The Saint Paul globe., 1905-01-24
STOCKS OPEN WEAK
ON RUSSIAN NEWS
Russian Complications Cause
Heavy Selling, Market
Standing 1t Well

NEW YORK, Jan. 23.-The revo,,,+ior-
ary aspect taken on by affairs at St
petersburg over the Sunday interval NOV
eo disturbing influence TO-DAY in ali os
the worlds markets. The effect was n,,ifa
a. no.riSet deuee IN wan street as on any other
l tiiai Ael, aitnough the results to be exDect
s su IN New York would be less direct than
IN IN. european markets. But the Russian
tars5s proved TO be the deciding factor in a
is iast week-in New York towards a spirit Of
nesltatlon and suspicion In fact when
fer Sur maraet aa1a opened the day was already so
TO the great difference in time that tbSe
more tranquil conditions there we've
known to be established. The weakness
on the foreign stock markets had also
passed away to some extent and effacfiI,o
recoVer1es had been achieved Yet prices
mere broke all the way from l to 21b nointS
fer fev lne prominent active stocks in the first
is lew minutes or trading and the contest
99eelween the opposing tendencies was not
greeted In favor of the recovery until the
llrst hour had about expired
Europeans Sellers
There was some substantial effect on
ine Slde OF depression in the shape of SELL
ing FOR European account in this market
Wnich reached unusually large proportions
bet considerable Influence must be allow
ed ed Tor the overextension of business buy-
ing coming over from last weeks market
ana left In Vulnerable position Efforts
to interpret the events in ST. Petersbnrar
We're confused and varied. The known
programme of the revolutionary nrona-
ganda In Russia undoubtedly impresses fhe
nnanc1al world; but there was question
WheIher ,t the Sunday outbreak was perfect
i;1oH. ~ Mentined f with the revolutionary move
ment nt believed to be in contemplation.
Sentiment during the day became more
reassurlng and there was considerable rc-
ceoVery Inc market was not entirely free
@ 1loLh us IeVerlsh tone and the disposition
was rather to await events than to enter
on on new courses When the time had pass
t, eo LOT the operations for foreign account
the tendency, however, was Quite clearly
towards recovery.
Threatened Strike Settled
The settlement of the threa tened Penn
sylVanla strike and the resumption of
operations In the Fall River cotton mills
eso9trlouted cheering influences from the
industrial situation. The local traction
STOCKS In their advance in sympathy with
the i rise OF Interborough Rapid Transit ON
the the curb to new high record helped to
iineugurate the rally, and Consolidated Gas
annual report. The effect of the unnreces
9Ienied Id loan expansion of last week by the
trihi,t, pai1hs was partly explained away by at
iIrlputlng 1t largely to the transfer of
loans from the trust companies according
10 the usual course when money rates he
tbn.e f1iiIe SO Gneap as to be unattractive to
those institutions. Weekly discussion bv
rallToad traffic officials confirmed last
week impression of lull in the freight
moyement both East and West and a de-
cioed easing in the car supply.
The lower level of railroad earnings dis
closed by the reports for the second week
in January is thus made likely to be car
RED over into the third week returns
On the other hand the open weather con-
ditions are for the benefit of operating ex-
penses and the conservation of net earn
ings. The selling in the last ten minutes
seemed due to dread of unfavorable de-
yelopments over night and it made sud-
den inroads upon the afternoon recoveries.
The closing was weak. Bonds were irreg-
ular. Total sales par value, $6610, 600.
call