the
iron and steel industry The distrust
left by the Amalgamated Copper cpl
Sode and the annual reports of one or
two industrial corporations recently
showing net earnings insufficient to pay
the current rate of dividend, and con-
Sequent encroachment on the surplus for
that purpose probably accounted for the
continued weakness in that class of Sc
curities. The American Car stocks, the
Pressed Steel Car stocks, Glucose and
National Salt were evisibly affected, los
ing from 21s to 4 points. National Bis
cult, Rubber and International Paper
continued weak under pressure of liqui-
dalton. which is attributed to a weak
annual report expected soon The stock
fell an extreme AS, below go, the lowest
price of the year,. Manhattan declined
rs, partly in sympathy The reduction
of refined sugar explained the recent
decline in the stock, which steadied to-
ward the close of the day, ending with
a net gain. The level of prices gener-
ally was carried below, last night, but
net declines did not reach a point in i'm
portant railroad stocks,t except for Mis-
souri, Pacific. The Zsmoney market con-
tinued strong and sterling exchange adj
vanced again. The-demand was attrib-
uted to requirements for purchase of
stocks bought recent ~ in the London
market. The announcement from the
treasury department.-taat the purchase
of government bonds for the sinking
fund would cease will cut off THE main
course of replenishment of the New
York money market for some time past
against the interior demand for cur
rency. There was Significant drop in
quotations on call for government bonds
following the announcement The post
spenement of the meeting of the Atch-
!son directors, which. was expected to
increase the dividend rate of their COM
mon stock caused some disappointment
and depression. Covering Of shorts
rallied the market slightly, and it
closed labout Stea dy.->uog Az fF5l5 r r,
Railroad bonds: we're Sdufl and arregu-
lar. Total sales paper value, 81, sos, 600
Emitted States old Is declined a, the IS
and 5sxal Il and the VS. 1 per cent
on the last call -
+5T(3CKSnts .-,s,ss-5-