The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-07

NEW YORK, Oct 6.&With prices in
clined to react for st. Paul, Union Pacific
and United States Steel preferred on the
STOCK exchange and similar tendency
manifest in Northern Securities on the
curb, the stock market was deprived of
the principal incentives to the speculative
excitement of the previous days of this
week and lapsed, into a condition. Sby COM
parison, of decided quietude, The result
was to lessen the activity of the trading
to q marked extent. This result following
a gain in prices was taken to pc a techni-
cal indication of firmness and strength
and sentiment towards the market con-
tinued to- be governed accordingly until
the break at the last;.g Rumors then be-
came current of a shift to the short side
for bear campaign of impeEtant opera
tors who have led the advance. The prin-
cipal activity shifted to new quarters, and
in these prices advanced These new
reaction had become fairly general.
Amalgamated Copper was the first point
IN which strength was shown The buying
of this stock was based upon the reports
from the copper trade, which showed a,
lively demand. both for foreign and do
nestle consumption, which was carrying
prices to a higher level: The rise in Della
ware & Hudson was attributed to favor
able comparison between that stock and
other high priced coalerS. The move,
ment in Reading was, in some sort,
resumption of a previous! campaign and
was based upon proffered belief in an early
dividend distribution on, this, stock. On
tar1o d western was the only other coaler
to sympathize in the movement. This
Reading movement was about the only
symptom of the days market of the pur-
suit of the policy of rotation of support,
which has been followed for a long time
by the forces in control of the upward
course of prices. The attempt to advance
Brooklyn Rapid Transit was abandoned
when the heavy selling of the Metropolitan
stocks was developed by their sympathetic
advance.
Attitude of Warning
The days market did not follow any
news developments beyond the growing
disposition shown by all public discussion
to assume an attitude of warning towards
the danger of excess in the rise in prices
and the comm itpentss to the market on
borrowed money based on the plethora
which had obtained in Stiie money market.
There is no present movement to curtaH
stock market, loans, but the depletion OF
the surplus reserve is uninterrupted and
a process of loan contraction seems a
question of only short time. The in
attention to the cold weather reports
the grain crops are practically made and
increased estimates of the total yield were
in circulation.
Advices from the iron and steel trade
were of pause in the demand for iron
and a still moderate demand for forms
of steel. The failure to declare the divi-
dend on the Steel .Foundries preferred
stock and the reported $10,000000 bond
issue on the Republic IRON and Steel COM
pany were deterrent influences on the
iron and steel group The weakness of
the lead and smelling. stocks was due to
the reported abandonment for the present
of the attempted lead merger. The weak
and active closing showed that the strong
features of the day proved too mild a
stimulant for the market in its present
habit of Indifference and. there was little
left of the few gains.
Bonds were steady Total sales. par
value, $3.595, 900. United States old As
declined x per cent ON call.
Closing List