The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-04
STEEL PREFERRED IS UP
THIS HOLDS LATE STOCK MAR
kET FIRM TO THE CLOSE
Heavy Realizing Sales Mark the
Greater Part of the Session-RaiI-
road Gossip Is of Hopeful Character

NEW YORK. Oct. 3.sThe motives
prompting operations in stocks. today
were extremely difficult to fathom, ow-
ing to the conflicting movements in
different stocks in the same group and
supposedly under the same influences:
but it was discernible on general lines
that the load of sales to realize was
rather heavier than at any time here
tofore on the present advance and sJf-
ficient to staggef the market and fairly
carry it backward for a time. The
force in the market We're able to rally
themselves, however. apparently re-
freShed by the extent to which the
Roadway toward recovery. The early
trading had the advantage of the
strong close last week and higher
range of prices in London before the
opening here.
The usual Monday morning express
SionS from railroad traffic officials were
particularly sanguine of future growth
of traffic and reported good actual in
crease in freight movement as a re-
suit of the passing of the corn crop
scare. A prominent feature of the re-
ports Of railroad business was the re-
vival of Improvements and bettermentS
which had been laid aside owing to the
need of retrenchment of extraordinary
expenses. The merchandise movement
was reported to be expanding, but
some falling off was reported in the
grain movement especially of corn.
The late rise in the market on Satur
day seemed to have defined the senti-
ment over the bank statement and to
leave no ground for depressing infiu-
ence from it in the absence of any
actual rise in money rates. The con-
fidence engendered by last weeks sus-
tanned rise in prices had brought in an
unusual accumulation of buying orders
over Sunday.
Recession in Prices
Yet with all these advantages there
was such a mass of profit taking sales
thrown upon the market that prices
promptly receded. after opening irreg
ular, and continued to gravitate to a
lower level until many OF the leaders
were a point or more below last weeks
closing level. The advance of st. Paul
was apparently designed to sustain the
rest of the market, and with it's 3 x
per cent semi annual dividend deduct
ed it looked cheap and was correspond
ingfy easy to advance. It was the only
effective point of resistance in the
market until the appearance of the
governments estimate of the condition
of cotton at noon, which led to break
in cotton and a comprehensive advance
III tie SOtloI carrying. SHOCKS. except
Southern Railway and Louisville &
Nashville, which were burdefled with
profit taking on their former advance
On the rally there were points of
strength in the trunk line group, but
Pennsylvania was conspicuous ex-
ception. The industrials also rallied
strongly, including United States Steel
preferred, Amalgamated Copper, Lead
and Sugar.
The effective influence in holding the
late market firm to the close was the
resumption of the strong upward
movement in United States Steel pre-
ferred to 1914 Rumors were reiterated
of a renewal of the conversion privilege
of the preferred stocks into bonds, but
no official sanction was forthcoming
for this report Time money was quot
ed a little firmer. and the downward
course of sterling exchange was OPP
Grated. Gold was forced up in long
and the course of sterling at Paris and
the weak return of the Imperial Bank
of Germany indicated that New York
would find rivals for any demand on
London for gold.
Bonds were irregular. Total par
value, s4,505, 900. United States bonds
were unchanged on CALL