The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-07-07
NEW YORK STOCK MARKET
TAKES AN ACTIVE Squirt.
TWICE AS MANY SHARES
DEALT IN.
Unusual Demand for Securities
Causes Skepticism as to
the Cause.

New York. July 6,-HIorc than twice a.
many shares OF stocks were dealt in at
the Stock Exchange to-day than was the
case Yesterday. and yesterdays total was
moro than twice as large as the already
enlivencd dealings of the preceding ses-
sion on Friday.
The superstition that the general demand
for securities has experienced as sudIen a
revival IS is indicated by this rate Of
growth awakens some skepticiSIn over the
character of tho government of the mar
kCt.
There were other features brought out
in to-day's market which strengthened the
opinion that the movement is largely a
professional one in its present stage. But
the momentum impaired To the price
movement by yesterdays operations car
lied the level of values to a considerably
higher level to-day and enabled the buy
ers of yesterday to take profits freely on
tho advance AID to continue the move
ment In spite Of some unpropitious feat
ures in the days news.
PROFESSIONAL SKILL.
The professional training and skill which
lent their auspices to the movement were
made manifest in the adroitness with
which the large buying was centered ON
stocks of large sympathetic influence on
the whole market. and shifted successive
~ from one To another of such stocks.
while the sustaining effect OF the tactics
was taken advantage of to sell for realiZa-
ton of profits in stocks which had pre-
Viously advanced. Union Pacific retained
a position of influential leadership in the
market, but Was not so dominant as yes
terday. and was the subject OF free profit
taking. along with others conspicuous in
yesterdays movement.
The position of conspicuous leadership
today was taken by Pennsylvania and
tnited States Steel preferred. The large
buying of these to-day came from the
same quarters as that OF Union Pacific
and 81. Paul Yesterday. The news to ac-
count for the advance in these two stocks
was age but the belief that prices OF
stee! products would be maintained by the
pools and that the preferred dividend on
United States Steel would he maintained
We're dwelt upon.
The drift of political discussion in Stock
Exchange circles made II evident that
the belief Is general that the candidates
and the issues between the two great pO-
iitical parties are practically decided upon
and the suppos!tion was not lacking that
the operations in the market were based
on the conditions thus implied.
CROP NEWS.
Crop news would hardly account for the
advance in stocks, as the staple markets
= " ep't ''shi VI iHDl til'll-ltn over
the crops. especially the wheat market.
The strength of cotton was attributed
more to news of fire damaEe to stocks OF
cotton. although some had weather news
affected that market late in the day.
Very sangLIine expectations are held.
however. over tho cotton crop and the cot
ton-carrying railroads were conspicuous
in the days strength.
Anthracite trade adyiceS were active in
tone. pointing out tina; much progress had
been already made in the annual stocking
up. A rise of nearly ! points in Northern
securities on the curb was sympathetic
help to the general market. but was un-
explained. An advance in the price of
copper led TO the rise in ~Amalgamatcd
Copper.
An argument much heard for the ad-
vance in the general list was the sup
posed existence of a very large and long
standinE short interest in the market
which must be obliged to take stocks 10
cover short contracts If the rise is ex-
TO sufficient proportions. The mar
was readily carried 20 the top level
the day in the final hour, after much
had been disposed of and the
was fairly steady. but not at the
best prices.
Bonds Were generally firm. Total sales.
par value. S.SD.nn. United States bonds
were unchanged on call.