The Saint Paul globe., 1904-06-11

NEW YORK, June 10.-Prices of stocks
moved upwards today rather more de-
cldedly and comprehensiVely than in any
OF the movements which have developed
during the week. The movement was
rather obviously in professional hands,
put the operations of the day were Of a
volume and of a concerted character
which made an impression that they were
In skilled hands, and backed by resources
lhat promised greater effects than the
tentative and timid operations to which
the recent market has been restricted.
The movement seemed to be the result of
cryStalliZed sentiment which has been
FORMING for several days of a more cheer
4ng KIND over the general business out
look
The greater breadth and strength of the
movement was effective in driving in some
shorts who have not been impressed with
the smaller movements, and their buying
TO cover was factor in extending the ad-
vance. 1t was the common opinion, that
the buying was based largely on eXpecta-
ton OF a favorable report by the agricul-
tural department on the condition of the
grain crops on June l. The report was
not published until the closing of the
market, and It's actual tenor is no guaran-
tee OF what movement Of stock prices may
follow, however, closely that tenor may
conform to the expectation of those who
bought stocks. The test of the market will
be its ability to absorb the stocks thus
bought when the effort is made to take
profits on them. The belief that the eX-
pected favorable crop report would induce
some buying of securities had to contend
with the rent-indifference of the early
grain market to the supposed complexion
of the coming report The dealers in
wheat seemed to be disquieted by reports
of excessive rains in the Southwest.
Strength From Weakness o
The weakness Of the cotton market was
OF sustaining influence in the stocks.
The special demand for Pennsylvania
made another radiation center of strength
in the market Some of the current gos-
sip published today hearing on political
affairs in Pennsylvania seemed to. be
made the basis for some of the specula-
ton in this stock. A favorable impress
sion was produced by the evidence of
confidence in the bond market shown by
the offer for subscription of New York
Central debentures and by published re-
ports of the profits resulting from some
of the bond Syndicates recently wound
up. The special strength of the ElectricS
contracts for terminal work to result
from the disbursement Of the proceeds
of these debentureS. .t- .---,
There, was renewal also of the. sug-
geStion of a new control of Ontaria 81
Western to neutralize possible competition
by that company in manner similar to
the Reading and the Hooking Valley con-
troll. The official figures of SubtreaSury
operations have not yet reflected the full
payment of yesterdays transfer of $2,
697, 900 on account of Japanese gold, but
it is expected that tOmorroW'S bank state
ment will have the benefit of that in its
cash item. The currency movement in
favor of New York during the week, in
cluding this transfer, appears to be up
wards of $1,000, ,000 Late renewal of buy
ing made the closing steady at about the
top level of the day.
Bonds were well taken on a rising scale.
Total sales par value, 81, 41O, 600. United
States rs advanced II and the old as de-
clined "A per cent On call.