The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-30
PROFESSIONAL CONTROL
STOCK TRADING LIMITED TO THE
LEADING ISSUES
Excellent Railroad Returns and Other
Favorable Features Are Ignored
Decrease in ST. Paul December
Observation-Disclosures Reports as
to the Erie Revived.

NEW YORK, Jan. 29.-The tone Of
todays stock market was altogether
professional Trading was somewhat
in excess of the previous day, but was
limited for the most part to the lead
ing issues. A number OF favorable
features, such as the increased ease
of sterling exchange and promise of an
amicable solution of the Venezuelan.
situation were ignored, as also were 2
number of excellent railroad returns.
st. Paul, however, was not included
in this latter class, that road showing
decrease of over $4,000 net for De-
cember. In point of activity and gen.
eral interest st. Paul was the feature
of the early session. The stocks OPEN
ed moderately strong in anticipation
of favorable action by the directors re-
specting the proposed increase of
stocks. Following an advance of over
point, brokers representing impor-
tant interests sold freely and the stock
closed with a fractional loss. The an
nouncement that nothing except rou-
tine business had been transacted at
the board meeting did not come out
until after the close of the market.
Other Than ST. Paul.
Other early features of interest were
Pennsylvania, in which there was ex-
tensive trading, ST. Louis & San
Francisco issues, Delaware & Hudson
and Amaigamated Copper. Later Mis-
souri, Pacific, Fries and some other
leading railway shares developed in
creased frmnesS. The movement in
the Erie issues in the afternoon at
tracted considerable attention and ap-
peared to be based on a revival of
combination" reports, which were
current fortnight ago. Erie common,
on heavy trading, made a net gain of
SIS, While the first and second pre-
ferred advanced l Is and 2 points,
respectively.
In the industrials, offerings of Gen
eral Electric were freely absorbed, with
| a net gain of ga points, the stock
closing at the highest figure. Improve
ment was shown by United States
Realty, Republic Iron & Steel, United
State Leather and some of the minor
issues. What was believed to be pool
manipulation was shown in the course
of some stocks and the concurrent up
ward move in Pennsylvania and the
Wabash issues gave rise to renewal of
Ereports of a settlement Of the differ
ences between the interests controlling
these properties. Aside from the
strength of Fries and the weakness of
st. Paul, there was no noteworthy fea-
ture in the late session.
Trade Fails to Broaden.
Trading continued narrow and oper-
ations for London account were small
and Of an arbitrage character. The
closing was irregular and dull. Foreign
exchange continued inactive. The sup
ply Of remittances was rather better
than usual but the inquiry was not at
all urgent. The market appears to
have gone so far below the gold export
level as to render the use of metal re-
mittances improbable.
The situation is still modified, how
ever, by several conflicting features
which may develop interesting COM
plications any day, although it is gen
orally believed that no accumulation of
bills will be attempted by the govern
ment before the final negotiations for
| the transfer of the Panama canal
! property have been completed. r.
| The railroad bond market was mod
erately active, and showed a good dis
| tribution of dealings, although the
| movement was uncertain. Total sales,
| par value, $2,515, 900. United States
| bonds were all unchanged on the last
call.
Stocks,