The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-09-06
ADVANCE in ST. PAUL
THE EXTENT OF THREE
POINTS
LITTLE OF THE REAcTIoNARY
TENDENCY OF THURSDAY
Reports of Closer Working Agreement
Between ST. Paul and Missouri Re-
sponsibe for the Rise In the Former
Undertone of the Market Somewhat
Observation-Disclosures Gain.

H., NEW YORK, Sept. Sat the opening
today the stock market reflected little of
yesterdays reactionary tendency, though
the undertone was somewhat heavy in
view of the unstable money market and
lower prices from London. st. Paul came
into early prominence, and with Missouri
Pacific, divided the days honors, renew
ing rumors of closer working agree
ment between those two lines On trans
actions exceeding $4,000 shares st. Paui,
while closing somewhat below the pest,
made a net gain of almost points while
Missouri Pacific, which was much more
active gained 11a. The other Southwest
ern stocks, especially those in the Gould
system, made some recovery on the grow
ing belief that the government crop re-
ports would prove somewhat exaggerated.
Norfolk & Westerns strength was due
to favorable forecasts regarding the an
nual report, and Pennsylvania gain,
tributed to the collapse of the tunnel
franchise opposition.
Settlement in Reading.
The comparative inactivity of Reading
common, which was heavy throughout,
resulted it was believed, from the i'm
preston that the probable contest for
control had been settled; The Lis {, Che esa
son of the roads poor showing. for the
latter part of August, but closed with
fractional gain. Wabash issues advanced
on news of a favorable judicial decision,
and the debenture BIS, together with st.
Paul common, were among the few issues
that made new high records.
The early session also brought gains to
a number of induStrialS, including Vir-
ginia- Carolina Chemical, Cotton Oil. Peo-
pies Gas and Sloss- Sheffield Steel, but
with the exception of Gas and and the
Chemical issues, these improvements did
not hold. Manhattan was the feature OF
the transactions, though its gain on the
day was only fractional. Irregularity
followed another squeeze in call money,
which worked nominally as high as 10
per cent, but actually not higher than
S1s, and fell off as low as 3 " Much OF
the afternoons business was in the indus
trials, notably Colorado. Fuel, Pacific Mail,
Peoples Gas, Leather issues and the IN.
dependent steel and iron companies, all of
which closed with net gains.
General Recovery.
In the last hour there was general
recovery to above the previous days final
prices, and the closing was in the main
firm The subtreaSury'S debit balance at
the clearing house Of over $1,000 600 was
navy, and $250,000 for account OF klond1ke
gold. There was also a transfer OF $500, )
600 for local banks to New Orleans. To-
morrows bank statement will, 1t Is be-
lieved, show further loss of surplus re-
serves, but is not expected to reflect IN
full the $4,000, 600 lost to the subtreasury
and the interior by local institutions. Lon
don was again prominent in today's opera
lions, though selling on the balance.
Railroad bonds showed a good tone
throughout the day. but the market was
less active. Total sales, par value, So, 22O,
600. United States old As coupon adj
vanced q, and the new As registered de-
clined u per cent on the last call.
Stocks.