The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-10
READING IS THE LEADER
1T GIVES MARKET A MERRY DANCE
THROUGHOUT.
This Stock Breaks to Point Under
Promise of a Higher Altitude.

NEW YORK, Sept. BREEDING held the
center of the stock exchange stage today
and ITS violent movement was the domi-
When 1T broke to more than point
under last night after the market had
opened strong 1t was concluded that im-l
portant speculative interests were getting
out of the market and the traders rushed
to follow .the movement. Union Pacific
also got point under last night and the
Pacific continued to be affected by profit
taking all day When Reading made its
violent rebound the traders concluded that
the early selling had been on the short
rushed to cover in the stock and this
show of timidity on their part was con-.
sidered as another effective test of the
stability of the market with chances fay
orlng further advance.
The belief was prevalent, however, that
influential operators had changed their po.
s1tion and vague uneasiness was felt of
some forthcoming development Some
selling of stocks was based on belief in
damage to the corn crop. That cereal.
however, was inclined to decline in price.
This was attributed in part to the dis
position to take profits in. it before the
appearance of the governments monthly
report tomorrow. This report is also
awaited with interest in the stock mar
crop. 1t is evident that the stock mar.
ket Is sensitive to corn crop news, and
ANYTHING decisive on the point would be
likely to have important effect on the
grangerS.
Steel Is, Sluggish. -
United States Steel preferred was un-
usually sluggish during the greater part
of the day. but it was suddenly brought
into the advance and lifted to a new high
hgure on the movement. The Pennsyiz
Nania group and the hard and soft group
carriers generally were benefited in SYM
pathy, owing to the advantage to them
OF revival in the iron and steel trade
Other metal stocks and those of metal
consuming companies also responded in
GLIDING Amalganated Copper. There was
no news to explain this movement, nor
that In Reading. and the materials which
affected the market were largely the oper-
ations which could be traced to any in
duential source. -
The movement in Rock Island was as
ISOLATED to some extent with the current
rumors. that the control of Chicago &.
Alton had been picked up in the open
market in the Rock Island interest. Chi
cago d Alton was neglected and unaf-
fected by the story. The feverish f1ue-
tuations in the Metropolitan fractions in
dicated the confusion of sentiment over
the reported call for deposit of the GER
t1fcates for Metropolitan Securities stock
IN which but SO per cent has been paid.
There was doubt whether an additional
1nstallment was to; be. paid or whether the
The late upward movement in sympathy
with United States Steel preferred made
the closing strong. The prospect of an
other weak bank return was of little eff
feet on the market. The banks seem TO
have lost about seven million more cash
since the last statement and the active
speculation of the week leads to the exc,
pectation of a further considerable loan
expansion
Bonds were active and firm. Total
sales, par value. Sc, 210, eOO.- United States
bonds We're unchanged on call. -.