The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-14

NEW YORK, Oct. 1S.-Today's stock
market passed through a number of sep
arate phases and ended the day in
nearly stagnant condition and with
last nights level The market enjoyed
its period of decided strength during the
early part OF the day, when the selling
pressure which has been so conspicuous
recently seemed to be entirely Withdrawn.
An organized party of professional traders
made an attempt to start prices upward.
percelVlng number of circumstances
which might work in favor of the attempt
The most notable of these was the build
ing up OF a large short interest which
gave evidence OF its existence by an
causing number Of the industrials to
command a slight premium for that
purpose in the loan crowd
London was inclined to take a more
cheer1ul view of the financial outlook
ana felt somewhat treasured over the
prospects in the far East, and decidedly
SO over the absence Of trouble in the
progress OF the stock exchange settlement.
Buying for the new account in London
puts the next settlement off for two weeks;
and on these terms London was disposed
10 puy Few stocks here. But the most
important effect of the London Dosition
was its relaxation of pressure here. Spec-
ulatlVe circles were inclined to attach
Importance to some very large and con-
centrated buying of United States Steel
preferred, which was noted yesterday and
gave rise to reports of very important
accumulation. That stock in CONSEQUENCE
recovered to go and inspired a hope that
ITS downward course had been arrested
at last.
Importance was attached to the state
ment that the ship building case was
TO be adjusted and discontinued. At the
dend increase in Amalgamated Copper
and of declaration of a dividend on
Reading second preferred.
Low Record for Steel.
"A downward plunge in United States
Steel preferred to 57A, the lowest price
OF record, had chilling effect on the
W tt movement and caused a reactionary
tendency The selling of the stock was
associated with the renewed stock mar
ket furry In Pittsburg, and it was ru-
n, req that the Steel preferred offered
loan which was affected by the Pitts
burg money troubles.
In Westinghouse Electric and a dron nj
II IN the first preferred were supposed
TO ind their origin at the same source:
Inc slump of points in Colorado Fuel
mad no news to explain it, but was sup
posed to be connected with a speculative
control was still disputed. AS a minority
stock the demand has so far fallen off as
10 offer little market for forced sale
Inc railroad equipment companies were
SUN notably weak, under the influence OF
the official admissions of large mea
OF economy by the great railroad svs-
TENS, which are expected to become gen
eral throughout the railroad world A
sale of old Rock Island at a decline of II
points attracted some attention. The
break in Canadian Pacific just at the
close was attributed to orders from Mon
treal. The Western demand for clIrrencx
is still deferred, and New York exchange
at Chicago went to Is cents premium
The money market Is correspondence easy
in tone, but bankers maintain degree
of caution on the possibility that the de-
mand, though late, may still come up tc
the normal
Outside of the fluctuations in Stee
bonds the bond market was narrow ano
un1mportant. Total sales, par value, 81,
$40, 900. United States Is advanced u Del
cent on the last call
Closing List.