The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-28
S. B. Sh0TNFL[. { CO,
CRAIN-STockS
National German Ames4ean Bank Bldg.
STOCK PRICES ASCEND
BROAD AND ACTIVE DEMAND rs
{ :. 81 AGAIN THE ~SToRN 4as
Upward Movement Is Uneven and
T Varied With Small Reactions Sell
ing Is We'll Absorbed and Affects
Advance but Little 10

NEW YORK, Sept. 27.-Another day
Of broad and active demand for stocks
was experienced al the stock ex-
change. lifting still further the aver
age level of pricesI1t The movement
showed some variety and irregularity,
the upward movement being decidedly
uneven and interspel:sed with occa-
sioral small reactions. The selling was
of a character which made it's i'm
preston on sentiment and was called
good which in stock exchange par
lance means that it appears to come
from sources presumably well informed
either on the inside news regarding
properties on the plans Of campaign of
large speculative operators or for some
Similar reason qualified to Judge wisely
of the outlook for values in the mar
ket. But this selling, however well in
formed and impressive, was we'll alb
sorbed and was not allowed seriously
to affect the risingatendency of prices
This fact proved even more impressive
to the sentiment of the market than
the supposed good character of the
selling. Union Pacific and United
States Steel were conSpicuousIy strong
and active and two stocks SO repre-
sentative of general conditions and de-
pendent upon SO widespread interests
necessarily had large influence in
determining the general tone of the
market by the sympathy their strength
eXerted.
The advocates of higher prices also
enjoyed another day Of almost COM
plete immunity from disturbing factors
in the days news. Weather was favor
able for ripening the fast maturing
crops and the weekly bulletin of the
weather bureau contained much to
reassure the apprehensiye lover both
the corn and cotton crops. The repeti-
ton of the low corn crop estimate by
President HILL Of the Great Northern
and Northern Securities, seemed to be
ignored and a sharp advance in, North
ern Securities son the cnrbson buying
said to be for London account was one
of the features of the day. The buy
Ing Of United States Steel preferred
was accompanied blythe publication of
estimates of the earnings of the cor
poration for the current quarter. show
ing a sufficient margin to provide for
the preferred stock.
These. estimates were without any
official or designated authority. There
were some rather conspicuous excep-
lions to the general advancing tend
ency. made the more SO by the nota-
BILE strength which has characterized
them recently Atchison was a
marked example, it's movement be-
need for additional capital in
the annual report came in for much
discussion. The August statement of
net earnings was also disappointing.
On the other. hand the August state
ments of the Chesapeake & Ohio, the
Central of sGeorgia,eand the st. Louis
Southwestern were considered highly
satisfactory and thel4ess satisfactory
showing by the CentraI5 of New Jersey
did not depress that 'stock. The rail-
roads continued to report increased
gross earnings for the third week in
September Rumors bfa strong forth
coming statement of August net earn
ings by the Pennsy 4Taiiia also figured
in the days market. Cotton. Oil suf-
fered from intimatfSnss that the com
mon dividend wouldaB& passed. There
were reactions running to a point in
some Of the leaders before the day
ended and closing was heavy.
Sterling exchange advanced, al
though the prospectus for easier money
in London and cotton bills are quite
plentiful In the exchange market.
London also bought stocks freely on
balance here today Money was dis
tinctly easier in this market in spite
of the continued heavy outflow to the
interior. The strength Of the sterling
is believed to be due to demand on
account of maturing ninetyday loans
against which exchange bills were
sold at the time they were made.
Bonds were firm. Total sales, par
value, S5,335, 900. United States IS adj
vanced Il and the new as declined u
per cent on call.
CInsinn Jex