The Saint Paul globe., 1904-12-20

NEW YORK, Dec. 19.-The stock mar
ket fell into a holiday rut today. Be-
yond that fact there is little to chronicle
There was a brief recovery in the early
dealings from the decline which was in
force when the market closed on Satur-
day, but fresh eccentricity on the part
of Amalgamated Copper was the signal
for a subsistence of interest and a sink
ing of prices as on Saturday. The move
ment In Amalgamated Copper was not
violent, but the quick response of the
rest OF the market to its slight demon
stration was a testimony to the state of
terrorism in which an element is held by
the threat of this stocks actions The
advance which was interrupted by the
1ntimidating effect of the break in Anal
gamated Copper, was not resumed with
any force or confidence afterwards al
though the copper stock itself steadied
and became quiet without further dis
turbing manifestations.
SteeIs Continue Strong
The rise was led most conspicuously by
the United States Steel stocks and reports
We're published and put in circulation Of
the prosperous condition of affairs of
the corporation at present. Among them
was an assertion that it had been deter
mined to raise the prices for steel plates.
bars and structural material the amount
OF the advance being alone uncertain.
Ihe pennsylvania group of railroad stocks
made its almost invariable response to
news of steel trade conditions and the re-
ports of traffic officials to the effect that
the congestion of all commodities con-
nected with the steel trade was so great
as to threaten car shortages on the East
ern railroad lines affected.
Reports of railroad traffic from other
sections We're almost equally favorable,
and the days returns of gross earnings
of the railroads for the second week Of
December showed good uniform increases
throughout the country. The expansion
OF the movement of corn to market is es
pecially notable and helpful to railroads in
iff1.xy H10n Har1Iy ko%o
of Saturday was considered as giving
assurance of exemption from stringency
over the year end but the conservative
tone developed in the trading may be
traced to money market considerations.
Exchange In Demand
1t is felt that the present assurance Of
quiet In the money market has only been
secured by the withdrawal of commit
ments to the stock market which was ef-
fected by the recent shaking out of weak
holdings. The time is not considered
propitious for Immediately tying up these
resources again. The yearly requirements
remain to be met and the current of
gold is still outward Demand was
steamer, that being the last ship avail
able to meet obligations in London be-
fore Jan. l.; 1t IS not forgotten. more
over that the withdrawal of S100 900
of government deposits is to be met by
Jan. 15. Prices slipped back during the
day to about where they left off on Sat-
urday, and the closing was heavy. The
sale of 100-share lot of Chicago Bur-
lington & Quincy at the record price of
225 was an incident of the day in con-
nectlon with the reports of an extra div
ldend distribution. This stock has only
appeared on the tape at long intervals
and for sales of small ordered lots since
the joint purchase by Northern Pacific
and Great Northern.
Bonds were firm. Total sales par value,
$2,64OO0O. United States bonds were un-
changed on call.