The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-18
READING AND |. { n.
MOVING UPWARD
chicago Great Western Well
Supported - General
Market Easier

NEW YORK, April 17.-There was oon-
siderable unsettlement manifested In the
stock market today which was nar+lI- 5,,e
20 the carrying over of a bad impression
from Saturday on account of the rather
urgent pressure to take profits on the
week rise. This impression was nsrtIv
dlsslpated by the buoyant opening tbie
morning, but the high prices made then
invited renewed selling and served to dis
courgae the confidence of operators for
higher prices. The market for the rest OF
the DAY was spotty and irregular. The
Seilng on the opening rise was of such
HoiuIne ana character as was not to be
ignored. 1t was generally supposed to he
Que In part to the necessity of protective
measures in connection with the wheat
speculation. Various publications pointing
the hazardous position of those committed
10 the wheat deal made opinion sensitive
1Ii TINS point. In the wheat market itself
the weather news helped to sustain prices
ana TO that extent relieved apprehension
over the Immediate situation Of the WELD
PUT on the other hand the possibility of
damage to the crop by the unreasonable
weather is disadvantage to values of
stocks and had its part in cooling the de-
mana tnd: me wintry weather carried its
threat of damage to other crops as well
and was one of the appreciable factors i'm
the days stock market.
Railroad Rate Legislation
Another was the assembling of the SEN
ate committee to investigate the problem
OF railroad rate legislation. This topic
has fallen into the background during
the recent enthusiasm In the stock spec
ulatlon. The reports of the committees
intention served to bring it into considera-
When congress assembled Railroad of
fcials continue to talk in very confident
terms regarding traffic. but their usual
weekly interviews We're Of more re-
strained tone than for some time past
There is sufficient business reported to
keep equipment engaged but the super
abundance which caused car shortages
early In the season has passed away
While these minor considerations played
their part the market continued to give
the principal attention to the question OF
the Northern Securities distribution and
the establishments growing out of it,
While the mandate of the supreme court
issued. as was expected. there was stiII
the absolute lack of official announcement
or confirmation for any of the many
stories of deals supposed to be waiting
on this event.
Confidence Strained
The situation proved a strain to specu-
latfVe confidence. especially in view of
the highly concentrated character of
much of the selling of Union Pacific. and
the fears aroused as to what it might i'm
ply. This stock and Northern Securities
on the curb reacted with some violence
AFTER the opening and carried depression
into other stocks which have moved in
strength shown by st. Paul did not serve
altogether to offset this influence Neither
did the sustained advance in Atlantic
Coast Line, which was only moderately
effective in its own group The re-
newed strength in the United States Steei
stocks was of more influence and seemed
to be due to satisfaction with the pro-
ceedings at the annual meeting of the
corporation. The preferred stocks rose
easily to a new record level There was
some especial demand for money in the
London money market today but no large
financial transactions which are expected
to be of temporary effect. More Importance
was attached to the renewal of the de
mand from Paris upon London for gold
which resulted in sharp decline in the
sterling rate at Paris. Money here was
distinctly easier. but sterling exchange
was. steady. The closing tone of the
market was heavy and uncertain as it
had been for most OF the day.
Bonds were irregular. Total sales par
value, S2.940.000. United States IS and
IS registered declined "A and the IS coupon
Is per cent on call.