The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-08
STOCKS FARE WORSE
UPWARD MOVEMENT RECEIVES
SOMETHING OF A CHECK
No News to Account for the Deciine-con-
spicuous Buyers Of the Day Before Sell
for Profits-ciose Is Heavy

NEW YORK, Sept THE advocates of
higher prices for stocks met less en-
couragement from the action of toda y's
market n1I than from that of yesterday.
There was as little news to account for
the reaction as there was to explain the
advance. The volume Of dealings was
ing of stock from outside sources and
through commission houses or selling was
as little in evidence as at any time dur
ing the current period of activity. The
conclusion was general that the dealings
are largely due to the operations of par
ties OF spectators or of large individual
traders who make an ayocation of such
opera tionS. 1t was quite evident that many
of such operators who were conspicuous
buyers in yesterdays market Were free
sellers to take profits today. This is the
sufficient explanation of the actual move
ment of prices and in order to adequate
ly Judge the value of the price move
nent as an index of conditions and values
1t would be necessary to know the mo-
tIyeS and informant ton which prompted the
operations There We're no public develop
ments to throw light on this subject
In view of yesterday s wide advance in
the PacificS and the subsequent public
poets for values from an official quarter
connected with the system thus affected.
some of the speculative followers of the
movement evidently feared that the eff
fective buying that they had been follow
ing might be considered to be now con-
cluded The pressure to take profits in
gent. The opening prices for them show
ed a momentary effect from the interview
referred to. but these were. the highest
prices of the day. Their subsequent de-
cline proved of decisive effect on senti-
ment. This effect was reinforced by the
evidence Of the same process. going on in
Reading after its recent large gain.
Realizing in fractions
Even the local fractions which made
buoyant advances on the compromise of
70 xyhi t11rao Ton d faaiy
operations encountered realizing sales. In
the railroad lists efforts to contest the
reaction We're rather Intellectual. In a sec
ton of the industrial list, however, a
considerable degree of strength developed
and served as partial offset to the
heaviness in the railroad list. The iron
this movement, but other metal stocks
and also the railroad equipment COM
panleS which make a large use of iron
materials were affected by sympathy. 1t
was argued that the agreement of the
pools in steel products to reduce prices
had done away with a danger of an open
market and harmful competition. Reports
were also current of some large orders for
railroad construction and equipment which
Were awaiting the reduced prices of steel
products. These conflicting influences
kept prices moving irregularly all day.
The reaction was in force at the closing.
which was heavy.
An appreciabIy firmer tone was evident
both for call and time loans as conse-
quence of the decline in the banking sur
plus and the increasing demand for money
in connection with the stock market spec
ulation. Some attention also was paid to
reports of corn crop damage from the
Southwest. Neither OF these factors SEEM
ed to be sufficiently pronounced to have
much influence on the movement of the
prices. The days reports of railroads
gross earnings for the fourth week in Au-
gust were uniformly encouraging.
The bond market continued broad and
was generally firm. Total sales, par value,
So, ass, O0O United States bonds were I'M
changed on CALL
Closing List