The Saint Paul globe., 1905-01-15
UNION PACIFIC
SELLS UP TO 49,
General Gains in Stocks, Al.
though Small With Excep-
ton of SpeciaIties

| tiOO0H 0Essola Will IACCps
ton of Specialties
| NEW YORK. Jan. A.--The sudden re-
/ stirred the late stock market yesterday
was continued today throughout the short
session, lifting the price of the stock to
119A. Northern Securities On the curb
went to new high record in company.
| Ihere We're floods of rumorS of supposed.
plans for readjustment of the railroad
| situation growing out of the diSintegratiOn
! of the Northern Securities company, but
the only actual news bearing on the move
ment was the tip circulated from uptown
| speculative quarters that Union Pacific
| was to touch 120 today. There was
strong sympathetic movement in Southern
Pacific and st. Paul. There was large
| buying of United States Steel preferred
and Amalgamated Copper also. Else
/ where in the list the strength was moder-
| ate and there was some pressure to real
| lie On the advance.
Strong Bank Statement
This was especially manifest after the
! appearance Of the very strong bank state
currency from the interior for this week
reflected in the statement, but also that
of last week which failed to show in
| last weeks statement owing to local
| shifting of cash holdings AS a conse-
| quence this weeks statement shows a
| growth of over $150O0,000 in cash hold
=
contraction of s5,4O5,90O in the loan ac-f
/ count. The net result was to bring up the
| surplus over legal reserve requirements
/ by $12, ,S51, ops. This accumulation, coming
/ on the extremely easy money market, is
! likely to enhance the outgo of gold to
which is soon to be added renittances to
/ ScriptionS to the Cuban loan which may
call for upwards of $4,000, 600.
Excited buying of Union Pacific pulled
up its related stocks to the top level to-
ward the end of the session, but realizing
at other points made the closing irregular
and very active. Total sales of bonds to-
day, par value. $4,915,000.
Small Volume of Trade
Stocks have backed and filed this week
| On small volume of dealings which has
| comprised little more than the tentative
| operations of professional traders to find
| the course of the market There has
been no real motive power in the market
owing to the profound neglect by power
full trading interests and the outside pub
lie. Much discussion of the causes Of the
| lack of interest in the market has failed
TO bring about any general agreement,
but a number Of contributory caucuses
| have been commonly accented. The sensi-
etlveneSs of speculative sentiment to the
settlement of the legislative programme
at Washington emerges with toierable
: clearneSS. Thus prices advanced with
/ some decision on Monday morning. when
| 1T was generally reported that the Satur-
| day conference of political leaders had
resulted in an agreement that it would
not be practicable to undertake any i'm
| portant new measures at the present ses-
sion sion OF ,;.3i congress- On the other hand, the
Cured On Thursday. when the. traders
were confronted with the explicit report
mat the president had determined to
press Tor prompt action on measure for
ane fixing OF railroad rates by federal
Rate Legislation
/ The financial district has its varieties
or sentiment on the merits of the meas
ufes proposed, but 1t is united in the
apprehension that the agitation and dis
eusslon OF the proposed legislation, which
does not seem assured for considerable
time to come, is likely to have a re-
presslVe and unsettling effect on the stock
market. mar Aside from the effect on securi-
Ties which would be subject to special
| influences by changes in tariff schedules
| especially during the period of discussion
adG df,, ,st1 deelsion upon those changes, the re-
changes in rates of duties are expected
to beget hesitation for time.
c.Ased Ano,ner 0efa feature OF the outlook which
future resources OF the money market to
the new capitol issues which are be-
lIeved to be forthcoming in large volume.
The funding of the large issues OF short
time notes made by the railroads last
year during the period of Indigestion
funding operations viii not provide new
capital to the railroads as the proceeds
OF the notes have been mostly expended
| and additional issues are looked for to
trr,t--
| Ihe present extremely easy condition Of
| the money market seems to promise ad-
Hantageous conditions for the coming
| Hotatlons. But factors are at work which
| may modify the Usual accumulation of
| banking reserves at New York in the first
| part of the year. There is no present limit
in sight to the outgo of gold from New
YORK, winch IS In progress towards Paris,
| South American and to Japan. It is
urged that any demand for loans which
would raise the money rate would prompt-
| ly stop these various movements, which
are due to special inducements in the
| way. of allowance for interest But the
sentiment effect of exports of gold is felt.
I as is bly, the case
/ Mrs. chadwIcl<'s Tactics
Some weight must be given to- the
course of recent events in the banking
world, at least in their influence upon the
public mind. This weeks run on a bank
doing business amongst the foreign popu-
latlon on the east side of this city was
attributed by an official of the bank to
| story of Mrs. Chadwick's exploits and to
| the discussion OF the alleged practice of
down town banks, which was awakened
1 by the testimony in a lawsuit growing
out of the exploiting of a mining stock in
| the financial world itself is in any state
! of disquietude over banking practices in
/ connection with stock market operations
oraetiee Or euef te OF placing leans IN
! country. But the effect which hassbee
produced on public sentiment by the
1 prominence given to these episodes is
recognized as detrimental to the stock
market. The restriction of the influence
! OF these factors to neglect Of the mar
ket rather than to any active selling
pressure is felt to be due to the broad
underlying strength Of the general situa-
| ton.
Industries are reported to be expanding.
railroad officials report more traffic Of
fering than can be carried, the consump-
ton of pig iron continues TO grow and
various enlarged disbursements to stock
holders of important corpora tions keep
/ alive the faith in rumors of other in
creases to come. There is a widespread
conviction also that. the advances. in. GER
! tain securities are preliminary to the
1 working out Of comprehensive plans Of
new relations and absorptions looking to
enhanced values. The result is to induce
! operators to refrain from activity and
| await more light on the future.
Bonds have been in better demand than
! stocks.
United States rs declined Is per cent
| ard the new 4s advanced 7s per cent,
| on call in the week. eHfs
! Continued on Next Page