The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-13
STEELS AND COPPER
ARE WELL TAKEN
At Advancing Prices-Rumor
That Union Pacific Controls
Illinois Central

NEW YORK, April achievements
OF STOCKS continued to give evidence
today of much uncertainty on the mart
OF speculative operators. The current
news failed to account for any depres-
sion and conjecture pointed to yari
Gus explanations of the palpable weight
upon the market. Signs of consider
able strength and of sharp weakness
succeeded each other all day. Aggres-
S1ve strength shown by few stocks
1alIed 10 overcome the scepticaI and
suspicious attitude of the trading.
some or those who sold stocks protest
ed that they saw indubitable evidence
OF selling for the account of some of
the persons who have been the most
demonstrattve leaders of the bull cam
paign.
Westerners Selling
Considerable liquidation was attrib-
uled 10 the account of orders received
from western sources and the convic-
tlon held that this represented meas
ures of precautiOn and a strengthening
position on the part of those commit
TED TO the speculative deal in wheat.
ne wheat was comparatively quiet to-
day, but developments there are
watched with keen attention from the
STOCK market point of view owing to
their entity of extensive speculation,
both in the wheat and the stock mar
In the bull campaign which has been
conducted in stocks is variously esti-
mated and the extreme estimates cur
rent. If they should prove justified.
would sufficiently explain the uncertain
tone of the present market. The sub
stltut1on in the Northern Securities di-
rectorate of a new name for that of the
mead of the Union Pacific party was
belittled on behalf of both sides to
the old quarrel in that property.
Fears of an outbreak of this old
quarrel were emphatically declared to
be unjustified. But the Wall street
view of this matter has gone consid-
erably beyond a mere quieting of the
old dispute and has adopted a view of
thorough harmony and cooperation in
going forward to new projects of even
larger scope than those of the past
There has been unQuestionably large
speculation in stocks based on this
view and the rather curt manner of
yesterdays action of the directors
shakes the confidence held in that sup
position.
Foreign Exchanges Weaker
Definite news from the hostile fleets
in the China seas was eagerly looked
for and the possible outcome of the
threatened sea fight was a restraining
influence on the securities market The
weakening of the foreign exchange
market was regarded with relief and
another discount rate in London and
an advance in the sterling rate at Paris
also eased the situation which began
to threaten q withdrawal of gold from
New York. But 1t is realized that a
decisive battle between the opposing
fleets might affect foreign money mar
kets to an extent which would pre-
cipitate demand upon our money re-
serves. Notwithstanding the discussion
of the Northern Securities situation,
Union Pacific was firm to strong all
day. The other principal points of
strength We're in the industrial list,
notably Smelter, Amalgamated Copper
and Locomotive stocks.
The weakness of New York Central
was a strong contrary influence and
Illinois Central also suffered from free
realizing on yesterdays wide advance.
The electric stocks suffered on rumors
of the rupture of working agreement
and of the expansion of competition in
their field. A sharp break in Peoples
Gas was also an effective influence. The
Cleveland. Cincinnati, Chicago & St.
Louis stock increase added another to
the long list of new capital issues
coming upon the market. An enthusi-
astic weekly review of the iron trade
awakened a lively demand for United
States Steel preferred, and an active
absorption of Union Pacific at the same
time carried the market upward to a
strong closing.
Bonds were heavy Total sales, par
value, s2,790,000. United States bonds
were all unchanged on call.
The governing committee of the stock
exchange today voted to suspend opera
tions on Good Friday.