The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-03
n. Y. c. AND PENNA.
ARE BUYING ERIE
fractions Steadily Moving Up.
ward Shorts in Copper
Run to Cover

NEW YORK, March 2-Daa,;,,s -,
the stock exchange expanded again To-
udy ana speculation showed great vario+v
Gu eras., ANNA tlon but the qualms of the di
p $500 process made themselves evident
go 81 Soi ne OF the days movements The
70 - was very generally upward owing
10 the impression caused by The deniinii
;oN movement with which the deaf
t tieg ended Yesterday. Speculative Iiouida-
tlon being apparently Completed ana tSc
position OF the market thus strenptbannS
py the clearing out of weak accounts and
Dy the attraction offered in the lower level
that the upward movement was To he re-
Sumed In force. 1t was this sentiment
ohat induced the squirt at the opening on
accumulations of buying orders INT
there developed an apnTebeneinn PUT PUT
there might be large speculative lio,,ido
IONS LIONS stil watching for an opportnnitv
ed iS 5ripp $50 was not entirely eliminat
nI curing m the day. although there were
pIehly OF strong features in the market in
influential stocks. ~
Erie Accumulated
The accumulation of Erie esneciallv
was OF large influence on sentiment ow
To- tb ~ T @r elemeht OF mystery in it and
1 70 tne Nagueness of intima tons that i'm
portant announcements affecting a rail
ROAD road deal We're to be expected i'm which
t t1ar properly would figure Apparently
1nere Is nothing which impresses the spec
uiative mind in the current stock market
10 the same extent as the idea of \ rail
+b Slu uedI Vi merger The new form of
the iumor was of the more importance in
ItS lnnuence owing to the waning of the
eitects OF recent stories Gripping New
York central and Union Pacific With
me exception OF the opening bulge those
TWO stocks We're rather distinctly under
pressure throughout the day. On account
Oh the very large speculation for the ad-
vance which has followed those stocks
evidences of their reaction are of wide
spread effect. Reading Joined with Erie
In the advance. but the other trunk lines
We're inclined to come under the influence
or the realizing in New York Central.
pennsylvania s large increase in net earn
lngs for January over those of the pre-
VlouS year was ineffective to change this
condltlon, partly no doubt owing to the
poor showing of last year with which
the comparison is made.
Fear Rate Cutting
Fear that the rate cutting over export
grain business would extend to imnOrt
traff,c and would involve the eastern
trunk lines was an element in the trading
The United States Steel stocks were
heavily absorbed as a result of the re-
ports OF buoyant conditions in the iron
ana steel market and their strength was
an important sustaining influence in the
whole market. Striking movements were
MADE IN the southern group of railroad
clear, although the assigned motives for
the buying We're derived from the pres
enee IN the city of some southern capt.
taliStS OF influence. Some of the southern
1ndustrials shared in the movement The
stir in the New York public utilities was
attributed to legislative considerations.
The weather bureaus report showing
good snow protection for winter wheat
was a favorable element in the market.
Foreign markets We're rather disappoint-
ed that the official rate of the Bank Of
England was not reduced, but the large
current demands upon that institutions
credit facilities, shown by the weekly
statement, was regarded as the fair ex-
PLANTATION of the retention of the rate.
The foreign exchange market in New
York recovered in consequence. Opera
tions in the stock market showed clearly
the activities of the opposing parties to
the speculation, and the irregular tone
was continued to the closing, some stocks
receding to the lowest and others rising
buoyantly upward in the final dealings
Bonds were firm. Total sales, par value,
$4,5S0,000 United States bonds were all
unchanged on call.