The Saint Paul globe., 1905-01-01
PRESSURE At START,
CLOSING STEADY
The lawson Buaaboo Caused
Some Selling of Long
Stocks

Stocks
NEW YORK. Dec. 31-There was a
further marked revival Of apprehensjor e,S
a successful attack upon stock market
values today, caused by renewed proc
lamation Of dire things to happen next
week by the same authority that upset
the recent market. The sharp dip in prices
OF today was clearly assignable to the
culver of dread thus caused. The days
mated, contrary to expectation, as the
principal motive for holding a session at
al today was to bring together the mem
1olioWed the session of the exchange The
spirit OF uncertainty thus awakened in
duced considerable throwing over Of
stocks accumulated during the weeks rise
and resulted in an effective curtaiIment
of that rise.
Copper Sensitive
Amalgamated Copper showed itself SEN
sitive to the new threat to the market,
but that stock was supported in the later
dealings and closed unchanged The Pa
cifics were notably weak and were az
fected by the denial of rumor set in
decision had been handed down. United
States Steel preferred was under pressure
and showed poor rallying power, its fresh
the irregular closing. The bank statement
reflected only part Of the expected cash
gain, but the shifting of trust company
accounts and the annual Elements were
to be reckoned with as confusing in
huences on the bank statement and the
showing WAS not an influence on stocks.
news affecting properties to infiuence tie
bonds, par value, 1861, 900 '''Se
cheerful one in wall Street. There her has has
been quiet and steady uplift of prices
without signs of feyerishness or specula-
tive excitement, except that the trading
showed considerable growth of animation
towards the last by reason Of the en-
couragement caused by the advance. The
den collapse of last month have largely
subsided as the sensational features of the
campaign against prices were eliminated.
BEEN nsms favorabe anS has ed
nothing to beget apprehension ON the part
of stockholders and the clearing out ;of
market by last months sharp down turn
Situation than for some time. The hseds
Gf T an IavnG uncovered short interest gndqnb5ed
But the conviction. seems well founded
that the demand was largely of more
substantial character
Investors Active
Investors were in the market in antici-
patton of the resources which are to ac-
crue to them from the January disburse-
ments or profits which are to be on a
scale unprecedented. Naturally with the
buying by. dealers who expect to market
their holdings to the investment demand
after the turn OF the year. The incentive
to present holders to help along an ad-
vance in price to afford more profitable
basis on which to sell to coming in
vestors has had its perceptible influence
in the dealings. Akin to this Is the desire
of great financial institutions with large
holdings of securities in their treasures
to see good market prices for their hold
ings for appearance in annual reports.
ments in the market does not alter the
fact that the effort to lift prices could not
have been successful had there been any
important pressure of securities by dis.
satisfied holders seeking a market. The
easy terms prevailing infthe loan market
and the abundance of funds offering are
almost without precedent for the final
week of a year. The condition of the
money market is the more remarkable
in view of the outward movement of gold.
which IS forced to some extent by the
= There Is besides an active use of money
in the interior commerce and industry OF
the country. By the middle OF January
the national. banks will be called upon to
surrender. $40 100000 of governments sde-
posits. These considerations have been a
factor IN the conservatism, in alings for
tranquility of the money market as the
year-end requirements approached has
quieted all fears on that score and has fos-
tered the belief that when the ref1ux Of
funds to reserve centers begins after the
turn OF the year there Is likely to be
rush OF capital into investment chapnekss
ms prospect has given rise also to in
dustrious conjecture over plans that. max
be making by the great organizations OF
capital to take advantage of the promised
abundance Of capital thus promised.
There is a disposition to revert to tha
possible parallel of the spring of 1901 IN
which the accumulation of reserves in
New York banks fostered the extraordi-
nary series of financial projects which set
speculation wild This was the period of
the PENNSYLVANIA Coal company purchases
the the 6 Central Of New Jersey purchase. the
southern Pacific purchase, the formation
of the United States Steel CORPORATION and
the burlington purchase. Bank. reserves
IN that year E r. up to March were Increased
nearly $43sO00,000 and loans expanded for
the part of great railroad systems are al
ready clearly formulated, by reason OF.
temporary borrowings to be funded and
more capital for continua1ice. But IT Is
come. = IS 40 = : =
Stability Of Rates
Less sensitiveness has been manifested
to the discussion Of the policy Of federaf
direction of corporate affairs and the i'm
preston has grown that steps towards CO
operation are under consideration which
may issue III measures ofamutual iadvafr=7
tage The expressed desire of railroad au-
tnorlt1es for feasible means to maintain
the stability of railroad rates and the
possible advantage to great cozopefatfofs
as against the confused Requirements 81
varying state laws form the grounds for
this feeling. Increasing railroad earnings
ana aIl the improved prospects of Increased
dividends are substantial element Ii, the
strength of stocks. -
Bonds have risen in price iii d less
marked degree than have stocks
yanced "a, the Is coupon and the old As Il
per ceDt on call during the week