The Saint Paul globe., 1904-12-16
MARKET IRREGULAR.
ATCHISON HEAVY
Trading Not So Active-Shorts
Cover Rather Freely at
the Advance

NEW YORK, Dec. 15.-The subsistence
OF speculative activity In stocks was yerv
marked today, the total sales for the day
making smaller total than Tor several
months dull and sluggish market is
the normal consequence such a shaking
up as prices have recently sustained. and
the postponement of this subsistence has
been the cause of some surprise. 1t was
evident that the urgency of liquidation
was greatly moderated and practically
completed, but attempts to force prices
upwards met with continual checks. The
absence of any selling pressure left the
price level constantly above last night and
aIIorded encouragement to persistent re-
newals of the advance.
Opening Animated
At the opening the rise was most pro-
nouneed and the market most animated,
largely on account of a reversal of views
which caused the sharp relapse in yester-
days late market. But the sensitiveness
then demonstrated by the market to the
Hsnt current OF rumor was an important
factor in begetting the spirit of caution
which ruled throughout. The course of
Amalgamated Copper was still of domi-
nant influence and reactions in the course
of its advance brought quick response at
other points in the list The coalers were
conspicuous features in the opening ad-
vance, particularly Reading, the favor
shown that group being due to flattering
The belief that the new control of the
Cincinnati, Hamilton & Dayton system
was destined for the benefit of Erie help
ed that stock as well as the coalers gem
orally. Revived rumors of the disposal of
Lehlgh Navigation also played a part in
that particular movement.
Steel Preferred Accumulated
The metropolitan Traction group was
aTected by the announced intention to en-
ter on subway projects in New York city,
and the simultaneous depression of inter
borough rapid transit ON the curb was at
tributed to the same cause. The United
States Steel stocks, especially the pre-
rerred, We're steadily accumulated. Trade
reports were of very large orders for va
rious lines of finished products including
steel rails. The successful conclusion Of
the London stock market settlement,
about which some anxiety had been felt,
was helpful to this market. Negotiations
were IN progress looking to gold shipments
ment for South America
money was very easy, both for call loans
and on time, and confidence was felt that
with the llghtened demand for speculation
In the stock market there was no danger
OF any stringency in the future so far as
described The sudden dullness gave rise
10 some rumorS that some important de-
Velopment was hanging over the market,
such as a decision in the Northern Securi-
ties case or a more definite formulat ton
Of the administration plan of dealing with
the regulation of railroad freight rates.
In the same vague category was the sup
position that assistance had been extended
TO a financial institution regarding which
rumors yesterday weakened the late stock
market The uncertain tone of the mar
ket continued up to the last, but the clos
ing was steady and some considerable ad-
vanceS for the day resulted
Bonds were dull and irregular
Total sales, par value, 49, 235, 000 Unit
ed States bonds We're unchanged on call.