The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-07
STOCKS TAKE A BRACE
PRICES RISE AND VOLUME OF TRAD
ING Is LARGER
Market Is spotty All Day and Early
Points of Weakness Are Entirely Over
eome-PrIncipaI Supply OF Stocks for
Sale Comes From London

NEW YORK, Sept. 6.-The stock mar
ket gave good account of itself today
and confounded its unfriendIy critics by
exten ld its already considerable rise
activity. The market was under sus-
p1e1on of manipulation as it has been for
some time. but the advance in prices
was effected without bringing out any in
supportable burden of genuine selling.
The market was spotty all day and dur
ing the early part of the session was ir-
points, but the tone gained in strength
during the course of the session. and the
earlier points of weakness Were over
come: The principal supply of stocks
Tor sale came from London and was
largely on arbitrage account, owing to the
more rapid advance here than there.
There was some depression in London,
however, attributable to the disappoint-
ment at the prospect of a proiongation of
war in the far East with its burdens on
the worlds money markets
United States Steel preferred was also
a center of positive depression. The de-
cline of point in this security was pre-
sumabiy due to the prospect of a reduc
ti se1a IN the prices of Steel products, the
the corporation is dreaded. The local
fractions Were unsettled by the threat Of
a strike on the Manhattan system and
formed another effective center of SYM
pathetic weakness. Not only the inter-
borough Rapid Transit stock on the curb.
but the Metropolitan traction stocks OH
ttiC WcIS TdlH6E dcutGly al
fected. But these influences were effec-
tually contended with and overcome in
spite Of the sceptical attitude of the
traders. towards the market. Commission
mouse business remained at low level
and the poor bank statement of Saturday
induced some selling from this source.
Unexplained by News
The general news of the day was
rather more favorable values than has
been true recently, but there was no spe-
M 70 IN f1,a<
strength and activity of few stocks.
Reading was the first of these to come
into prominence, followed by Erie. This
was clearly an extension of last week s
campaign in those stocks, which had no
other apparent basis than the Inaugural
ton of the winter schedule of prices for
anthracite az in September. The Pacific took
the leadership of the latter market. The
speculative presumption the part of
followers of the movement was that the
newly returned head of the sytsem was
emDark1ng additional capital in his prop
critics as a result of the matured ref1ec-
ton of the period of his holiday.
The demand for Erie was sought to- be
assigned to the same source. Stress was
laid upon the very cheerful tone of rail-
road traffic officials reports. The gra in
movement for last week was seen to be
heavily expanded and traffic officials
both of trunk lines and Western lines.
We're emphatic in assertions of liberal
westward movement of all kinds of mer-
chandise. Weekly gross earnings report
ed were favorable, especially for some
of the Southern and Southwestern sys-
TENS. The money market was unruf-
fed by the unexpected inroads upon the
surplus reserves revealed by the Saturday
bank statement. The good progress Of
the corn crop reported by the weather
bureaus weekly bulletin was factor in
and the reported deterioration of cotton
seemed not to be taken account of.
The bond market was quite broad and
firm. Total sales, par value, SIS, SIC. 000
i l1v1nI 1or, c-c6
on call.
Closing List