The Saint Paul globe., 1905-02-08
Tenn. COAL { IRON
MOVES Up SHARPLY
The SpeCialties Are Taken in
Hand by CIiques and
Manipulators

NEW YORK, Feb. THE uneven o,5
todo, ~ NJ rise in prices was continued
more Un rni,tn tne stock exchange. There were
te tote raiifoad stocks included i'm tba
movement than was the case vasterdaI'
put the relative prominence of fhe ind,1S'
70 - iirS iir ana SPeclalties was still great The
strnne ,,e,o a.ocks which We're active and
i iVtiS III were not of first rate Importance
IN thelr representative capacitv or In tbe
t ptsopoTtlons OF the market for them. MANY
I,1arite+ most conspicuous favOrites in the
,iatnet a, were sluggish and comparatively
l,t Slected especially after the openinS.
TUr : 5e snce winch was in sympathy with the
nonuoI attr;t, market The strength abroad was
dItflputed to rumorS of peace negotiationc
Whlch were of less influence here so that
lhe hlgher prices for American stocks
Seta Sen. a,na6 from London while they We're Wen
some of the leaders. -
fractions Neglected
,,,o,'s nesteIday rumors of a comprehensive
merger of local traction stocks dronned
liat,i r,ito tne backgrOund today with the
natural result of some realizing in those
stocks. But one of the notable features
OF the rotation of rumoIS which have in
duced the spotty rise in prices is the man
her IN Wnlch the advances are retained
after the rumorS have spent their force
Inc inference suggested by this action of
the market is that the rumOrs of deals
are suggested by the movements in stocks
rather than being the cause of them
While the stocks affected fall into neglect
they yield comparatively slight As a
consequence lne average level OF prices is
constantly rising. Today it was at the
highest in many months, although many
stocks are slightly below the maximum.
Speclnc causes for the buying of indiVid-
ual stocks were lacking, but it is probable
that large general effect was produced
by the report that the interstate and for
eign commerce committee of the senate of
the United States was to sit during the
summer recess to investigate the railroad
Iatemaking question.
Rate Legislation Postponed
This was adopted as practical an
nouncement that definite legislation on
this subject was to be postponed beyond
the present session of congress. The ad-
VanceS in Southern Iron stocks We're due
TO vague rumorS of a project of a con-
SolidatiOn of Southern Iron companies.
The United States Steel stocks were al
most immovable for the greater part of
the session. The special strength of Nor
folk & Western and of AtchisOn in the
railroad list were, unaccounted for. The
common carriers were helped by the cen
SuS bureaus final report of cotton ginned
up to Jan. 16, indicating a crop of close
to 13.O00 600 bales The rates on export
grains, which were Te-eStabliShed after
diversion of corn traffic from the Atlantic
ports to the gulf already effected is SUI
ficient notice of the serious character of
this contest.
The rates for sterling exchange yielded
TO slight extent, but inquiries indicated
that practically all of the S5000.0 600 in
gold bars transferred to New York from
the Philadelphia mint would go out ON
Thursday The realizing of profits count
slight portion of the advances and the
market closed steady at very little below
the best.
Bonds were firm Total sales par value:
Sc. .74O OOO United States bonds were all
unchanged on call.