The Saint Paul globe., 1904-10-21
STOCKS REACT FURTHER
Is AT NO TIME ACUTE,
HOWEVER
When Selling Exiausts Part of Its Force
Another Movement Toward Recovery
Develops Is Firm

NEW YORK, Oct. 204The reaction in
STOCKS went further today, but the mar
ket gave proof of the wardship of power
r9i no supporters fipe and the weakness was at
measures were adopted at the opening
against the early flood of profit taking
which was brought in over night by yes
terday's sharp break in prices The re-
action was then seemingly allowed to take
Its course for a time, and when the sell
ing had exhausted part of it's force an
other moEement towards recovery deyel-
oped News bearing On values played
little part IN the movement.
The determined liquidation in United
States Steel stocks had as much effect
On sentiment as anything else has and
occurred in spite of the news of excited
buying of pig iron for forward delivery
and OF very large orders for new freight
cars by the railroads in expectation of
an active revival of business. Yesterdays S
report OF the Republic Iron and Steel COM
pany, disclosing the extent of the slump in
the trade last year, came in for some con-
sideration, and the new interests repre-
sented in that company may have aroused
attention to the possibility of new oppo-
sltlon to the corporation. There were
also rumors OF Intended closing down of
furnaces by the corporal ton The COM
placency with which the reaction was
generally regarded was due to the sup
position that the great financial forces
which have made the market favored a
reaction in order to shake off weak fol-
lowers and give opportunity for them
selves to secure stocks at a lower level
which had been sold at a profit
Buying of Best Character
In accordance with this idea was the
assertion which found circulation at va
rious times during the day that the buy
ing On the decline was of the best charac-
ter. As the art sofl fconcealment of acts
is the one most priced in stock market
operations, it follows that the floating in
formation on this subject is peculiarly
liable TO error, The conviction, however,
that powerful financial interests were
taking stocks on the decline and that
a waiting demand existed at lower prices
did have strong influence in diSSuading
holders from parting from their stocks
and in sustaining the tone of the market.
The special movements of the day were
IN the local fractions, including In
terborough Rapid Transit on the curb and
Ontario & Western The movement in
the former was IN connection with revived
rumofS of a comprehensive merger in the
local traction field. The report of pyr-
chase of Ontario & Western in the interest
of the New Haven which was officially
denied yesterday, was revived today.
Amalgamated Copper weakened in the an
ticipation of only the regular dividend be-
ing declared and rallied on the actual
declaration. ST. Paul and Atchison offer
ed relatively good resistance to depression
and Chica go Great Western made a show
of strength. The furious buying of On
tario & Western toward the last held the
market firm at the rally to the closing.
The. days net changes in consequence are
very small and show mixed gains and
losses.
Bonds were irregular. Total sales par
value, $4,6S0, 900. United States bonds
were unchanged on call.
Closing Sales