The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-04

NEW YORK, June 8 Speculation in
stocks was again very animated today
and the dealings showed substantial
expansion over those of Friday. Boil
in character and volume of trading the
mrket bore a close resemblance to that
were put forward by powerful financial
interests to give it that appearance
| There was increasing buying on the Fart
OF the outside public, demonstrated
through the comm ission house orders ex-
ecuted in the market, bat the market
still continued for the most part in tins,
hands Of professional operators and the
larger speculative interests. Much of the
buying Is predicated upon the confident
assumption that the powerful financial
interests of the country have reached a
determination by taeit agre ement to ad-
vance prices to higher level again and
to attempt to renew the speculative con-
ditions prevailing before the upst in the
second week of May. Buyers of last
week were very heavy sellers to take
profits to3ay, and this selling caused a
heavy general reaction after the opening
advance. which was fairly common to
the whole list. Some of the stocks which
were most conspicuous in the opening
advance did not do more than hold the r
own in the later dealings. Others con-
| tinued to advance, while still others,
which were strong early last week and
then reacted, renewed their strength in
the late dealings After the first gen
eral reaction the policy was adopted of
advancing first one and then another
stock in sequence. Realizing was con-
tinuous under cover of these movements,
but the net result of the days trading
was a substantially higher level Of
prices. AT the close, after a day of great
activity and variety, the steel stocks were
I; conspicuously under pressure CT realizing
after the opening rise and closed on tire
down grade with only. {. fractional net
gains. Very conspicuous Strength was
shown by St. Paul, Unioa-Pacific, South
N 40 to,
final dealings the Readings and Fries
There was a development OF great specu-
lative activity in sugar, which carried
that stock up an extreme five points
bacco stocks, Colorado Fuel, Consolidated
Gas, General Electro and Pacific Mail
rose from l to "a. Sugar was affected
by the renewed conviction that an un-
ing interests. In the large at large
there was little specific news to account
for the activity and strength beyond the
belief that the agreement arrived at in
the Northern Pacific dispute carried with
it assurance of the concord among all
the great railroad powers.t- Northern Pa
ciffc stock sold at $50 san1 the closing
was 100 bid and $50 asked. Only 100
shares were dealt in. One of the rumors
current was that Northern Pacific stocks
would be exchanged for bonds to be
Jointly guaranteed by Union Pacific. ST.
Paul and Chicago & North Western
Speculation was largely based on general
considerations, such as that time had
demonstrated that the stock market panic
had effected no impairment of the pros
porous business conditions, SO that with
speculative losses adjusted a renewed adj
vance was in order. The unimpaired
earning power of properties and the
renewed accumulation OF capital, it is
argued, point to new demand for secur.-
ties. The belief is prevalent that further
large readjustments in the relations and
holdings of the great railroad systems,
looking towards additional stability of
conditions, are still in cont emplation, and
it is argued that the panic in Itself may
have facilitated efforts to concentrate
holdings of railroad securities with these
ends in view. An easier tone in the ex-
change market Indicated less probability
of gold exports this week.
Bonds We're active and strong, in SYM
pathy with stocks. Total sales, par
value, s4,700,C00. United States bonds
were all unchanged on the last call.
STOCKS
Furnished by Charles H. F. Smith &
Co., members of the New York Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
York. Closing prices are bid.