The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-20
STOCKS up A LITTLE
CLOSE OF MARKET SEES LIST
STRONG AND ACTIVE
Early Trading at Lower Figures on a
Reactonary Market, but Last Hour
Wipes Out Declines and Scores Net Ad-
yances

NEW YORK, July 19.-The stock mar
ket was rather reactionary today up to
near the close and there was a rather
general acquiescence in this condition on
the part of speculative operators, who
have had the leadership of the recent
lions for higher prices. The
plausible explanation offered for this un-
usual restraint on the part of a class of
individuals rather prone to excess was
that the rise in prices was going too fast
Tor Its own good and that reaction was
normally due The reaction was lacking.
however, in some of the normal appear
ances.
The usual reaction in bull market is
likely to come in a furry after a final up
ward rush. and great animation in the
trading, due to the final measures of the
leaders to unload their holdings at a
profit.
The first relapse in prices is likely to
be correSpondingly sharp with the
withdrawal of artificial support the
rush OF belated holders to save losses and
the sudden turn upon the market of sue
cessfui operators who have realized their
profits and are eager to further the reac-
ton for profitable turn on the short
side or to facilitate the recovery of long
holdings at lower level
But t0day'S market showed a tendency
to lapse into dullness quickly at slight de-
cilnes, and the professional bears were
apparently very tinid about making an at
tack on prices. Some quite vigorous sup
port was offered at the opening decline
and the market showed the sustaining
effect of some new points of strength
which were developed
There was little in the days news that
was Of material effect ON the movement
of prices. The opening decline how
ever, was plainly reflection of the de-
preston in the London market, caused
fears thus created that the European pow
ers might become embreiled over the far
Eastern struggle. London sold freely here
SO long as the foreign exchanges con-
n hue iflac arad ftn< yar-f
in the local market did not become thor
oughly effective until after that selling
had ceased for the day.
The publication of the crop bulletin of
the weather bureau was an effective in
f1uence On the later rally, as the -condi-
lions there recorded were calculated to re-
assure fears of damage or of its extent to
winter wheat, while other crops were
practically unaffected by any adverse con-
ditions. Brooklyn Transit proved to be
the early supporting influence, and it's
and. led to revival Of old rumors of an
acquisition of Brooklyn Rapid Transit by
PENNSYLVANIA. These were without any
verification
The rejection by the majority directors
of Northern Securities Of what seemed
like concfliatory advance; on behalf of
the Hartman interest, offers no other
surface explanation than to discredit the
recently prevailing rumors of the likeli-
hood of settlement out of court by COM.
promise of the dispute over the manner
Of distribution of assets of the corpo-
ration.
But the market accorded a cheerful re-
ception to the news and made vigorous
recovery of the early declines. The grain
and cotton carriers led the rally with
Atchison in the van. and gains of 1 to
rs points We're established in different
members of these groups in the final hour
of the trading. The closing was strong
and active. Bonds We're irregular To-
tai sales, par value. 81, 600, 600. United
States bonds We're unchanged On call.
CLOSING L LIST