The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-07
CANADIAN PACIFIC
CONTINUES STRONG
GENERALLY Stronger Opening
With Railroads and SteeIs
Leading

new YORK, April 6.-The stock mar
hettsr i0SGiueHed out today into a much
waS . dHiddd99uIon OF strength and there
MAS a decided growth in animation rs ven
Inc tone of the railroad list Wa 80 " :
1lsllnctly different from that of III IN
eorI;an as was the case yesterday and
Tatner Spotty tendency among the roi"
roads. The melting influence 10 the noin
PIE revival of speculative interest was the
organized movement in United States
Steel preferred. which stock was rnsbe5
up 10 a record price by rapid steps on an
enormous accumulation. go
Iron and Steel Prosperity
This movement was, of course. based
on the extraordinary activity and pros
perlty In the iron and steel trade R1t
thls is not a new development. nor is
there any immediate new feature In the
Situatlon In that trade. 1t was inferred
therefore that the suddenly aggressive
tone developed by the stock was d1o 10
me formation of a speculative party for
me conduct of market quotations rather
thhaan 10 a spontaneous spread over night
tnipuSh Ihe country at large of a desire
10 Duy the stock. The preliminary rise
~ LONDON and the important buying of
me STOCK mere carried the Impression
mat the campaign has its ramifcation
abroad as well as in this country the
obvious nature of the operation did not
nave a deterrent effect at all on the SYM
pathetic influence of the movement on
the rest of the list. "
II mas been a matter of d-fscOuragement
among the speculative element for some
llme that the United States Steel stocks
were neglected and comparatively unre-
SponSlVe to the unprecedented trade condi-
lions In that industry, the effect being TO
suggest some unknown condition back of
the superficial situation which might
prompt ra-conSerVatiSm on the mart OF
insiders in the corporation. The relief
ohered by today's development from the
GaInpenlng effect on the general list of
lhe SIugglshness of the bulky and UNI
wleIdly steel issues was very quickly man
lfeSt throughout the market.
u. P. Issue Mystery
The purpose of the 1905 900, 900 increase
in Union Pacific preferred stock was as
much a mystery as when first announced,
and the wide of conjecture on this
point was a potent influence on the spec
ulatlon in various stocks. The conviction
Is general that the acquisition of control
or another railroad system is i'm con-
temptation, but the identity OF the rail
road intended shifts constantly in the
surmise current in the market. St. Paul
and Atchlson We're both pointed to at
different periods today, while the New
York Central hypothesis has suffered
some decline in authority with dragging
merger. which is now generally accepted
as a fact, was a contributing influence in
the stocks Immediately affected.
The movement in the southern group
of railroads was helped bv the great
growth in the cotton movement and the
encouraging reports from the winter wheat
crop were q supporting factor i'm the gen.
eral market. The gradual easing of the
money market encouraged the faith of
the speculative element that there is
plenty to go around for all their purposes.
The announcement of a call for so per
cent of government deposits in two in
stallments on May 10 and July I did not
disturb this confidence in the slightest
degree, any more than did the active de-
mand for exchange, which lifted the price
another liberal fraction. The extent Of
the days advance invited considerable
realizing and the market closed irregular
and generally below the best.
Bonds were firm. Total sales. par
value. $5.225, 900. United States bonds
were all unchanged on call.