The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-13
ANIMATION IN STOCKS
POSITIVE EVIDENCE OF STRENGTH
is OBSERVED
Market Reflects Feeling of HopefuIness
But Tempered by Observation-Disclosures
Wheat Reports Have No Effect

NEW YORK. July 12.-The wayeripg
and uncertain fluctuations in today's stock
market gave place to undeniable evil
dence Of strength late in the day, with
considerable increase in animation of the
dealings. AS reflection of sentiment
over the outlook for the affairs of business
and industry, the movement may be best
construed as an expression of hopefulness,
still tempered by uncertainties. The i'm
mediate movement was largely profess
sional and was largely induced by char
acteristic traders motives, but the under
lying conditions in the market which
made such professional operations sue
cessful must be considered and give the
true value to the action of securities
markets as an index to conditions of a
comprehensive scope The immediate mo-
tives which actuated the trading were
plainly made UP in large part OF sup
positions as to the source of the transac-
tlons<1n the market and suspicious as to
the marked operations which might be go
ing under cover Of the more open orders
given.
The easing off of prices after the open
ing in face Of the encouraging color of
the governments monthly crop report was
a source of much disappointment, and
was taken to clearly Indicate that the
speculative party which took profits on SO
large a scale yesterday was still eager to
realize on its holdings ON all advantageous
opportunities The room traders later be-
came suspicious that the selling was de-
signed to depress prices in order that
stocks held at profit yesterday might be
rebought at lower level. This suspicion
was the principal influence in the late rise,
which embraced the market quite gener-
ally. The conclusion drawn from the re-
sumption of the rise is that the testing
of the market by last week IS professional
operations proved its absorptive power
and encouraged new commitments for a
further rise.
Good Harvest Looked for
Confidence in the success of the coun-
try's harVestS was probably an important
influence in the better tone of speculative
sentiment although it was not imne
diately manifest. 1t was feared that the
port might have deteriorated since the date
there referred to, and the weekly bulle-
tin OF the weather bureau was awaited.
It's publication at noon aroused some ap-
prehenSlon in the grain markets owing to
the damage to winter wheat reported.
Some rather alarming private adviceS re-
gardlng crop damage also had an effect in
the wheat market, but were ignored in the
stock market. The strike of meat workers
strengthened the provisions markets and
cannot be said to have aided the rise in
stocks. Some poor returns of railroad
gross earnings for the first week in July
also made their appearance. The special
strength of Reading was accompanied by
rumors of an early exchange of the second
preferred stock into half OF the first pre-
ferred and half common stocks, accord
ing to the privilege provided. Conjectures
as TO the earnings of United States Steel
for the current quarter were more favor
able than has been reported recently. The
market closed active and strong and with
many net gains ranging from l to 2 points.
Prices generally crossed the level of last
week.
There was some irregularity in the bond
market, due to early weakness in a few
issues, The total sales. par value, So
100000. United States bonds were I'M
changed on call.
CLOSING List