The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-07
STOCKS MORE ACTIVE
VOLUME OF TRADE TWICE AS LARGE
AS TUESDAYS
General Demand for Securities Seems to
Have Experienced Sudden Revival
Northern Securities Rises Nearly Four
Points


NEW YORK, July 6.-More than twice
as many shares of stocks were dealt in
at the Stock Exchange today than was
the case Yesterday. and yesterdays total
ready enlivened dealings of the preceding
session on Friday. The suppositiOn that
the general demand for securities has ex-
per1enced as sudden a revival as is indi-
Gated by this rate of growth awakenS some
skepticlsm over the character of the
movement of the market. There were
other features brought out in today's
market which strengthens the opinion that
the movement is largely a professional
one in its present stage But the momen-
tum impaired to the price movement by
values to considerably higher level today
and enabled the buyers of yesterday to
take profits freely on the advance and
to continue the movement in spite of some
unpropitiouS features ia the days news.
The professional trading and skill which
lent their auspices to the movement were
made manifest in the adroitness with
which large buying was censefed on stock
whole market and shifted successfully
from one to another of such stocks while
the suiting effect of these tactics was
taken advantage of to sell for realization
of profits in stocks which had previously
advanced. Union Pacific retained a posi-
ton of influential leadership in the mar
and was the subject of free profit taking
along with others conspicuous in yester-
days movement. The position of conspie-
uous leadership today was taken by Penn
red. The buying of these today came
from the same quarters as that of Union
Pacific and ST. Paul yesterday. The news
to account for the advance in these two
stocks was meager. but the belief i that hat
prices of steel products would be main
tanned by the pools and that the preferred
dividend on United States Steel would be
maintained were dweit upon.
Political Issues Settled
The drift of political discussion in Stock
Exchange circles made it evident that the
belief is general that the candidates and
the issues between the two great political
parties are practically decided on and the
SuppoSltlon Was not lacking that the oper-
atoms in the market were based on the
conditions thus implied Crop news would
hardly account fer the advance in stocks.
as the staple markets reflected a good
deal OF apprehension over crops. especially
the wheat market. The strength of cotton
was attributed more to news of fire dam
age to stocks of cotton. Some bad wealth
er news affected the market late in the
day Very sanguine expectations are held
however, over the cotton crop and the
cotton crop and the cotton carrying rail-
roads We're conspicuous in the days
strength. Anthracite trade advices were
conservative in tone; pointing out that
much progress had already been made
in the annual stocking I'D
A rise of nearly four points in Nertherr
securities on the curb was a sympathetic
help to the general market. but was unex-
planned. An advance in the price of cop
per led to the rise in Amalgamated Cop
per. An argument much heard for the ad
vance Ia the general list was the supposed
existence OF very large and very long
standing short interest in the market
Which must be obliged to take stocks to
cover short contracts if the rise is extend
ed to sufficient proportions. The mar
ket Was readily carried to the top ieve,
OF the day in the final hour, after much
realizing had been disposed of, and the
closing was fairly steady. but not at The
best prices.
Bonds We're generally firm Total sales
par value $500. 900. United States bonds
were unchanged on call
Ciosinn iSi