The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-06
STOCKS MORE ACTIVE
YET MARKET CONTINUES RATHER
DULL AND MARROW
Developments That Lift 1t Partially From
Lethargy Are Not Very Manifest
Days Operations Are 8oider and More
Powerful

NEW YORK July 5.-Operators IN
some stocks demonstrated with more con-
hdence and effect IN today.S stock market
than for long time past The market
Was still a dull and narrow one judged
by old standards, but it was lifted quite
decisively from the profound lethargy
which has been its recent Characteristic
What developments there were in af-'
fairs to cause this change was not very
manifest The obstinate resistance OF the
market for some time past to news OF an
unfaVerable kind has carried suggestion
that selling has been largely accomplished
already IN anticipation of these and that
the market was Offering an unyieldinE
surface which would afford an advantage
Gus basis for bolder operations for raise
Bolder and more powerful todayS opera
tons Internationally were. arousing the
usual SHrniseS as to their origin. with
nothing TO afford any reliable answer
to the question.
The effective buying was not in evidence
from the outset. thus detracting from
supposition that it was on account OF
orders accumulated in commission houses
over the three day holiday interval.
Strength at the outset was largely con-
fined to the local group. A formal state
meHt from an important holder OF Met
ropoiitan securities pointing Gflt the alb
Stract benefits to the ietal action prop
critics of combination, helped the rise.
Brooklyn Transit was held back by its
YeXed question OF transfer rights 10 pass
ensers- 1t was after the reaction in
ing for London account that the buying
which impressed sentiment developed in
Union Pacific and spread to other portions
OF the railroad list. resulting in a fairly
general upiift Of prices to the extent OF
2Ss- The ciew to the movement could
hardly be found in the crop news. as the
ed by damage rumors and by a mixed in
depreciation OF the weekly bulletin from
the weather bureau.
Decline in Cotton
Unmixed encouragement was received
from the cotton crop, the government S
estimate of July and condition of that
crop precipitatfng a sharp decline in the
staple. IN spite of violent preliminary
from the statement of May net earnings
OF the Pennsylvania system was of a
rather dubious character, the decline in
gross earnings for the principal lines east
and west OF Pittsburg and Erie running to
over a million while the net decrease
from last year was some S64S. coo. Of
icials Of central traffic and trunk line
railroads were also inclined TO dwell upon
the traffic loss to the newly resumed lake
carriers. The effective cut shown in oper-
ating expenses by the PENNSYLVANIA was
accepted as an important indication of the
trend OF affairs in raiiroading and was
regarded hopefully.
But officials of Western railroads were
more unreSeryed than at any time for
several months in their expressed conf
dence that business conditions had chang
ed for the better and that small in
creaSeS. IN traffic movement already no
tfced could be accepted as promise of
more improvement to fellow. The inn
pE'eyement in sentiment in the market
probably originated from this point. Sat
urdays decrease in the banking surplus
Gid not disturb sentiment. nor did the
suggestion OF the remittance OF SS5 Gee
zoe IN gold to Havana on account OF the
Cuban loan. The small reaction on profit
taking in the last hour when the buying
was temporarily discontinued increased
the confidence in the movement, and the
closing was active and fairly buoyant
Bonds were firm. Total sales mar
volue. $e.950,0e0 United States bonds
were unchanged On call
CLOSING List