The Saint Paul globe., 1904-01-30
HEAvINESS IN STOCKS
SLIGHT ADVANCES MADE ARE IN.
DIFFERENTLY HELD
Speculative Activity Undergoes Paralysis
Through the Far Eastern Uncertainty
Japanese Gold Deposited In Frisco Cuts
a Figure.

NEW YORK, Jan. 29.-Prices of stocks
had wavering, uncertain movement to-
day that hardly deserved the name of
fluctuations. During the day the market
came almost absolutely to a standstill.
The undertone was heavy, however and
the slight advances at one time attained
were indifferently held. Probably the con-
Vlctlon that some sort of crisis was near
at hand in the strained situation in the
far East helped to paralyZe speculative
activity. Even the commodity markets re-
iiected some disposition to await the def
mite outcome of the Russian reply to the
japanese proposals. News reports of the
rush of food shipments across the con-
tlnem to fill Russian army orders were
OF some significance as to the effect of
war upon domestic business here.
1t is pointed out that of the S2.14S.000
which the subtreasury has contributed to
the New York banks this week. more than
three-fourths Is on account of Japanese
gold deposited in San Francisco. This gold
Is generally assumed to represent pay
ment FOR army provisions rather than a
regular exchange operation. The usual
preliminary estimates of the interior
movement indicate gain by New York
OF over Sc, 900 in spite of some increase
in shipments from New York to Southern
points during the week in connection with
the cotton movement. AS to the gain from
the subtreasury, 1t is likely to be wiped
out by todays credit balance of that in
sstitution at the clearing house of $2,O42,,,
IL, due to the taking up. of Central
Pacific note for about $800,000. The ex-
treme ease of call money today did not
indicate any notable weakening of the
condition of the banks, although con-
siderable loan expansion is expected in
tomorrow'S statement.
Steel Is a Drag.
United States Steel continued to be
drag upon the market although the
volume of its activity was much less to-
day, Trade reviews continued to add to
the weight of opinion against improving
prospects in the trade. There is even
tone of reprobatiOn of the attempts which
provements with the idea, apparently mis-
taken, that it would encourage buyers to
come into the market The Union Pacific
favorable net earnings for December of
fered a contrast pleasing to investors with
the uniform tendency towards decrease
in the returns for the Wabash. Lehigh
Valley and Canadian Pacific made today.
The average decrease in net earnings
for December in roads reporting previous
to today already runs as high as II per
cent The Union Pacific showing is at
tributed to drastic reduction in the ex-
traordinary expenditures for improve
ments. which have long been in progress
on that and it's allied system, the Southern
Pacific. 1t Is recalled also that the Union
Pacific interests are credited with the
most determined resistance to the present
price for steel rails, even to the point of
refraining from filling urgent require
ments. The stock got as much as point
late reaction in the market. The clostngN
was dull and easy, with prices back to
about the low level. Pennsylvania ran off
nearly point at the last.
Bonds were dull and inclined to react,
but few advances gave an irregular tone,
States bonds were unchanged on call.
Ciosino List,