The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-20
NO EAGERNESS TO SELL
PUBLIC STILL CONTINUES INDIF-
FERENT TOWARD STOCKS
Orders to Buy Are Very Scanty-
Listiess and indeterminate Move
ment of Last Week is Duplicated
Deferred Financial Projects Depress
the Market.

NEW YORK, Jan. 19.-The scanty
orders to buy stocks found in
brokers' offices this morning confirmed
the impression of the Indifference of
the public to the present stock mar
ket. In periods Of active speculation
the MONDAY morning market is the
most animated of the week as a re-
suit OF the intervening period of idle
ness and accumulation of mail orders,
ana also because of the natural ten
dency to enter upon new activities
with the turn of the week
nile today'S opening dealings fail
ed to show any buying demand from
OUTSIDE sources there was no eager
ness to sell stocks The consequence
was the same Hstless and indeter-
inmate movement that was increasing
ly manifest last week. The specuia-
tive pools also desisted from activity
since last weeks transactions had
pretty we'll demonstrated the futility
of their efforts to attract a general
demand for stocks. The Saturday
bank statement while favorable on
its face, gave evidence of the require
ments upon the money market result
ing from the Reading deal, and was
accepted as warning that the re-
sources of the money market. as they
became repleniShed, are likely to be
drawn upon by syndicates for the
pushing Of projects held in allegiance
One Depressing influence
The realization Of these deferred
projects oyerhanging the market had a
depressing influence in contrast to
their highly stimulating influence a
few months ago. This project of
syndicate requirements for money was
enforced in its influence by a some
what firmer tone in the money mar
Jxra
change towards the gold export point
The rise in sterling at Paris served
to neutralize the advance here, but the
conviction is general that an outward
movement of gold this winter is prob
able.
The announcement of the terms of
the coming TransVaal loan and the
probable requirements for the Panama
canal purchase are cCnfirmatOry of
this view. Of immediate develop
ments the reports of car shortage and
inability to move freight offered was
not favorable influence. The result
ing delay in the grain movement is
likely to affect the return flow of cur
rency The shutting down of works
on account of coal shortage was also
accepted as unfavorable.
Contraction in Note Circulation.
Secretary Shaw's order requiring
the. resubstitutiOn of government
bonds for other securities deposited
against government deposits was re-
garded as making necessary a con-
traction in note circulation by the
banks. Amongst the few movements
of stocks worthy of mention that in
Chesapeake & Ohio was most con-
spicuOus. The buying was based on
an assumption that part of PennsyI-
Vania's new capital will be devoted to
adding to it's holdings of Chesapeake
& Ohio. Amalgama ted Cooper was
affected by surmise of new steps of
contending interests in copper trade.
The rise in Great Northern preferred
was supposed to be connected with
the return to the East of the president
of the road. Missouri Pacific was
helped by an increase in net earnings
for December. The whole market
gave way In the late selling movement
and closed easy. Rock Island led the
decline, but losses Of / to 1 9-4 were
made by many of the leading stocks.
Bonds were irregular. Total sales,
par value, $2,830,000. United States
Is registered advanced Is. the So reg
istered IA and the old Is registered
3-8 per cent on call.
Stocks. s.z.