The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-18
WALL STREET REVIVAL
SEVERAL FACTORS OF IMPROVE
MENT APPEAR IN STOCKS
Adjustment of the Market to the North
ern Securities Decision Is Being Effected
All the Prominent Stocks Gain From
One to TWO Points.


NEW YORK, March 17-The stock
market gave indications today that the
first phase of adjustment to the Northern
Securities decision had been mostly com
pleted. This would be the covering of
short contracts put out in anticipation of
the event and the maneuvers of the con-
tending professional element to take the
market away from the bears. The reduc-
ton of the secret interest was palpable
in todayS market and there was evidence
of attempts. to take profits on the part Of
those who had gone long on stocks to
help drive the bears to cover 1t is proba-
day for purposes Of supporting prices
also came into the market for re-
sale aiding to cause the reactlonary ten
dency, but the reaction was not extreme
at any time and an effective rally was
achieved before the end of the first hour.
While the foreign markets were still
in session, the advances brought fresh Of
fering and held back the advance. Late
in the day after the close of the foreign
markets there was a decided revival in
the demand for stocks and greater
breadth and animation in the buying than
on any previous day this week. The buy
ing was believed to be largely from what
are called professional sources. Sec
ond lots Of various leading stocks were
bought all around the room, forming the
appearance of participat ton by operators
of much larger caliber than have been
in the markets for many weeks. This
movement was the outgroWth of the dis
cussion of the manner in which the mar
ket has acted under the operations of the
past few days 1t was argued that while
the advance was plainly due to the COW
ering of an unexpectedly large outstand-
ing short interest and had evidently been
taken advantage of for some very heavy
sources, this realizing should have been
absorbed in a way and with a conserva-
ton of the improved price level which in
dicated a betterment in the capacity Of
the market.
More Cheerful Abroad.
There was a disqualification of the feel
ing that very important clearing away
had been effected by the foreign mar
ketS, which was taken to show a clear
ing up of dangers of complications in Eu
abroad were affected today by the reduc-
ton of the short interest as ours was.
The admitted revival Of demand in the
iron and steel trade is believed to have
market. Relief is felt over the news that
the soft coal miners will accept the re-
duced wage scales.
The breaking of the drought in the
Southwest is encouraging to holders of
railroad stocks in that region and the
break in wheat and also in cotton today
We're, taken as promising better prospects
mentS Overhanging the market are not all
eliminated by this list of improved fac
tors, the professional element in Wall
street seemed to arrive at a common
agreement today that some advance in
prices was warranted by what has al
ready been effected in clearing away the
clouds on the situation The net results
are gains running from one to two points
for all the prominent active stocks. St.
Paul and Pennsylvania were notably
active and strong.
The bond market showed a broadening
tendency and was firm. Total sales, par
value, $1925, 000 United States bonds
were unchanged on call.
Closing List.