The Saint Paul globe., 1905-02-21
HEAVY BUYING IN
US. STEEL COMMON
st. Paul Moves Up Sharply to
17S-Continued Good Buy.
Ing In Union Pacific

NEW YORK, Feb. 20.-The stock mar
ket demonstrated again today in a striking
manner its power of resistance against
adverse influences such as would have
worked decisively for reaction in neri
oos OF past speculative activity. Even
the traditional prejudice against high
anu active opening on Monday morning
proved OF no effect, although there was
hesitation and then a reaction after the
strong opening. But the upward move
inent was resumed at new points and
the strength of the market established
more decidedly than before. The most oh
vlous OF the influences against the mar
ket was the rather diScouraging condi-
ton OF the country's transportation dis
covered by the weekly talks with traffic
oInclals These reported condition of
practical paralysis from storms and block
aces on many lines East and West and
whlle progress was reported towards
breaking the blockades. It was not likely
tnat normal conditions would be restored
Tor many weeks. A still further cut was
made in the rates for export grain. The
gross earnings for the second week in
February showed the effect of these in
f1uences. These were the cause of a
hating and sluggish response to the first
buoyant rise in Union Pacific.
lndustrIals Active
The demonstration centered in the in
dustrials, and it was not until late in the
day that the railroad stocks generally
came up. The activity was largely con-
geSted in Union and Southern Pacific, On
tarlo and Western and United States Steel
quickly at the rate of 1000 to 10. 600
shares in single blocks. All of the stocks
connected with the Northern Securities
merger or with the supposed plan of re-
adjustment to follow the dissolution of the
merger were strong in sympathy North
erA Securities itself adding several points
The heavy absorption of Ontario & West
ern was from equally underlined motives.
the rumors pointing generally to good
terms for the minority stockholders The
heavy buying of United States Steel after
period OF comparative dOrmancy was at
tributed to banking interests near to the
corporation, and the credit given to this
supposition induced other buying of the
stock. Reports of negotiations for the
merger of Southern iron companies grew
more explicit. and that group of stocks
was strong in consequence. The taking
over by the American Smelling company
of mining corporation and persistent as
sertions of plan for comprehensive COM
bination of lead interests explained the
strength of another group of stocks.
Peace Rumors
Rumors of coming peace was received
from abroad and the continued decline in
exchange marked the elimination of the
foreign demand for our gold Call money
here, however, was rather firmer, and
It's inclination among other stock eX-
change houses to take out time loans,
with a resulting frmer tendency in that
department of the money market. New
York exchange at Chicago fell to a dis
count for the first time this season. mark
ing the closing of that source of supply
for any banking reserves. The reports
from Washington of a decision reached
by the president not to press for railroad
rate legislation at this session of congress
and to remit the intention Of calling an
extra session was factor in the demand
for stocks amongst professional operators.
AS a result of the easing of foreign ex
change and the increased inquiry for
money there was some lending by foreign
bankers in this market. The stock mar
ket took the late realizing pretty well.
and the close was firm, though not at
the top level of the day.
Bonds We're irregular. Total sales, par
value. $5,665, 600. United States bonds
were all unchanged on call.