The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-22
STOCKS OPEN HIGHER
BUT TRADERS DON'T LIKE TO SEE
THIS HAPPEN MONDAY
Northern Securities Rises Three Points
Prices Are Well Sustained, but No Ad-
vances Are Made After the Opening
Hour.

NEW YORK, March 21.-The move
ment Of today's stock market was in large
part working out of conditions eStap-
lished last week rather than response to
any new event bearing on values. The
action of the market today was looked
to as sort of test of the character of last
weeks strength. The opening OF week
following such an advance as that OF last
is likely to show an accumulation OF buy
ing orders in commission houses as re-
suit of the larger intervals of the Sunday
holiday, the special influence of weekly
letters from Wall street houses to their
clients and the natural disposition to sum
up results with the turn of the week. Mon
day morning is therefore looked to for ev-
idence Of how far speculative movement
has interested the outside public.
But for the very. reason that a stlrrlng
. of public interest in the market is likely
to make itself felt Monday morning, the
professional traders long of stocks are
keenly awake to realize any profits &C
cruing On their holdings by absorpt1ve
power of the Monday demand. This. is
so generally the case that a high opening
on Monday is one of the unfavorable aus
pices in the half superstitious creed OF
the professional operator in Wall street.
The rule proved itself in most details to-
day. The buoyant stock market of Satur-
day seemed to have resolved the doubts or
many skeptical observers and there was
sufficient demand to cause higher open
ing this morning and to sustain prices
firmly. though without further advance
during the active market of the first hour.
Thereafter the market languished and at
temptS to renew the advance met with
Indifferent success There had been large
realizing besides a considerable interest
established on the short side.
Reaction Wanted and 1t Comes.
The preponderance of the occasional de-
sire was. therefore, for reaction, and
there was not sufficient buying power
forthcoming to prevent it. The heaVy
pressure to sell United States Steel pref r
red was of especial influence in bringing
about the reaction and was not accounted
for by any news of a change in last week s
better outlook in the trade Rumors of
a cut in prices on steel billetS were de-
MED. Further rains in the winter wheat
belt helped to sustain the Changers in the
early market but did not save them from
the late reaction There was sufficient
demand for Northern Securities on the
curb to lift it nearly three points over
Saturday, which is taken to indicate the
feeling of assurance against losses by
stockholders in the dissolution Of the
company.
The recovery in the cotton market was
safeguard against further damage by
speculative losses there. These would
have been. regarded, as it was, of good
news on Saturday, but they were taken
advantage of to sell today. The announce
ment of a $10,000,000 stock issue by the
Cleveland & PittSburg on the PennSylva-
MAS guarantee of dividends was a notice
that the capital expansion of the Penn
sylvania system is still in progress and
was of rather chilling effect. but not es-
pecially SO upon Pennsylvania itself. West
ern railroad officials spoke in rather cheer
full terms Of the traffic outlook, but their
influence was overborne by the assertion
of President Mellen, Of the New Haven,
that there had been a slump in business
in New England to degree that called
for large curtailment in railroad service.
Conditions in the money market were
unchanged and were without effect on
stocks.
Bonds moved in sympa thy with stocks
The United States Steel second 5s were
heavily sold in the late dealings, together
with the preferred stock. Total sales, par
value, $2655, 000 United States rs ad-
vanced Is and the old As 4 on call.
CLOSING List.