The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-09-09

NEW YORK, Sept. S.-Persistent
strength in the face of continued high
money, which at one time ruled at 10 per
cent, and a further draining of local re-
sources was the most striking feature OF
todayS stock market. Under London S
lead the list ignored last weeks bank
statement. opening with but the slightest
trace. of irregularlty, though this condi-
ton became rather acute before the end
OF the first hour, when demand loans
We're quoted at per cent Apparently
the buying movement, which was again
largely speculative, was based upon the
money would bring gold imports.
Reading common advanced about 2 per
cent in the initial trading, but soon lost
much OF its gain, only to more than re-
cover it's loss at the close. Other early
features In point of strength and activ-
ity We're Missouri Pacific st. Paul, Balti-
more & Ohio, Wabash issues, Canadian
Pacific, Pacific Coast, Pacific Mail and
some other railway issues, while in the
industrial class there were very material
gains in the Independent Steel and Iron
stock, American Smelling and Amalga-
mated Copper.
New High Records.
New high records were again the order
&c Sault Ste. Marie, Pacific Coast com
mon and second preferred, American Car
4 Foundry, Pressed Steel Car preferred,
Republic Iron &c Steel common and pre-.
Springs selling higher than at any previ-
Gus time. In the outside market heavy
dealing in Northern Securities advanced
that stock to 1875, a new high record,
and there was considerable activity in
the Rock Island issues.
The recessons in the early markets
were clearly due to profit takings, not to
apprehension over the monetary outlook,
but from start to close the market main
tanned a firm undertone. Reference has
already been made to the dominance of
the speculative element in today's tran
sactionS and it is fact that commission
or public buying.
No less true, however. is it that much
of the days buying came from strong
for instance, Being bought in large blocks,
by brokers who were said to represent
the so-called Standard Oil interests. West
ern advices reiterating promises of bump
er corn crops in Missouri and Kansas are
supposed to have stimulated the buying
Of the railway stocks in that territory.
London traded moderately in the mar
ket, selling about 5000 shares on balance
out of a total of $4,000 shares.
Demand for Stocks In the Loan Crowd.
A significant feature was the unusually
crowd, especially Union Pacific for i'm
mediate delivery. Run1orS of the purchase
of Detroit Southern and Pere Marquette
by Pennsylvania interests were not con-
III L vi 1liulCdlIOllS VI Lie us
indignation of the soft coal strike were
at hand, but no news bearing on the an
thracite situation were heard. In the last
hour the market broadened and grew
stronger in many directions, the trans
continental stocks leading with sharp
gains in Atchison Missouri Pacific, South
ern Pacific, st. Paul and Rock Island, the
latter making the greater part of It's gain
in that time. The transfers Of $3.50 900
to New Orleans for crop purposes were
reported and the sub-treasury had a cred
it balance of 100000 at the clearing house
as a result of heavy internal revenue col
lections.
Call money declined to per cent, clos
ing at 8 per cent. There were further
declines in sterling exchange. The clos
ing was in the main firm.
The bond market was active and firm
with a point rise; in the Wabash de-
benture BIS on enormous dealings. There
was no news to account for the extraor-
binary activity in this issue, but the
opinion was expressed that it was in the
nature of speculative movement based
upon the strengthening of the system. To-
tai sales, par value, s4,550,000. United
States old As declined Is per cent and the
new As advanced ~ per cent. and the
new As coupon IL per cent on the last
call.