The St. Louis Republic., 1904-09-11
STOCK MARKET IRREGULAR
BUT UN0ERT0NE is FIRM.
TENDENCY OF ISSUES To
WARD HIGHER LEVEL.
United States Steel Makes New
High Records for Present
Movement.

Of further heavy profit-taking. stocks
moved rather irresularIy to-day. though
the undertone was undeniabiy firm The
tendency OF many issues vas toward a
higher level. Indeed. several OF the more
active issues. such as United States Steel
preferred and common. touched new high
records for the present movement.
Business for the brief session was un-
usually heavy. though not widely disirib-
uted. Southern Railway was the feature
Of the railway group IN the early trading
and other standard railway issues be-
came very strong, but the activity was
confined chiefly to the minor railway and
industrial shares.
TOBACCO LITTLE AFFECTED.
The Tobacco issues were but little af-
fectcd BY the proposed merger. though
Aome realizing followed the early advance
in Consolidated Tobacco Is. Metropolitan
Securities. concerning which there were
many new and improbable rumors. made
changed
I.e ...arket wayered slightly on the pub
iicaiion of the bank statement. which
showed an unusually heavy increase In
loans and a loss which almost exceeded the
highest estimates. The grand total Of
loans and deposits Is now at the highest III
the history of the Associated Banks.
Reports that the Government report on
corn would be quite reassur ne gave add
ed stimulus TO the list in final trading. and
the closing WAS Quise active and strong. in
spite OF further heavy proat-taking.
A fenture OF the day was the heaviness
OF Reading. which failed to move up with
the other active railway stocks. ami closed
with net loss OF u per cent.
a very substantial advance in Colorado
Fuel was not accompanied by any specific
were g.3is.T0
REVIEW OF WEEK.
The action OF the stock market during
the week has reflected speculative conf
dence and even q degree OF enthusiasm.
The number OF shares sold rose to near a
million On several days and the advance
for the week has been quite comprehen-
siye. but not very great. The movement
has been at all times irregular and very
heavy profit-taking has gone hand In hand
with new buying.
But the tone Of the market has been
good throughout and the realizing was
well taken and helped the way in many
cases for fresh advances. BY :, series Of
shifting operations the whole list nearly
has been Included in the operations OF the
sustaining influence Of the new points of
strength has proved sufficient TO enable
the taking Of profits elsewhere without
materially hurting the price level. The
bulk OF the business seemed to come from
firms credited with operating for specula-
tive combinations OF iarse c ipi -alisis and
tne general cOmfniSS' on lbUse bt-'nHSS
has been small and little public interest
In the market has been reported.
The boardroom element has maintained
a skept.cal attitude toward the advance
AMI has been constantly on the watch for
its elimination and reaction. The short
selling and later forced covering have been
factors In The occasional hal.s and the
later advices Selling was coEspicuously
IN evidence on Tuesday after the three
days holiday during which the bank state
nent was published. showing an abrupt
change in the long-extsnded rise In the
surplus reserves Of the banks
SELLING ABSORBED.
But this selling was absorbed with con-
fdence and served TO reassure the doubt
full and to withhold offerings from the
market. thus facilitating the advance
Specific news 10 account for the rise has
been conspicuously lacking as at any
time during the movement. but several
features In the general situation were ac-
cepted rs encouraging TO his prices. Lit
tie attention WAS paid TO crop news
Crop prospects were regarded as being
not materially altered during the week.
iut the strength Of the commodity mar.