The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-05
STOCKS MORE ACTIVE
BUT THIS CONDITION DOES NOT EN-
DURE VERY LONG
Market Falls Back Into Professional
Rut After Some Show of Strength
United States Steel Says TO Almost Its
Low Record-DuH and Heavy Closing.

NEW YORK. Nov. 4-There was a
slight increase of the ate of activity in
trading in stocks this morning, with some
show of strength, but neither lasted the
day out The market had fallen back into
a professional rut by the afternoon, and
the level of prices was quite generally be-
low Mondays closing. In a few OF the
prominent stocks the decline reached a
point, but the whole movement was
trivial and the market insignificant. The
professionals who had the market to
in the hope that some outside demand
would be attracted by the engagements OF
gold for import. Their idea was that pos
sible buying had been restrained on Mon
day owing to the tendency of the. holiday.
The stocks of New York corporations also
shot up this morning under operations by
professional traders who based their
transactions on expectations of possible
results of yesterdays election. The open
ing advance was in part manipulated, as
was shown by the free selling to realize.
The movement in these stocks dates back
to last week, when there was a light ac-
emulation based on the coming election.
A batch of fairly favorable railroad
earnings had some effect in helping the
opening advance, but the railroads were
minor feature in the market all day.
The check to the advance began in the
United States Steel securities. Both the
common and preferred stocks sagged to
within a small fraction of the previous
low record. The bonds also weakened
sharply and lost points on the early ad-
vance. The cause of the weakness and
the source of the selling were not very
clear but much of the selling was attrib-
uted to London account and gave rise to
some rumors of financial trouble in Lon
don which were not verified.
iron Restriction Depresses.
The reported intention of iron manu-
facturers to cut the price of pig iron still
further had depressing effect in the iron
and steel group. 1t is feared that such
cut may be followed by the reduction
in the prices of finished shapes. Current
reports of conditions i'll the trade were
very discouraging and new orders were
said to be at the minimum.
The downward course of sterling ex-
change was halted and the price of gold
was marked up in London. Money was
reported in good supply there, however,
leaving the question open of an advance
in the bank rate tomorrow, which would
be otherwise expected. The outgo of cur
rency from here to the interior continued
made up of a 100000 shipment to New
Orleans and $500, 000 to Chicago This is
without allowances for the loss by the
banks to the subtreaSury since Friday sof
So, $4,000. AT this rate of outgo fur
Their import of gold will be looked to as
an onset. The announcement that one
of the smaller trust companies in ST.
Louis has decided TO go into liquidation
was without effect in the early market
and the disturbed conditions on the
isthmus of Panama also seemed to be
ignored. The market closed dull and
. heavy.
The early evidence of firmness in the
bond market gave place to heavy tone.
Total sales, par value, 81. 535 .0o0 United
States IS and the old As declined Il per
cent on the last call.
Closing List.