The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-09
STOCkSSHOWSTRENGTH
BUT AN ELEMENT OF WEAKNESS
PERVADES THE MARKET
Favorites for the Advance Are Picked
From the Railroad List-Steei Declines
After Rising a Full Point-cIose Is Ir-
regular

NEW YORK, Sept. S.-The. mixed
strength and weakness of the market con-
tlnued today, but the strength again pre-
dominated. The speculative forces which
are behind the present rise seemed to be
accommodating more stocks than they Were
distributing, as against the dominant
tendency to take profits which effected
Yesterdays market. But the mixed proc-
ess was still going on. That is to say,
sales Were made in one quarter under the
sustaining influence of the buying in new
quarters. The favoriteS for the advance
were picked from the railroad list against
yesterdays preference for the industrials,
and especially the steel stocks: The news
OF the day was not unfavorable to values,
but it was of a general character and did
not account for the diSproportionate
strength of special stocks. The early mar
ket saw continuance of yesterday S
strength in the steel stocks. United
States Steel preferred was lifted a full
point to the highest point on the present
movement.
gust figures of output, and consumption
of iron showing an expansion of sc, 900
tons in the weekly capacity of the fur
naces and a reduction of $50, 900 tons in
the stocks at the furnaces. The report
td placing of a larger order by the Jap
anese government for steel plates was
also a favorable influence. This evidence
that the Improvement in the demand had
set in in August serves to myStify some
what the Wall street sentiment towards
the policy of the steel makers in cutting
revival of demand: United States Steel
preferred dropped into the background
later in the day and the leadership of
the market reverted to Reading. There
between the Eastern and Western rail-
roads in the subsequent dealings.
coaiers Are Favored
The coalers seemed to be favored on
the. ground that the restriction in the
anthracite output for July and August left
a good field for benefit from the autumn
demand, now expected to develop soon.
The resumption of full time in the Penn
sylvania shops was regarded as an indiea-
ton OF Improvement in the trunk line
for August of New York Central, although
reported yesterday, seemed to be reverted
to in estimating the conditions for East
ern railroads. The Western railroads, on
the other hand were Inclined to hang
back Crop uncertainties may have been
an influence on them. But mere evident
factor was the doubt aroused by the large
selling OF the Pacifics yesterday and the
suspicion that it represented inside liQui-
datlon. A rather general discussion of
the likelihood of electrical equipment for
steam railroads was, the ostensible ground
for sharp advances in the electrics. Rock
Island and Southern Railway were large
ly bought for unexplained motives. 1n.
me time money market was inclined
to harden nominaliy. Interior demands for
FUNDS are growing, and 81 ,000, 900 will be
transferred tomorrow through the sub
treasury to San Francisco, supposedly for
use in connection with railroad expendi-
lures IN the West. European money cen
tiers We're reported to be somewhat dis
turbed by intimations of possible large
withdrawals of Russian deposits with
western European banks. but sterling ex-
change was easy in this market, The
or Bonds were firm, total sales, par value.
So, 575 900. United States Is registered de-
clined Id per cent on call.