The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-08
STEEL TAKES A RISE
ABSORPTION THEREOF FORMS THE
MARKETS BACKBONE
Other Metal Stocks Are Benefited ~ the
Strength In Steel fredericksburg of
the Market Is Active but Irregular.

NEW YORK, April There were signs
Of staleness in the markets upward move
ment today, and the action Of prices be-
came decidedly irregular during the day.
rms might have been even more marked
mad 1T not been for the strong sustaining
influence Of the persistent upward move
ment of United States Steel preferred
and the enormous absorption of the sec
ond mortgage bonds which made the
backbone Of the whole market The
auxiliary points of strength were few,
trst Importance. The most important
stocks We're inclined to hang back, and
showed the effects of realizing on their
recent advance, in spite of some items
or news that might have helped their
advance. Among these were good state-
ments of February net earnings by all
the railroads in the so-called Hartman
group, including Union Pacific and South
eTn Pacific.
The weather map and the crop news
continued favorable to the Southwestern
grain carriers. but Missouri Pacific, Wa
bash preferred, Rock Island and Atchison
preferred were the only stocks to- respond
TO an appreciable extent. The strength
Of the United States Steel securities was
attributed to consideration of the quar-
terly report. The indications given by it
OF Improvement in the trade helped stocks
OF some of the independent iron and steel
companies as Well. Amalgamated Copper
shared moderately in the strength of the
metal stocks. The settlement OF the
building trades labor dispute in New York
helped United States Steel owing to the
promise of increased requirements for
structural material, and was also the
direct cause of a squirt In the United
States Realty and Construction stocks.
Another Stimulating influence.
The meetings of the steel pools in prog
ress In this city to fix prices seemed to
be a. stimulating influence as well. The
tak1ngS of the United States Steel sec
ond mortgage bonds were alleged to be
of an investment character and i'm
provement was reported in the bond mar
ket generally and in demand for some
hlgh-gTade investment railroad stocks
preferred stocks included. The extreme
ease OF money is a natural incentive to
this kind of buying. Money was loaned
over the end of the year today at as low
as Al per cent per annum, which makes
the holding of many well secured rail-
road stocks and bonds attractive.
The outward movement Of gold in these
Yesterdays arrival at San Francisco of
S3,5O0,000 in japanese gold indicates how
the outward drain is made up at other
points. The heavy contraction in loans
by the banks of England and France re-
ported today indicate the ref1ux tendency
in those money markets following the
quarterly settlements, and gives small
promise of any imnmediate demand for
money. London was a buyer of stocks
here this morning, and helped the early
advance. Only in scattered instances did
the rise in stocks reach as much as
point. and the activity Of the market
was much curtailed in the latter part Of
the day. The closing was quite active
again, but irregular.
The bond market was active and firm.
Total sales, per value, $4,920,000. United
States IS advanced 1s, the IS registered,
the old As and the new As coupon II, and
the new As registered $s per cent on call.
Closing List.