The Saint Paul globe., 1905-01-11
STOCKS QUIET;
LITTLE CHANGE
One Side Afraid, and Other Side
"Das'ent'' t''-Money Con.
tinues Easy

NEW YORK, Jan. 10.-Today's unim-
aportant stock market was very similar to
lna5 OF yesterday, except that today the
neglect was even more pronounced the
early rise less vigorous and the following
reactlon not so sharp. AS a trial of spec
ulatlVe sentiment on the part of the pro-
Iesslonal element it followed yesterdays
nneS almost exactly and demonstrated
quite clearly that monetary advance in
prices has no power yet to attract public
OPINION. There was some apprehension
lhdeed that the advance in prices was
made to afford basis for selling on the
part of speculative holders, but the char
aeter OF the market did not offer much
intrinsic probabilities for this view. Deal
lngS were much larger on the advance
than on the decline That is to say in
the phrase of the board room the market
pressure to sell and such as there was
was not pushed at the lower level of
prices. Such condition serves to dis
in the market.
The trading is so narrow and of so
highly professional a character as to lend
itself to description in technical terms
The appearance of a published interview
by an active speculative leader, protesting
extremely hopeful views of higher prices
aroused by the tepid interest on account
or some of the market precedents as to
FORMER responses to similar outgoings.
Attention was given to the active dis
cussion in the political world of the pros
poets for tariff revision and the probable
period for the undertaking, and the ac-
tivity of this discussion modified to some
extent the feeling caused by yesterdays
CONVICTION that no action would be taken
at the present session of congress. A re-
duction In the German bank rate, while
1T marked the cessation of the drawing
OF gold to that center, was obviously de-
signed to prepare the money market for
the placing of the Russian loan and the
reports received later in the day of the
prospective success of that loan relieved
some apprehension of shock to the finan-
cial world due to earlier reports that the
issue would prove unsuccessful.
Meantime a strong attraction for gold
tions for further large shipments from
New York The official statement of the
production of gold at the Rand for De-
cs,IaS. eember. giving the output -as S62, ,264
the uninterrupted expansion shown in the
monthly rate of output from that center.
The maximum monthly production of gold
in the Transyaal was 495,709 ounces,
which was in August. 1899. The present
rate of increase, which has gone on stead
lily since the resumption after the Boer
from that field up to the maximum within
the next year. The Importance of this
large source, of replenishmenta for the
worlds stock of gold must be taken ac
count of in the consideration of money
and financial products.
OF special movements in today's market
that in Louisville & Nashville was plain
lly due to the increase in the dividend of
it's subsidiary stock, Nashville, Chatta-
nooga &s st. Louis. Professional attention
centered on the Pacifics. The restoration
of the full preferred dividend rate by
United States Cast Iron Pipe was the
ground for the activity with profit taking
in that stock and probably influenced
some of the trading in other industrial
Specialties The Chicago Union Traction
stocks reflected the financial adjustment
of the street railroad company. Not much
of the early advances was left at the clos
ing, which was heavy.
There was much variety in the bond
market, but prices moved irregularly. To-
tai sales, par value, $3,735, 900. United
States bonds were all unchanged on the
last call