The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-15
STOCKS RISE A LITTLE.
ADVANCE is LESS OPPOSED THAN
ATsANYs TIME PREVIOUS
Bears Really Assist the Rise by Their
Efforts to Cover Short Contracts and
Are Too Much Intimidated to Renew
Opposition

NEW YORK. Sept. 14-There was mo-
mentary hesitation among some of the
granger stocks at the opening today.
This was partly shaken off and the whole
market moved strongly upwards The
reading of the tape during the day show
ed the rise to be steadier and less OPP
posed than at any time during the move
ment. Offerings to take profits which
were met on the way up seemed to sbe
lighter than before and the bears made
no apparent attempt to contest the -ad-
by their efforts to cover short contracts
and We're too: much inundated by the
persistent strength of the market to. at
tempt renewed opposition.
Thus freed from obstacles, the upward
course OF prices was practically con-
t1nuous except for occasional intervals
when the buying movement seemed to
spend it's force, At such times the ac-
tiNity simply died out and the price
neoNeInents came to a standstill or suf-
fered trivial reactions instead Of the fe-
Ver1sh fluctuations of the occasional halts
IN the previous advances. due to the rush
to take profits by nervous SPECTATORS.
fodays movement also lacked the con-
slant irregu1arity which had been caused
by the heavy profit taking in one part of
the list, while rapid advances were forced
In other stocks SO characteristic of the
market for many days; Todays move7
ment was fairly comprehensive. although
uneven. The drop in the grain markets
was a sensible relief to sentiment and
the news from the corn belt showed that
far as was feared yesterday. Urgent buy
ing orders for the grangers from Western
sources made it evident that yester-
days selling from that quarter had been
overdone.
Frost Scare Ignored
The forecasts. of an extension of the
frost area to the eastward and southwark
tonight were ignored. News of positive
kind to account for. the days strength
was not forthcoming beyond expressions
of general confidence in the outlook. The
large number of representative bankers
from all sections now in the city to at
tend the American bankers convention
We're believed to be responsible for a
growth in this sentiment by reason Of
personal expressions and contact The
days principal show of strength was in
stocks most closely associated with iron
and steel trade. United States Steel pre-
movement. following the further advance
in Pennsylvania and it's group of con-
trolled railroads.
This whole group is largely affected by
has large. influence on the coal trade.
Erie was also prominent in the move
ment. The news of the two trades so far
as they were published in Wall street
was. DECIDEDLY conservative and offered
nothing to explain the strength. The re-
duction OF cash reserves of the banks
was continued both by subtreasury re-
quirements and by Withdrawals for ship
ment to the interior. Rates were percep-
tibly higher both for cali and time loans
and mercantile loans are also reported
frmer. Sterling exchange was lower and
a fair supply of cotton bills was reported
in that market. There was urgent cover
ing by belated shorts in the grangers in
the late market. The closing was active
and strong, throughout
Bonds were strong. Total sales par
value. SIS, 200. United States bonds
Were. unchanged on cali.