The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-03
STOCKS TURN UPWARD
SLUMP IN CANADIAN GROUP HAS
NO EVIL EFFECT
st. Paul and Other Leading Securities
Rise Materially and Market Closes
Strong and ActiVe-Twin City Rapid
Transit Down 13 Points.

NEW YORK. June 1.-The first eff
fectIve turn against the bears which has
been accomplished since the present pro-
longed decline in prices set in was eff
fected today, and that without any strik-
ing development in the news to affect
values. On the contrary there was a
demoraltzed slump in a group Of securities
which We're sympatheticalIy affected by
the speculative breakdown in certain
Canadian markets. 1t was the serenity
with which the break was regarded and
its failure to induce any further nquida-
ton in the market which impressed 1he
bears with the advisability of protecting
their position by covering their short
commitments.
During the last hour of the trading the
demand from this source became some
what urgent and st. Paul and Missouri
Pacific were lifted more than 2 points over
last nights level Rock Island Southern
Pacific, Atchison. Louisville & Nashville,
Wabash preferred and a number of such
influential stocks besides rose about ,
points over last night in the late dealings
and the market closed very active and
strong. Premonitory symptoms Of trou-
group of securities for some time and
seemed to have had their inception in the
runored troubles of the Dominion Coal
and Iron companies and in an excess of
speculation on the part Of the Canadian
shareholders IN these companies.
Minneapolis G. st. Louis Plunge.
Yesterdays sharp decline in some of
these stocks induced demands for addi-
tlonal margin by New York brokers and
forced liquidation Of some of these &C
counts today. Twin City Rapid Transit
suffered the severest decline VITA a dis
orderly drop of over Is points Canadian
racine. Detroit United Railways and Min
neapoI1s, st. Paul & Sault Ste. Marie
stocks We're also forced to sale on a de-
scend1ng scale. A drop of Il points in
Minneapolis & st. Louis was an incident
points in Minneapolis & St. Louis. 5% in
Twin City Rapid Transit and between 8
ana points In Canadian Pacific and MINI
neapollS, St. Paul & SauIt Ste Marie
Besides these disturbing Influences the
market had to face the probability OF
shipments Of gold on Thursday of an ag-
gregate Of 600, although only part
OF TINS sum was actually engaged today.
A slump in the London copper market
caused the drop of points in ANAL
gamated and was a check to the early
don resumed trading after the holiday
today and was disposed to buy stocks
mere, 1t was reported that London was
snort of Americans. The further reports
of flood damage in the West were With
out notable effect as the quieter tone of
the grain market gave ground for hope
e snae tne n 1arm H. to the crops had been
exaggerated The weekly crop bulletin
OF the weather bureau also proved less
un1aVorabIe than was feared. The re-
ports from Chicago that a settlement had
oeen erected of the freight handlers dis
pute was a notable cheering factor TIE
April report Of net earnings by the Penn
Sytvania showing a liberal increase seemed
70 De effective in the general market. al
though Pennsylvania itself moved mar
row1y. --D
Have Reached Bed Rock
It has not escaped the notice of the
pears that the downward course of the
standard railroad stocks has been ar
rested as they approach the level at
winch their dividends yield an invest
ment return which conforms to the pres
ent return on money in loans. For sew
efat days there have been signs of sta
oIIIty IN number of leading stocks
which have approached that level 1t will
De remembered that railroad stocks mad
advanced at one time to prices which
onered lower returns than on frst-cIass
railroad bonds. Extravagant yaIuafionS
placed on railroads which were sought
Tor control and on which there were san
guine hopes of dividend increases were
the influences in fixing this level and m
days rally IS in intimatfon that the prices
or some of these stocks at least have got
back to an attractive investment level
New Rock Island IS newly dealt in rosa
more than point over last nights curb
price and there was a sharp advance in
United States Steel second IS. Other
wise the bond market was irregular. To
TAI sales, par value, $2510.OO0 TTnited
states Is coupon declined y per cent on
the last call - i-' oAi
Closing List.