The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-01-21

NEW YORK, Jan. 20.-Constraint was
manifest on the speculative spirit of the
STOCK market today, and the tone was
heavy and dull for the greater part of the
time. The positive weakness however of
the opening dealings which came over
from the preceding day was soon dissi-
pated. The pressure centered largely upon
Amalgamated Copper owing to disappoint-
ment over the dividend declaration. The
amount of the distribution was what had
oeen generally expected, but disappoint-
ment was felt that the style of the divi-
dend was not made regular 1 per cent
quarterly instead of IL per cent regular
and Il per cent extra, which was felt to
imply question as to the maintenance
OF the rate. The stock was forced down
an extreme rs and without making a
recovery was effectively supported above
the low point. Brooklyn Transit reflect
ed a revised view of the recommendations
Yesterday to the state railroad commits
sion for the improvement of the system
and its decline was arrested.
Russian Disturbances
While the market was saved from the
sympathetic influence of continued weak
ness in these stocks there seemed con-
tlnued weight on it, and the notable adj
VanceS In special cases was not effective
in reviving the strength and activity.
More ERECT than usual was produced by
the d1Squlet of foreign securities markets
on account of the disturbances in Russia
There. was considerable selling of stocks
here for foreign account, but the senti-
mental effect of the situation was of even
more influence. Great interest was shown
IN the news of the conferences between
PENNSYLVANIA railroad officials and en-
pioyes IN the effort to adjust the labor
dispute and the uncertainty as to the re-
suit had its effect in REFRESHING activity
in stocks.
for the second week in January showed a
considerable falling off in the recently
prevailing level of earnings with the mix
ture of losses compared with last year
bringing the for rail-
roads reporting to an actual decrease of
over per cent. from last years level.
But the movement of special railroads
was clearly based on the hope of increas-
ed return from dividends This was no
tably the case with the Chicago & North
Western stocks, for which encouragement
dend rate on Chicago, ST. Paul. Minneapo-
lis & Omaha, which is subsidiary stock.
An inference seemed to be drawn of a
hope for more liberal dividend allow
ances amongst the Vanderbilt properties
generally.
vanderbiits Strong
New York Central itself was notably
strong and there was response also in
Canadian Southern, c., c., c. & st. L.
both comomn preferred Peoria &, Eastern
and Lake Erie & Western. The violent
rise in the Chicago Terminal stocks was
understood to be related to pending
plan for reorganization, but no news was
forthcoming on that subject. There were
number of notable gains amongst spe-
cialties and minor railroads, but in the
standard lists, st. Paul and Louisville &
Nashville were about the only stocks to
show appreciable strength. The sluggish
ness of the general list was not modified
by the forecasts of the weeks currency
movement Indicating another gain in cash
of upwards of Sc, 00O 900. differences I'M
favorable to the activity of interstate
trade are suggested by the heavy conges-
ton of funds here. The rushing up of
Reading to S9% in the last half hour of
the market was only slightly more sue
cessful than previous movements in stiff
fening the tone generally and the closing
was irregular and active.
Bonds were firm. Total sales par value,
Sc, 760, 900. U. S. new As declined Is per