The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-05

NEW YORK, Feb. 4.-Yesterday's
level of activity in stocks was pretty
we'll maintained and there was evil
dences of considerable strength in the
market. The operations seemed to be
confined still to professional hands,
but the leadership was aggressive and
better organized than for some time
past, and there was evidence of the
control of large resources by those
operations.
1t was the theory of the board room
operations that the action Of the mar
ket was largely due to the foregath-
ering of number Of we'll known stock
operators at a Southern resort abund-
antly supplied with special wire serv-
ice. Included in the gathering is the
operator whose name has been aSso-
ciated with the principal stock mar
ket sensations for many months past.
Whatever the source of the buying,
the movement was spotty and irregu-
lar and the earlier movements were not
we'll maintained. The operations in
Reading were on a growing scale dur
ing the day, and it became easily the
leader of the market in the late deal
1ngS with rise of over points above
last night. There was no news to ex-
plain the movement beyond the heavy
earnings known accommodating in the
treasury in all coal-carrying railways.
Good for Coal Roads Only.
Announcement was made today of
several postponed steamship Sailings
on account of delay in securing coal
This was accepted as illustrating the
universal pressure for this product.
Whatever the advantage of such a
condition to the cOal-carrying rail-
roads, it was not considered favorable
to the industrial situation at large.
Semi official confirmation was given
to the report that the Union Pacific
and Rock Island had been brought to-
gether in some sort of an agreement
assuring mutual advantage by inter
change of traffic. Nothing could be
learned as to the scope of the agree
ment, but the report was accepted that
a substantial step in the community
of interest which avoided future dam
aging competition. The publication of
this report was probably the cause of
revived rumorS that the proposed
merger of the Gould railroad proper
ties was almost ready for announce
| ment. The stocks of various compan-
| les affected by these rumors were not
among the speculative leaders of the
| day. There was an opening squirt in
Rock Island, but the stock fell back
almost Immediately and was more
steady for the rest of the day. Union
| Pacific was firm, but not active and
|
late dealings.
St. Paul Also Up.
| The rise in st. Paul was supposed
| to be traceable to the same sources
as that in Reading. The strength in
! Erie common was only moderate, but
! the preferred stocks, especially the
! second preferred, made better ad-
Vances. Amalgamated Copper con-
t1nued to rise on account of the bet
| ter sentiment in the copper trading,
Yesterdays sudden movement in Unit
ed States Steel stocks was not followed
| up today, and those stocks were in
| clined to drag. This fact and the fail
ure of the Rock Island stocks to retain
| the opening gain, threw the market
| into hesitation and uncertainty. but
the rise in Reading and gains by a
miscellaneous assortment of minor
| stocks had a somewhat reassuring eff
feet Money continued easy and ex-
change firm without affecting the stee
| market. The closing was quiet anC
| steady.
Bonds were steady; total sales, PAL
value, S3,475,000 United States Is
declined IL per cent on the last call
Closing List.