The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-25
STOCKS REMAIN STRONG
USUAL MONDAY REALIZING SALES
ARE WIPED OUT
Cable Is Kept Busy With Orders to Sell
Here Against Purchases In London
Effect of the Anglo sRdssfan Trouble

NEW YORK, OCT. 24.-The tide of
speculative enthusiasm proved itself suffi-
GENTLY strong IN today's stock market to
sweep up the usual Monday morning real
mental effect of the Anglo-Russian fric-
ton growing out of the damage by the
russian fleet to the North sea fishing
feet, This incident, besides the senti-
mental effect of the fears of resulting hos
tilltieS. had substantial result in the
outpouring here of large offerings of
stocks for London account. |The weight
of this selling was somewhat aggravated
by the inviting level of prices maintained
by the supporting tactics at the off9eenfifIg
here, which offered such profit on ar
bitrage with the, depressed London price
level that the cable was kept busy with
orders to sell here against purchases in
London. It was accepted as a decisive
demonstration of the strength of the spec
ulative position here and the power of
the interests supporting the market that
the Monday morning movement to take
profits could be deferred until the sus-
tanning measures against the foreign de-
preston could be made effective.
1t was on the reaction from the rally
by supporting orders that the profit TAX
ing sales were most formidable and most
urgent, and they proved sufficiently
heavy to affect the whole market and to
cause rather striking breaches in the price
level at different points. After this again
the shift of the speculative demand back
to the Pacifics, and the substantial adj
vance of the general level of prices se1v-
ed to confirm the speculative confidence
in the infiowing tide of the demand for
stocks. That the Anglo Russian incident
did not break the demand went far to
reassure speculative sentiment that the
market was not yet In that vulnerable
position which inevitably results from the
Initiation of prolonged speculation and
the resulting instability leading to top
ping over of values.
Ontario & Western Incident
The dominant influence in the specula-
ton was the credit givens to- stories of
deals as a consequence of the Ontario &
Western incident. That stock made flights
to new high levels on the surmiseS re-
garding the terms of its transfer to the
New Haven. The movement in various
low priced railroad stocks was plainly
based on the supposition that the financial
and railroad powers were. committed TO a
working out of interchange of control and
the absorption of minor railroads, even at
prices considerably above the market, at
the same considerations that prompted
the Burlington purchase and Louisville d
Nashville settlement. The old transconti-
the same CONNECTION. Given So wide a
field for conjecture nd~plausible 4sugges-
ton, it IS needless. to traverse. IN detail
the different movements Of the day grow
Railroad officials continue optimistic
over traffic and report car shortage at
various cash points. Complaint to trunk trunk
freight was an odd appendage to these
traffic reports. Westinghouse Electric
suffered from the projected new debenture
issue. The persistent heayiness of the
United States Steel issues on the eve of
the quarterly meeting of directors, and
the action on the dividend gives addition
al interest to that meeting. The sharp
recovery in foreign exchange was attribut-
ed to the stormy political outlook abroad,
but was emphasized by the large sales OF
stocks here for London account. The
movement aroused suggestions that gold
might go from here to Paris. The mar
ket closed slightly Irregular but animated
and generally strong.
Bonds We're irregular. Total sales, par
value. S., 230, 900. Tinted States bonds were
unchanged on call.
Closing List