The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-01
TRADE IN STOCKS LIGHT
TRADERS ARE INCLINED TO REDUCE
THEIR COMMITMENTS
Reactionary Tendency Shown by Stocks of
Railways Which May Be Adversely At
feeted by Serious Damage to the Corn
Crop =


NEW YORK, Aug. 31-The stock mar
ket today bore the usual ante-holiday as
poets. Price movements were rather ir-
regular and business was in lighter VOL
ume Traders who were not really BEAR
fsh seemed inclined to reduce their COM
nhInents for a variety of reasons These
included the heayiness Of internationals in
LONDON, where operations dwindled to
nominal proportions pending definite news
or the great conflict in the far East The
reactlonary tendency of Missouri Pacific,
missouri, Kansas & Texas Atchison and
Gio.ofaao ,Ssouthern, properties whose earn.
lngs are likely to be adversely affected by
any serious damage to the corn CROP also
neiped to check the upward course of the
Ast, IN some quarters. however, the
good STOCKS, as well as Colorado Southern.
sons. +,
The wheat situation was again watched
with unusual interest and the unsettled.
condition of the cotton market was view
ed with disfavor. Nevertheless stocks
were not offered with any considerable
freedom, and there was an absence of the
previous days LIQUIDATION. Following the
initial decline there was early buying of
Read1ng, Erie and st. Paul at improved
relative heavy volume Of trading to a new
nigh record. The Metropolitan issues re-
covered cover In large measure from yester-
day S weakness. The United States Steel
shares and Amalgamated Copper led the
industrial group, London being again a
reported purchaser of steel preferred.
Aside from the increased strength of
Reading and several other active coalers,
lndecision marked the course of the mar
ket all through the early session.
Erie Advances
Erie common continued one of the few
prominent features, several large blocks
changing hands at further fractional ad-
VanceS, while Reading lost all it's early
advance on realizing sales There was, no
news to account for the very sharp gains
ana heavy, buying. of Consolidated To-
companies. The movement bore evidence
OF manipulation. though it was reported
that plan is being devised to readjust
the capitalization Of the consolidated COM
pany.
No explanation was veuchsafed for the
point gain in Chicago Union Traction,
preferred, but the abrupt break in Chi
cago Terminal transfer issues was prob
ably resultant from the very poor financial
statement recently issued. The preferred
Sto2, fell to a new low record The list
became more unsettled in the late trad
ing, many of the active issues touching
lowest prices of the day. Erie was among
the few notable exceptions, holding COM
paratively steady in spite of material re-
cessions elsewhere. The weakness be-
came more pronounced at the close, and
great majority of the active issues made
net loss. United States Steel preferred,
which rivaled Reading and Erie in ac-
tivity, made 1 point gain. Trading for
London account aggregated about $4,000
shares, of which fully 10000 shares rep.
resented sales of Erie, Southern Railway
and Reading.
ed per cent bonds. advanced n of 1
per cent, and the same issue coupons "a
while the new As declined y on call.
Business in railway and speculative issues
value) amounted to Sc, 745, 900.
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