The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-11-30
WEAK AND OBSCURE STOCKS
HOLD CENTER OF THE STAGE.
A LARGE DAYS BUSINESS
is TRANSACTED.
Suspicion of Manipulative Origin
Is Strengthened by the Lack OF
Any Bolstering News.

New York. Nov. ~s-speculative inter
est was well maintained in to-day's stock
market, and another large days business
was transacted. There were points Of az
gressfve strength in the market. and these
included some Of the influential railroad
stocks.
But the greater part OF the advances Of
the lay were amongst stocks Of less cred
II, and sharp reactions were suffered by
recent influential leaders of the advance.
This was notably true of the great South
ern trunk line stocks, and Colorado Fuel,
which made such brilliant dvances yes
terday, and also OF United States Steel
preferred.
The heaviness of this stock is always an
important sympathetic influence on the
market, and It was less effectively Offset
by the strength of the common stock to-
day. The latter stock did show good re-
sistance, however. in. the reactionary Pc
RODS Of the market
At one time during the day the reaction
was fairly comprehensive and prices were
well below yesterdays closing LEVEL. For
the most part, the movement was con-
etantly irregular, sharp advances and dull
sagging movements occurring at the same
time. The putting out of short lines on
the Ronefal redctlOI seemed 70 alIOTu d
basis for the later rally. which also be-
came fairly general.
The rise In some obscurer stocks was
sensational, and the lack OF explanation
for them in any news developments
aroused suspicion Of a manipulative or
igin. Taken in connection with the unu-
sual number of failures recently amongst
outside stock dealers and bucket-shops
presumably due to commitments on the
short side of a rising market, the pre-
sumption is Suggested that campaigns
against known positions OF bucket shops
on certain stocks are the ground for the
manipulated adyafces in those stocks.
Much tho most influential movement in
sustaining the rest of the market by SYM
pafhy was that In the nix stocks,
New York Central rising well above 40,
on m unusually large absorption. The de-
mand for Pennsylvania was also on an
Important scale. The recent sale of Penn
eyfvania Company trust certificates has
caused an Impression that the refunding of
the large output OF short-time notes will be
by this method. instead Of by Issuing new
Il was also reported that the New York
Central would proceed at once with its
electrical Improvement plans. instead OF
waiting for q year. The late strong rise In
ne United States Steel followed the pub
Icatton Of q rumor that the corporation
had secured an option on the Lackawanna
0tsel Company.
Rssdinss Fo no. showing hsnsf4 t 2n o stosss s met
Nde was Indifferent to reports of an
equally good result to be disclosed by its
October statement. Canadian Pacific was
huff By its decreases in October net earn
~ Sterling exchange recovered and
London discounts rose, but the price OF
1oid there was further marked down.
The cali money rate at the Stock Ex-
chsnge was forced as low as 2 per cent
late IN the day under free offerings, but
clooed higher. The regular dividends only
6n z refuted the predictions hat a
dfyi9on Of the surplus was contemplated,
but did not prevent the stock from being
one Of the features OF the rise. The fr-,
to the closing.
Honds were irregular. Total sales, par
value. Q.0e5,0 oo. United States bonds were
UNCHANGED on call.