The Saint Paul globe., 1904-10-29
RECOVERY IN STOCKS
ASSURED EUROPEAN PEACE PROVES
A BRACE TO PRICES
Excursions Are Made Into the List to De-
veiop New Points of strength-interest
at the Higher Levels Declines

NEW YORK, Oct. 2S.-With the fears
OF rupture between Russia and Great
Britain relieved, stocks scored. a sharp
recovery today. There was an assertion
of the recovered bull control of the mar
ket and excursions were made into the
IlSt TO develop new points of strength.
ihe efforts met with success. The Strik-
ing feature OF the market, however, was
the decline in interest at the higher levels
ana the lapse into actual dullneSs at times
Ihe market was the smallest of the week.
Ne consequence was SuppoSitl0n that
belated shorts were largely responsible
for the rush to buy at the opening and
the squirt in prices at that time. The
inference Is drawn that yesterdays bump
has had the effect of inclining large spec
ulative forces to refrain from further
heavy operations for a time.
In the early dealings Union Pacific main
tanned wei It's recent prominence in the
market, the impelling factor being the
definite decision on the part of the Ore
gon Short Line directors to avail them
gage to retire the participating bonds at
1021a. In spite of all official disclaimers,
the speculative element sees in this a
certain indication that the Northern Sc
curities settlement is being worked out to
extend the community of interest in the
tranScontinental railroad field. Official
disclaimers OF the reported absorption for
control by Union Pacific of Chicago Great
western stock were treated with the
same scepticism. The speculation shifted
later to the coalers and other quarters of
the list The story of bid by the Erie
for the control of the Cincinnati, Ham
iiton & Dayton persisted and was the only
apparent ground for the heavy buying and
strength of Erie.
Lackawanna Conspicuous
The sympathetic movement in the other
coaiers was supposed to point to some
common benefit to be derived by the
sp1cuous, soaring to new record levels on
small transactions and by jumps of sew
erai points between sales to 800. The
renewed strength of United States Steel
preferred was as effective as anything in
the days market in restoring speculative
confidence. as the heaviness of the steel
securities may be said almost to have
shared with the war scare as cause of
the weeks break in the market
The rise in -Amalgamated Copper and
In Sugar was associated with the favor
able trade reports from the industries
with which those companies are concern
ed The Canadian Pacific group was nota-
bly, buoyant, but no news was disclosed
to account for it. The situation in the
to the facility with which stocks recov-
cred The considerable receipts on bal
ance from the interior on the regular
sppraSs eeen Tas sasng to the
pointed to- this as lufl in the interior
demand rather than an end of the move
ment. The loss by the subtreasury opera
tfonS and Thursdays gold exports was
thus reduced to small proportions. The
decrease in the foreign tension afforded
some relief here to the exchange market
and no further engagements were made
of gold for export tomorrow. as had been
anticipated. Money on call was offered
down during the day from 21h per cent
to below, 2 per cent. The occasional fluctu-
ations of the market gave way to a recov-
cry in the final dealings and the closing
was firm and generally at the best prices
Bonds were firm. Total sales, par
value, $6,205,0 000 United States bonds
were unchanged on call.
CIosino L isf