The Saint Paul globe., 1905-01-14
GENERAL MARKET
FIRM AND HIGHER
Advance in Northern Securities
Is Feature of the Days
Trading

NEW YORK, Jan. 13.-The feeble oscil-
lation to which the price movement in the
stock market has now fallen was in an
upward direction today. There were va
rious nominal explanations for the new
direction of the movement but there was
warrant for the belief that the real rea-
son was tne simple one that prices had
moved downward yesterday. In the pres
ent torpid state of the public interest in
the market the professional traders whose
operations make up the dealings have no
taste for following prices far in either d.
rection- Hence the shortness of the vibra-
tlonS. The opening transactions showed
more animation and vigor than for several
days past, but most of the DAYS total
dealings We're included in the first and last
hour of the trading. A number of favorite
stocks in the outside market maintained
thelr recent predominant Interest today,
and their movements were the determining
influence on those of a number of stocks
on the stock exchange itself
Northern Securities and Interborough
Rapid Transit both shot up violently to
new high records with corresponding eff
feet on their allied stocks on the stock
exchange. In the volume of their capitai-
iZation and in their representative char
acter these stocks, of course, rank with
the important market leaders on the stock
exchange itself, although they have never
been listed for dealings on the exchange.
Under Lax Regulations
With the restricted facilities OF the out
side market, and with the necessary lax
ity of the regulations and conditions gov
ering the trading there, the prices made
on purchases and sales of stocks in that
market can scarcely be said to. have the
authority which attaches to business con-
Quoted under the strict regulations exist
ing on the stock exchange. But the re-
sponse in the local fractions and in the
cient evidence that the dealings in the
curb market were an influence on those
stocks
Published reports of plan to combine
all the local traction cOmnaninS
sponsible for the movement in. Inter
borough while the buoyant rISes IN orth-
ern Securities occasioned esthas Of the
relative increase in value resulting for
the stocks of its constituent companies
and of the enhancement in value of Union
Pacific's holdings of Northern Securities.
seemed to be to a large extent sympa-
thetic There was an advance in the
price Of refined sugar. and it was rumored
that the Reading net earnings for De-
cember would make very strong show
ing.
London Discounts Up
Sterling exchange was slightly easier,
but rallied before the close and London
discounts were marked up a fraction,
promising no relaxation in the foreign
demand for gold. The foreign trade state
ment for December showed a decline in
value of domestic exports of upward of
$33, 100000 thus helping to explain the
scanty supply of foreign exchange. The
decrease in value of cotton compared with
preceding decrease was $23, ,69S, ,263. but
the comparison is with the record monthly
exports of cotton. There has been drop,
however, of nearly $11 000. 600 in the cotton
exports compared with November, showing
the effect of the decline in the price Of
that commodity. The value of bread
stuffs,- while s6,641, $50 less than in the
preceding December, has risen to the
largest total since March. undoubtedly
on account of the expansion in the out
ward movement of corn. The prom
ise of an expansion of upward of
$10,0O0,000 in the cash holdings of
the banks for the week increased the
strength of the market in the late deal
lngs. The strength continued to center
larger in Union Pacific. but it's buoyant
upshoot made the closing firm throughout
and at about the best level of the day.
Bonds were firm. Total sales, par value,
S., 6S5000. United States new coupon As
advanced ss per cent On the last call.