The Saint Paul globe., 1904-01-28
SUMMARY OF THE DAYS TRANSACTIONS IN THE MARKETS
LASSITUDE IN STOCKS
TUESDAYS DULLNESS WAS AccEN-
TUATED YESTERDAY
More Favorable Turn to the War News
Fails to Sustain the Mar<et-Strength
of Rock Island Is a Feature of the
Days Trading.

NEW YORK, Jan. 27.-The lassitude
which began to make itself manifest In
yesterdays trading in stocks was still
more in evidence today. The dealings fell
at times to rather insignificant propor-
tons, and the movement of prices was
narrow and irregular. The more favorable
turn to the war news today did not avail
to sustain the market any more than the
depression in the foreign markets yes
terday served to hold back prices in the
face of the operations of the dominant
speculative party That party was rather
quiescent today, or restricted in the field
OF its operations. In view of the cessation
of the upward movement, 1t was argued
that the light pressure OF selling offer
ings was in favor of the market, but 1T
was suggested on the other hand that the
light realizing on the turn went to dem
ohstrate very small speculative follow
ing for the organized speculation which
set about lifting prices as an invitation to
the outside public to come into the mar
ket and secure the benefit of rising prices.
The rising points were attributed to
operations by the bull party to sustain
prices for lack of other explanation. The
Pennsylvania group was conspicuous, and
the advancing tendency of the GouldS was
called sympathetic on the assumption that
a Gould-Cassatt harmonization was in
volved. The coalers We're firm at the
same time on rather favorable trade re-
ports. The speculative party bases some
OF its hope of advancing prices on con-
fidence in the cooperation of the Rock
Island party to further its bond issue. The
Rock Islands shared in the days strength
SO far as it went
Gains Are Unexpected.
Gains in some of the specialties were
entirely without explanation beyond the
openly circulated tips that they would ad-
vance. United States Steel preferred and
Amalgamated Copper were heavy. The
former was affected by rather less en-
couraging reports of trade prospects and
by the reported failure of the Southern
Iron interests to come to an agreement
lack of confirmation of any of the nu-
merous rumors of railroad combinations
amongst minor systems, which accom-
panied the early upward movement In
those stocks is the subject of some COM
ment among the party which is skeptical
of the present advance.
The late rise of rs in Baltimore &
market for even stocks in its own group
and while the closing was firm, it was
below the best The fir1ner tone of the
time money market was again con-
spicuously in evidence today and re-
newal of the SubtreaSury transfers to
New Orleans attracts attention in view of
the customary check to the accumula-
itself about the end of January. The
firmness in time money here with the
easier tendency of money in foreign mar
kets conduced to the decline in exchange
rates. The feeling is growing that the
period of abnormal easy money is not to be
prolonged, and that better rates for time
loans will rule for the future.
Bonds were dull and rather irregular.
Total sales. par value, $3,415,O 900. United
States bonds were unchanged on call.
Closing List