The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-14
STOCK MARKET SPOTTY
PRoFTT-TAKlNe- is STILL THE Or
DER OF THE DAY
Volume of Dealings Is the Largest for
Many Days = Successful Taking of
Profits Is Regarded Good Proof of the
Markets Strength

NEW YORK, July 13.-A growth of the
speculative forces at work in the stock
market was again manifest in today's
dealings. which rose we'll above yester-
days total and exceeded the figure of last
Wednesday, which had made a record. on
The movement The market. was spotty
and irregular throughout. Some OF the
recent leaders were reactionary and man
nest!y held back by profit-taking. Others
which. We're subjected to this process in
the early dealings developed renewed
strength late in the day. All, including
the sustaining strong points in the early
trading. Were more or less affected by
proht-taking during the day but the
successful taking of profits is one of the
most important tests of the actual
strength of speculative market
The conversion into cash OF profits on
a rise without materially affecting the
advances caused by the speculative buy
ing which caused the rise is a demon
stratlon of the spread of the demand and
by so much as the absorption to which it
IS to be subjected, has been ACCOMPLISHED.
Todays market was kept apparently we'll
IN hand throughout and the selling to
take profits progressed simultaneously
with new buying at other quarters. The
wide opening in st. Paul with simuItane-
Gus sales at 1E and 147%,- and it's al
most immediate relapse gave so strong
an impression of manipulation that a
party OF room traders maintained a Sus-
piclous attitude toward the market and
OAA1 'tAOAt Illus dl Oil Stages OI The
advance.
The sustaining effect of ST. Paurs rise
suppllmented by the advance in United
States Steel preferred on the confident
assumption that the full dividend for the
quarter will be paid.
Pacifics Take Leadership
There was pressure throughout the
forenoon on Reading, Pennsylvania the
Pacffics and Atehison, and as these were
the leaders in strength and activity yes
I6rQaX the conclusion justified 6a
porfit taking was In progress. The Pa
cities assumed the leadership later and
this led TO revival of talk Of an early
decision of the Northern Securities suit
In favor OF the Union Pacific contention
and of a possible early increase in the
dividend i1 rate The days news did not
offer any immediate ground for tile ac-
ton OF the market unless it might be
the large receipts of Japanese and other
gold flowing into New York banks from
San Francisco. But bankers report a
decline in the volume Of currency re-
ceipts from the interior which is expected
to be progressive from this time.
The wheat market made decisive re-
spouse. TO fears of crop damage from
the rains which were accentuated by-es-
Inmates OF several crop experts of some
authority. The anthracite. trade author
ity pointed out the large tonnage of the
years output, but spoke IN conservative
strain of the present rate Of output The
Iron Age spoke in d tone of some gloom
OF the condition and prospect in that
trade afflrm1ng that the rapid adjustment
TO shrinking consumption had not yet over
taken it. Ne important railroad systems
made reports of earnings. The heavy
shrinkage in exports of breadstuffs for
June again makes the June domestic ex-
ports compare poorly with last year. The
meat packers strike was ignored The
market was well sustained to the last
and the closing was fairly steady.
Bonds were firm. Total shares par
value 81 $50 GEO. United States IS de-
clirled Il and the new As coupon 4 per
cent on call.
Closing List