The Saint Paul globe., 1905-04-08
COPPER AND STEEL
STRONG AND ACTIVE
And Make Highest Price in
Many. Months Traders Re.
gaining Confidence

NEW YORK. April THE waya or
speculative enthusiasm which develoned
IN yesterdays stock market as q ras,IIt
St St III .i1e SUDDEN awakening in United States
oteei preferred was carried over into INC
early market of today and swent nricaS
quite comprehensively to higher Ia11ai
with an appearance of great animation ana
ouoyancy. But the market underwent
a considerable change of form in the
course of the day and the trading became
much quieter and the tone reactionary
tS S tin contrast. There was some pressure
10 take profits in recent special favor
ties from the outset and the pressure
gained Ill force during the day The change
IN the markets tone was not based on
any widespread general condition but
was explained by considerations of a mar
row scope, such as have force with hoard
room operators.
Prices Advance Easily
Traders bought stocks freely while they
Iouhd that prices advanced easily and
lhere was ready opportunity to secure
profits for quick turn. But some of fhe
newer ventures brought out such heavv
9nerlnss on the advance that the conf
dence of the traders deserted them. This
was notably true of Rock Island. which
has enjoyed no notable movement for n
long time, and which was taken up by
me professional operators for that reason
alone: Ihey reasoned that stock so long
practlcally dormant would advance easily
10 level of readjustment with the ad-
yances already effected somewhere The
such enormous blocks in liquidation that
the load proved too heavy to carry.
1t was evident also that with the open
ing high level for United States Steel nre-
1erred. the attraction of profits was so
tempting as to bring in selling orders in
excess of the demand. The opening price
IN fact, proved the highest of the day.
Heavy profit taking centered on AtchisOn
from the outset, its late sharp advance
yesterday serving to bring out selling or
ders. This obvious tendency of the trad
ers TOOK away the. confidence of the spec
ulators, for the rise and the aggressive
demand subsided gradually. Different
stocks were taken up in detail and lifted
sharply in the effort to contest the re-
ment in American Smelling. which was
based upon the assumption that the plan
for further combination of the smelling
and lead companies was nearly accom-
plshed The increase in the dividend
of United States Rubber preferred helped
those stocks and the industriaIs generally.
Presidents Speech BuIlIsh
Much was made in the opening rush to
buy of the remarks made by President
in speech yesterday inculcat-
ing the desirabiiity of fair treatment to
the railroads in any legislation for their
regulation formal intima ton on the
part of the Hartman interest of an inten-
ton to make no further contest of the
Northern Securities case was of some eff
feet. The good prospects for the winter
wheat crop were assigned as grounds
AOi SptNLdl StitilSlll VI SOiiit Ol liie SOulu-
western railroads. Estimates of the
weeks currency movement indicate
small gain in cash by the banks. but call
money rates rose again to above per cent
and caused some revival of misgivings
over the future supply.
The active speculation in induStrials has
resulted in some decline in their favor as
collateral for loans. The persistent
strength of sterling exchange also, in view
of the low rates for foreign discounts and
the relative firmneSS of money here, is
something of a mystery and induces a.
Surmise that remittances are being made
for some special purpose, possibly on sub
scriptions to the Japanese loan placed
last week. Quite brisk recovery followed
the late reaction in the market and the
closing was irregular, but only a few
stocks recovered to the top level.
Bonds were steady. Total sales, par
value. 81, 600 United States SIS reg
istered advanced q on call