The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-30
STOCKS RATHER HIGHER
MARKET Is NARROW BUT SHOWS
IMPROVEMENT
No Reaction Marks the Afternoon as
Has Been the Case of Late-Improv
ed Tone Largely on Account of Alb
sorption of Erie Stocks.

NEW YORK, April 29.-The stock
market was still restricted to a very
narrow professional channel today, but
1t got through the day without the re-
cent customary reversal of the course
OF prices. For several days, with the
diminishing volume of business, the
tendency of the market has been to
retrace in the afternoon the course
taken IN the morning. Today the
course was upward throughout and
professional traders seemed to feel no
soilcitude about leaving their contracts
open over night. The market closed at
practically the highest level and with
a notably firm tone.
The improved tone was largely due
to the sympathetic effect on the gem
eral list of very persistent absorption
OF the Erie stocks, which left the COM
mon IL, the first preferred rs and
the second preferred 3 IL higher than
last night. The report of earnings of
the Lehigh Valley for March showed
surplus after fixed charges of $624,-
574, compared with a deficit for March
of last year of $544,116.
Buying of Special Character.
Supplementing the very favorable
showing reported by the Erie yester-
day for March, the Lehigh Valley re-
port had a stimulating effect upon the
Eries, however was of a special char
acter and gave rise to various rumors,
one of which pointed to an early in
crease in dividend distributions. The
general market was inclined to hang
back and moved in a rather irregular
manner until the persistent strength
of the Fries decided the general up
ward movement.
Some of the New York public utili-
ties were inclined to react after yester-
days short covering movement on the
declared validity of the franchise tax.
Amalgamated Copper rose early in re-
Spouse to a sharp rebound in the price
of London copper, but lost most of the
gain when the London copper market
ran off.
The reaction in the silver market
had some early effect on Mexican rail-
road stocks, but they rallied in COM
pany with the rest of the market. The
shipment today of 100000 in gold to
South America, following yesterdays
similar shipment to Paris, kept alive
some conjecture as to a continued out
ward movement of gold.
London Helps the Rally.
The sustained firmness of the Lon
don money market and the doubt as
to the hoped-for reduction tomorrow
Of the Bank of England discount rate
caused some reflected depression early
but London afterwards turned buyer of
stocks here and helped in the rally.
with the announcement of the fran
chlse tax decision professional traders
were inclined to take the view that
all of the bad news Immediately ex-
pected was now known and the mar
ket reasonably secure against depress-
ing factors. Money continues to work
easier. There is little demand for time
loans for the shorter periods owing
to the inclination to depend upon the
call loan market. For periods car
rylng over the crop moving season the
demand is more general and rates are
frfnly held at per cent for January
maturlt1es. But supplies Offering even
for the longer periods show an increas-
ing tendency.
The decreasing supplies of money
afect bonds more distinctly than
stocks. A wide variety Of issues was
dealt in today, although price move
ment still continues somewhat irregu-
tar. Total sales, par values. S2.132.-
900. United States rs advanced Is
on the last call.
Closing List.