The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-30
STOCK PRICES DOWN
OPERATIONS ARE LARGELY IN THE
HANDS OF PROFESSIONALS
Realizing Sales Are Very Heavy, but the
Realizing is Well Taken-coaIers Fur
nish the Principal Support for the Mar
ket


NEW YORK. Sept. 29--The stock mar
ket was subjected again today to very
heavy realizing and prices are lower as a
consequence; but it must still be said
fall in prices was by no means precipi-
tated. The movement was not accounted
for by any news developments eitherfto
induce selling or to cause advances in
the few stocks that showed strength The
strong stocks were believed to be sup
ported to help the realizing in the general
market. The operations We're alleged to be
almost wholly in the hands of professional
or of that class of wealthy spectators who
M axe occasional campaigns in securities
with the use of professional methods. The
coalers furnished the principal support for
the market; although the August earnings
OF the anthracite carriers proved very IA
vorable compared with the showing Of
some other railroads.
This was fair example of the disre-
gard of news which characterized the
movement In spite Of material retrench-
railroad and the coal companies. Read
ing's net earnings for August fell $685.
800 below those fer August of last year
and those of Erie decreased $79, 266. On
tarios & Western had effected sufficient
economies as to increase its August net
earnings by small margin. Yesterday
this stock was the exception to show
weakness. in the group. 1t was hurt by
further copsidera ton of the plan by which
the dividend rs made conditional ON $12-
100000 bond issue. Reading, on the other
Iidllu, WAS IIe IldlnSCay OF Tile market
and was bid up again and again with rail-
lying effect from the declines caused by
the profit taking. The high priced coal
ers were conspicuous, Lacl1awanna SELL
ing up to 800 on bidding for 100 share lots.
Stocks which have been the leaders of the
recent advance were freely sold today.
Suspicious as to Steel
This was especially true Of United States
Steel preferred. The advance in this
stock has aroused skepticism owing to the
lack of news to account for it, and when
| it was perceived that recent buyers were
realizing today the pressure to sell bore
heavily upon it. The sharp reaction in
Northern Securities on the curb was the
signal for decline in Union Pacific and
aroused suspicion of a manipuiative
source for the numerous rumers in circu-
lation of a compromise in the Northern Sc
euritieS case. =
The grangers and Paeifics sympathized
with the heaviness of Union. Pacific, and
even st. Paul. which was lifted q point
lost it again. Weakness in some of the
Vanderbilts in view of a session Of the
New York Central directors caused a bad
impression Prices touched the low level
In the final hour and made an irregular
rally. The weather map indicates safe
tys for the-cropS and money was I'M
changed In spite of the withdrawal of
| over S5,000,000 by the SubtreaSury thus
far this week. Sterling exchange broke
markets reported prospects of easier
money conditions
Bonds were easy Total sales par value
81, $780, coo. United States bonds were I'M
changed on call.
Ciosina l. lea