The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-19
STOCKS ARE IRREGULAR
FEvERlsH TENSION OF sPEcuLA-
TON REEAxEs
Selling to Take Profits on the Rise Leads
to Well Controlled Reaction-Market
Becomes More Spotted

NEW YORK, Oct. 1S-A well controlled
reaction was the result of today's stock
market, due to the selling to take profits
On the rise. The control was maintained
by the lifting of various special stocks as
cover to the realizing sales. The market
was kept irregular rather than weak in
this way, but the influence of the adj
vances On sentiment was not SO effective
as yesterday and there was more DISPOSE
ton manifest to look for reaction.
The action of yesterdays late trading
was predisposing cause to this view.
The result was a general conviction this
morning that a very extensive distribu-
ton of holdings had been effected yeSter-
dav from the strong speculative hands
which have foStered the growth of the
present bull markets to the weaker hands
of the new class of buyers who have been
attracted by the later stages of the adj
vance and who made their first appear
ance in any considerable number yeSter
day The consequence was more spotted
market and decline in speculative en-
thusiasm. The dealings fell into a condi
ton of decided dullneSs at various times
during the. day. and the rush to buy,
which carries prices compfehenSlyeiy up
wards, was not in evidence at any time
during the day. The profit taking was not
precipitate. and was not carried far at
the expense of values any advance in
prices was: taken advantage of to sell
stocks, but the pressure relaxed at a re-
ceSsion in prices to last nights level or
below. The consequence was that no great
lnroads in prices were caused by the profit
taking. The policy was reverted to shift
ing of operations from one prominent stock
to another to sustain prices. In the first
hour the stocks chosen were United States
Steel preferred, Missouri Pacific, Reading
and Erie. Later supporting operations
centered on st. Paul, while the early ia
vorites were more or less reactionary, es-
pecially United States Steel preferred.
Movement Not Convincing
The movement in ST. Paul was not
wholly convincing. especially as old ru-
mors We're revived of settlement of the
Northern Securities trouble, this time by
an absorption of ST. Paul by Union Pa
cifie by a bond issue exchangeabIe in the
proportion of 200 per cent in bonds for
100 per cent in stocks. The usual lack of
ture, and the backwardness of the re-
Spouse in Union Pacific was an additional
drawback to the efficacy of the story In
supporting the general market The alb
soTption of Missouri Pacific was on a
very large scale and the motive generally
offered for the buying was that the stock
had not moved coInmensurately with the
rise in the general market. The rise was
in the face of competitive price reduc-
lions for the product ana the excited de-
mand for copper failed To benefit Anal
gamated Copper.
The newsSof the day awakened little in
terest in market circles and attention was
| devoted rto the record of the tape as at
forling evidence of the public interest or
abStention from the dealings. London
was a seller here and discounts hardened
there. The discount rate was soft in Ber-
lin, however, and the weekly statement of
the imperial bank of Germany showed the
effect of the higher bank discount rate in
a cash gain of So. 555, 900 repayment of
loans to the amount of SIS, $780, 600 and a
note contraction of $21610, 900. Sterling
at continental points in consequence re-
covered. The subtreasury took a consid-
cradle sum from the banks here today,
thus reversing the recent course of the
balances. Money rates. however, were I'M
changed. The stock market closed rather
easy.
Realizing in speculative bond issues
made the bond market irregular. Total
sales par value $7,345 600. United States
bonds were unchanged on call.
Closing Sales