The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-10
STOCKS GAIN STRENGTH
PREVIOUS DAYS DECLINE is CON-
SIDERED UNWARRANTED
Violent Break in Foreign Markets Be-
cause of the Opening War Has Little
Effect Here-InfIuence of the Baltimore
Fire is Less Depressing.

NEW YORK, Feb. 9.-The stock market
went beyond the partial resistance to de-
preston which characterized it yesterday
and developed positive strength today in
face of the continuance of the pressing
factors. The lack of news of a favorable
character to account for the advance in
prices drove observers back upon the con-
ciuSlon that yesterdays fall comparative
ly slight as it was considered, was greater
than was warranted by the concurrence Of
the Baltimore fire with the rupture be-
tween Russia and Japan The violent
break of state funds in foreign markets
was again accepted as a demonstration
that there was a considerable element
abroad which had still chung to a slender
hope of peace even after the severance of
diplomatic relations and whose hope was
blasted with the outbreak of active hos
tihties. The effect on our market was
scarcely preCeptibIe from the outset of the
trading. The conclusion has been reach
ed. apparently, that no harm to American
interests is to be feared directly or indi-
Iectly from the war
But more potent influence was the re-
Vulsion from the fears caused by the early
extreme estimates of the money loss from
the Baltimore calamity. The. measures
taken to postpone Baltimore'S settlements
and to extend credits promised opportuni-
ties for arrangements to be made. The
Likelihood of considerable portion of the
insurance risks having passed to great
foreign companies was pointed out.
Hope for Insurance Companies.
1ueIe Was less apprehension OF the
necessities Of enforced liquidation of Sc
curlties by the insurance companies and
a greater confidence that they would be
able TO secure credits sufficient to avoid
the necessity for any sacrifice of their Sc
curIty holdings at unremunerative prices.
IhlS view Of the situation does not dis
pose of the large requirements upon cred
Its and the probable effect upon money
rates of this process. The same contin-
gency was more less ignored in the
view that Baltimores mercantile world
would be able to proceed promptly about
the work of recupeTation by obtaining
credits.
The special diversion Of this recon
structive expenditure likely TO flow into
the steel trade was the explanation of the
special demand for United States Steel
preferred which carried it nearly three
points over last night, with notable effect
upon the whole market The stock mar
ket seemed equally Indifferent to the
movements in the cotton market thus Of
fering striking evidence of the change in
the temper of the speculation The time
money market was appreciab1y firmer and
announcement was made of an early call
on the underwriting syndicate for $50 600 =
600 Lake Shore bonds for the final 10 per
cent fnStallment of their subscriptions
There was a late rImor of the placing
of a $500, 600, 600 Russian loan, and foreign
money markets showed a rising tendency.
Nevertheless prices Of the leading active
stocks here made gains of l to 2 points
Bonds were as free from pressure as
stocks, and were disposed to advance
Total sales, par value. $2.565 600. United
States bonds were unchanged on call.
Closing List.