The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-05
ST. PAUL IS BOOSTED.
THAT. STOCK SEEMS TO REACH
NO LIMIT IN ITS FLIGHT
Runaors Regarding the Northern Sc.
curities Settlement Are Still an Ac-
tive Factor in Wall. Street-Profit
Taking ia Steel Preferred

NEW YORK, Oct. 4.-Speeulative
attention reverted again today to the
Northern Securities settlement ques-
ton and United States Steel preferred
was given over. TO a profit taking
movement. The rather emphatic of
fetal denials that the corporation was
buying it's preferred stock for CONVEX
sion into bonds which was the nomi-
nal cause for the buoyant rise in stock
yesterday, made it natural that some
selling should result today. It was
not surprise to see the force of the
days rumor mongering shifted to the
Northern Securities question, as these
two subjects have shown unexhausted
capacity for stimulating furious price
movements. The movement centered
in st. Paul today. That stock seemed
to reach no limit to its flight. It's
action was the direct outcome of the
strength of Union Pacific and of
Southern Pacific on the exchange and
of Northern Securities on the curb.
The new phase of today's rumors
regarding the settlement of the dispute
over the distribution of the Northern
Securities assets was that it involved
the Judgement of control of Northern
Pacific, which is the vital point in the
contest, in the st. Paul, but not the
faintest admission from any official
source of the truth of the report could
be secured. 1t was pointed out that
the legal contest to decide the question
will, if necessary, be pushed to a con-
cluSion in. order to meet the fiduciary
obligations of the Oregon Short Line
directors to- the holders of their par
ticipating bonds. The extraordinary
action of st. Paul in the, market pre-
vented entire discredence Of the re-
port. Room trading incident to the
movements
and involved quick turns in tens of
thousands of shares.
The movement elsewhere was more
moderate and was accompanied by
steady profit taking, not only in United
States Steel preferred, but in others
which We're prominent in yesterdays
rise, notably Erie and Norfolk and
Western. For a while during the final
hour the profit taking became general
and rather precipitate on the days adj
vance. The advance started in the
Southwestern cotton carriers yeSter-
day by the governments cotton esti-
mate was continued today with Mis-
souri, Pacific leader. Pennsylvania
moved out of its instability of yester-
day and shares in the advance, al
though it's August statement was not
considered highly satisfactory owing
to the large decrease in gross earn
ings, which had to be overcome by the
retrenchment in operating expenses.
On the other hand, good August state
ments did not help Southern Railway,
Norfolk & Western or Chicago & Alton.
The weather bureaus weekly bulletin
on cotton somewhat modified the off
effect Of yesterdays government esti-
mate and the forecast of freezing
weather or snow in the West and
Northwest was a factor in the days
markets.
The money market continued tran
quill, but both the government and the
interior absorbed further large cash
resources. Continental exchanges
moved against London and gold was
marked up another fraction there. The
stock market here closed unsettled and
irregular by reason Of the extent of
the late profit taking movement. st.
Pauls net gain was 6 n. or a point less
than the extreme advance.
Bonds We're firm. Total sales, par
value, $6,055,00O United States old
As declined Is per cent on call.
CIosjnn ist