The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-09
STOCKS RISE AGAIN
SUPPORT is IN EVIDENCE FROM
THE VERY OUTSET
Considerable Selling to Realize Takes
Place, but Offerings Diminish and
Open Way to Advance - Upward
Movement Has Start in Reading

NEW YORK, July 8.-The forces in
the market making for higher prices
made stand today against the reac-
ton which developed yesterday and
turned the course of prices upward
again. Support was in evidence from
the outset, and although considerable
selling to realize had to be absorbed in
the early dealings, carrying prices
backwards several times, these Offer
1ngs diminished and opened the way
for the late advance. The midday pc
Rod was decidedly dull and the move
ment of prices indecisive either way.
The events to which yesterdays reac-
ton was attributed, continued in in
creased force today, but they proved
without effect on the recovery of prices.
The early support was derived from
the sympathetic effect of the strength
Of the local traction stocks and the
leaders of the weeks market were con-
spicuous buyers and bidders up of these
stocks.
With the impression thus created
that a leadership had been resumed
for an advance, the pressure relaxed.
London afforded little assistance here
a feeling of disquiet over the money
situation proving something of a bur-
den for that market to carry. The re-
ports over night Of the flood situation
in the Southwest were of more seri-
Gus complexion than was the case yes
terday and the drawing out of the con-
test in the Democratic convention
might have aggravated the doubts over
the outcome which were said to be an
influence in yesterdays reaction. But
these facts were ignored and no atten-
ton was paid to the decided strength
in the wheat market.
Begins in Reading
Tho nnuor<l ,,,ouoyoant uuhicI n
throughout the stock market in the
afternoon had it's inception in Reading,
which was lifted steadily upwards on
the continued absorption of heavy
blocks of stock. There was no news to
account for the strength of this stock
unless it might be the statistics Of the
anthracite output for June, showing
the largest output with the single ex-
ception of January, 1903, in the hiss
tory of the trade. The other coalers,
however, made more moderate response
in sympathy with the rise in Reading.
A reduction in dividend distribution
by a small railroad and coal company
was an incident of the days news. The
market was helped by the very large
gain in cash reserves promised for the
banks on the weeks currency move
ments. Subtreasury operations have
contributed $5,S25,000 to the cash sup
ply of the banks. This includes gov
eminent interest payments and repre-
sents also the receipts of Klondike gold,
which have gained considerable vol
ume and may be expected to furnish a
source of additional supply for some
time to come In addition, currency
has continued to come here from the
interior in sufficient colune to prom
Use a gain by the banks on all accounts
of nearly 100000. Readings 2M
point advance continued to lift the
market until the slight recessions just
before the closing on profit-taking The
closing was therefore rather irregular,
but only slightly below the best.
Bonds were firm. Total sales, par
value, $3,S7O,000. United States bonds
were unchanged ON call.
CLOSING list