The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-15
STOCKS RISE FURTHER
CONVICTION PREVAILS THAT LEVEL
OF TRUE VALUES is SOUGHT.
So Violent Is the Upward Movement That
Suspicion Is Aroused-Necessary Liqui-
dation Is Apparently Done for the Pres
ent-Western Grain Carriers Strong.

NEW YORK, Aug. 14.-There was an
other uprush of prices today in further
recovery from the extreme depression of
last week. So violent did the movement
become that it was regarded with some
suspicion and professional traders be-
came very watchful for symptoms of re-
action in order to seize a ripening op-
portun1ty for a shift to the short side for
a turn The market showed abundant
evidence of leadership and skillful man
agement, and was held by transferring
Dull operations from one group OF stocks
TO another taking profits in the one as
buying was shifted to another.
News seemed to have nothing to do
with the advance beyond the feet that
the market had turned. That is to say,
the conviction was general that neceS-
sary liquidation had been completed for
the present and prices consequently left
free to seek the level of true values. Lit
tie was heard of yesterdays numerous
stories regarding Reading, which ranged
over wide field of credulity and that
stock was steadily under pressure to take
profits all day, with the sustaining
strength at other points in the list
Strength in Western Roads.
There was not at any time an advance
over last night and the greater part of
the day was below. The early strength
in the market was most conspicuous in the
Western grain carrying railroads and the
principal buying shifted afterwards to the
Eastern part of the map, led by New
York Central and followed by other trunk
line stocks. London was reported an
eager buyer of New York Central but no
other news was forthcoming to explain
the strength in the stock. London was a
seller ON the balance of the list in the
days market, the advance there failing to
keep pace with the movement here and
so offering an arb1trage profit in selling
in this market all day.
The foreign exchange market was some
what affected and hardened on a demand
for remittance by tomorrows steamer.
There was great interest in the question
whether foreigners would resell Americans
The United States Steel stocks Jagged in
the upward movement of the day and
were somewhat affected by the reports of
extensive shutting down of mills in West
ern Pennsylvania and Eastern Ohio.
Amalgamated Copper was helped by a rise
in the price of the metal here. In Lon
don there was a rise in copper futures,
with a slight recession in the price of
spot.
Minnesota's Wheat Record.
A feature of the days news was the
report of sales of cash wheat at Mime
apolis for 81 a blu. Preliminary estimates
to cash gain by the banks this week of
nearly $3,000,000 Curiosity regarding the
bank statement centers on the loan item.
The active buying of stocks during the
week has undoubtedly involved some
heavy borrowing. But the entire lack
of response in the loan item of the banks
to the long liquidation makes the ques-
ton of the effect of the renewed buying
of stocks on loans a doubtful one. The
violent upward movement of 512 points to
so in Amalgamated Copper on dealings in
nearly 100, 900 shares sustained the later
markets. which had shown signs of hes
itation. AS it was, last prices were often
a little below the best, but the closing
was strong and active. The days gains
range from l to points and the leading
Pacifics, grangers, trunk lines and spe-
cialties were all strong.
There We're a few heavy spots in the
bond market but the tone was generally
strong. Total sales. par value, So, $50, 900.
United States bonds We're unchanged ON
last call
CLOSING List.