The Saint Paul globe., 1903-01-21

NEW YORK, Jan. 20.-The opening
activity in stocks today was on the
selling side and seemed to be due to
operations by room traders based on
the weakness developed at the close
yesterday, but supporting orders were
encountered which put a stop to the
efforts of professionals to force prices
lower by offering stocks which, in case
or sale, they would have to borrow for
delivery. On the other hand, the buying
orders were placed on scale down
wards. for the most part, and recovery
came to a stop for lack Of motive
power.
A squirt in the stocks Of New York
public utilities helped the recovery.
the decision of the appellate division
OF the supreme court at Albany against
the constitutionality of the New York
franchise tax being the reason for the
buying of these stocks. 1t had been
clearly expected that the decision
would be against the tax and the eff
feet had been discontinued for two
weeks past by buying on the confident
| assumption that the result would be
as announced today.
Force Soon Spent.
This movement consequently spent
its force almost Immediately The
market then fell back into a deeper
rut Of idleness than at any time since
the first of the year. Yesterdays few
strong spots were lacking There was
realizing in Chesapeake & Ohio, ow-
ing to the denials of yesterdays ru-
| mors that the company would take
| over Hooking Valley. The latter stock
showed some strength on account Of
| consultations known to be in progress
| by its officials, presumably looking to
f! the disposition of the road, according
to the authority vested in the deposi-
fo vii Of l1n ctr Ar11o o1cysaY . tad
per rose nearly a point at one time
/ on the ground of rather vague con-
| fidence that conditions in the trade
were much improved. Great Northern
preferred suffered in common with
! Northern Securities on the curb from
diStruSt of yesterdays rumors OF
coming increase in the dividend rate.
There was much discussion of the
action of the secretary of the treasury
| looking TO the reSubStitution of gov
ernment bonds for the state and mu-
nicipal bonds accepted as security for
government deposits during the money
stringency last fall.
Less Order Than Suggestion.
Bankers were inclined to view it IS
a suggestion rather than as an order
| and designed to facilitate the contrac-
| tion of currency, now that funds are
| flowing back to the reserve centefs,
|
was to encourage expansion of bank
note circulation While the demand for
| circulation was growing. The advance
/ in prices of government bonds was
| evidence of a purpose in some quar-
| ters, at least, to procure bonds from
| the open market in order to be able
| both to keep out note issues and to
retain government deposits. The pros
pect of gold exports was continuing
| influence against Specula ton in stocks.
! The persistent apathy Of the demand
| for stocks led to a late selling move
ment, as was the case yesterday, and
| the market closed weak and at the
| lowest in this midst of the largest
| activity of the day.
Bonds were dull and irregular. Total
sales, par value, $2O45,000. United
! States Is registered, the s. registered
and the old As registered advanced
Is and the old As common and 5s
| IA per cent on call