The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-13

continuance today. of the active buying
OF stocks which developed so
prices We're carried to sub
stantially higher level throughout the
list on dealings Of over a million shares:
The market closed active and firm at
near the top level, proft-taking on the
considerable rise making an insignificant
impression on prices.
The large demand this morning for
stocks was fed freely, and the active trad
ing of the first hour was within a frac-
tional range of fluctuations after the
opening advances. The confidence with
Which these offerings were absorbed en-
couraged new buying. The demand show
ed signs of being satisfied at times during
the day and there were 1ulls in the activ-
ity of the market with fractional recess
slons In prices. but no important pressure
to sell developed at any time during the
day and the bulls had the situation COM
pletely in hand. Evidently a considerable
part of the demand came from the short
interests which had failed to cover yes
terday in the hope of a reaction from the
first rebound of which had put out fresh
lines to contest the recovery. There was
some covering Of short lines of older
standing, as well, which were put out
earlier in the stock market reaction, and
which have remained uncovered through
the OCCASIONAL rallies.
Proof of Confidence.
This demand and some buying from be-
lated investors was significant of a feel
ing of confidence that the turn In the
market is something more than tempo
There has been a recognized waiting
investment in the demand which was
held back from buying on the principle
down they might get stocks cheaper.
Thursdays sudden rebound deprived this
element of its opportunity to buy stocks
near the lowest, but there seems to have
been some buying Of this character today.
There was evidence also of some new
speculative ventures on the long side and
OF renewed activity by organized pools in
certain stocks. The dealings in Reading
We're on an extraordinary scale and it
was rushed up four points in the late
dealings, helping materially to sustain
the late strength Of the market.
A judicial decision affirming the right
of the coal-carrying companies to refuse
to comply with certain demands for in
formation by the interstate commerce
the rise. Rumors were circulated also Of
a. very strong showing of earnings for
May to be shortly published. The, Balti-
more than two-thirds of a handsome in
crease in gross earnings preserved for
the net earnings, made that stock. and
those affiliated with 1t prominent fea-
lures of strength. The Pacifics and ST.
Paul were in large demand and there was
some disposition to attribute the strength
of the Gould group to vague suggestions
that the heavy accumulation of Penn
sylyania on the decline had resulted in
sufficient holdings to secure representa-
ton In that company for the Gould inter-
ests.
Offset for Gold Exports 49,
The forecast Of the currency movement
indicated a sufficient balance OF receipts
for the interior to offset the loss to the
sub-treasury by gold exports, and in adj
dltlon yield an Increase in the cash re-
serves Of the banks Of nearly 81 900, oOo
1t IS hoped that the heavy liquidation
early in the week will be reflected in a
considerable loan contraction. Sterling ex-
change continued to recede but an addi-
tional engagement was made Of gold to
go to South America. Monday is the first
day upon which payments are to be made
of the SO per cent tnstallment of sub
scriptions to the new Pennsylvania. stock
issue. This will call for the payment
of Sac, 900 on or before June 81. Large
portions will be paid in Europe and in
PI'hiladelphia; and it has been officially in
timated that the proceeds will be used
for repayment Of the $40, 600, 900 loan TAX
en- out by the Pennsylvania for six months
last January.
Bonds advanced in sympathy with
stocks. Total sales, par value, So S35, 000
United States rs coupon declined Il and
the new AS II per cent on the last call.
Closing List.