The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-10
SMELLING STOCKS
ARE BOOMING
manipulators Are Taking Spe.
c1altles in Hand Again
Closes Irregular

NEW YORK. March 9.-There was dis
tinct revival of speculative enthusiasm in
STOCKS today and a considerable expansion
III ene volume OF the market was an ac-
Compartment. The most effective factor
upon sentiment was the awakened
strength In the group of railroad stocks
Whlch have figured in the most indus
triOusly circulated of the rumors in re-
gard TO combinations and mergers. The
entire quiescence of this group ever since
the announcement of the Northern Sc
cuTltles decision has been damper upon
the speculative spirit. as the plans con
corning these properties were supposed to
be waiting for that decision TO be pro-
mulgated. There was no authoritative
news regarding the plans today, but the
demand for the stocks relieved the mar
ket from some of the repressive influence
due to their lethargy.
Reading Near Par
Yesterdays active speculative move
ment in Reading was also carried over
into today's dealings. and that stock was
run up TO within a shade of par The
only motive assigned for the rise was a
rumor that the dividend rate would be
advanced 10 4 per cent. Beyond this it
was alleged that the floating supply OF
the stock has been so far reduced as to
make 1t readily responsive to market OPP
the repeated success of parties formed to
operate in It within the last few months.
The present movement is ascrihed to the
same sources. There was q very striking
movement also in a group of the metal
stocks. led by Smelling. AmaIgamated
Copper was a conspicuous figure in the
same group. Dividend rumorS played
their part in this movement also and
We're supplemented with merger rumofs
affecting the lead industry. The spurt
in Anaconda, Amalgamated CopperS con-
troiled stock, pointed to the source from
which the parent stock is to benefit by
supposed dividend increase. Reports from
me copper trade were bright and copper
stocks We're strong In all the worlds
great markets. The United States Steel
stocks were again conspicuously laGgart.
although reports from that trade con-
tinued brilliant Canadian Pacific was
supposed to be benefting from large earn
inSs by itself and its controlled proper
ties, all OF which moved up in company.
The special demand for Atchison in the
loan crowd pointed to an outstanding
short interest as the source of some OF
the demand for it.
Discount Rate Reduced
The favorable ground work to which the
various operations owed their success had
as the principal element the reduction in
the official discount rate OF the Bank of
England from per cent to ~ per cent
a rate lower than has been touched since
been so long deferred that some fears
had obtained that the extraordinary de-
mands upon capital had made the reduc-
ton unfeasible.
The lowering of the rate is equivalent
to proclamation that urgent require
ments upon capital have been met and
tndt relaXlng money conditions in the
worlds market are to be looked for An
encouraging view of the fall planted
wheat crop was a factor in the market.
News from the seat of war was accepted
as promising an early peace and was of
Strengthening effect.
London bought stocks here at the open
ing, but sold on the rise. The realizing on
the advance made some alteration in the
day best prices, and Reading especially
met such heavy pressure just below par
that 1t fell back to below last night. The
closing dealings Were In consequence
slightly irregular.
Bonds We're firm. Total sales. par
value. s5,130,000. United States IS ad-
Vanced Is per cent on call.