The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-01-26
kEENE REPORTED
LAUNDERING STOCKS
Copper Takes a Tumble of
Three Points, Later Recov-
ing a Point

NEW YORK, Jan. 25.@The weakness
OF stocks which became more pronounced
today was doubtless attributable TO tbe
uncertain outlook in Russia, but the eff
rect was not produced directly through
out the usual channels In fact London
bought here during the early part of the
day almost as freely as it sold on Mon
day. The tone of the foreign markets
generally also reflected a relaxation of
the acute anxiety over the situation in
Russia, and the point of view adopted
was lndlcated by the circulation of a
rumor that advances We're making TO-
wards mediation between Russia and
Japan as consequence of the embarrass-
mentS Of the Russian government at
nome This foreign influence and the
demand to cover shorts from the late SELL
ers OF Yesterday gave the upward impulse
70 prices at the opening. A tendency has
slonal traders to put out line of short
contracts late in the day on the SUPPOSE
lion o,l,d tnat unexpected events over night
would pc likely to favor the bear side
with the opening of the following DAVIS
market and with affairs in st. Peters
burg apparently better than worse the
market mas been strong. in the early
dealings.
Liquidation Appears
But with the better basis prices afford
ed by the opening advance today there
ton. This was believed to come largely
from Western sources and from the
great steel centers on the part of OPP
orators who were responsible for the
large transactions of last week on the
long side of the market. While no posi-
uyely unfaVorable news became known to
account for the speculative LIQUIDATION if
was thought probable that it had been
decided by those who had entered on the
speculation that no considerable public
interest could be expected in the market
While affairs in Russia continued i'm so
uncertain state. With prospects poor
for an advance in prices it seemed to be
consider the part of wisdom to tighten
interior freight movement made an i'm
preston ON sentiment, and this was REIN
forced today by the sharp falling off of
gross earnings for the third week in jan
nary reported by the Missouri Pacific
The decline in net earnings for the Wa
bash for December was effective in the
mands reached by the gold export move
ment today was chilling influence on
speculative sentiment, the more so as
sight. - : -, 1
France and Russian Securities
It is evident that Paris regards its large
holdings of Russian securities as requir-
Ing the fortifying of its gold reserve to
an an important extent. The dispute among
between the Atlantic and the gulf ports
came in for some consideration and fa-
vorable action by congressional COM
the United States Steel corporation.
weighed upon its securities The gold
output caused firmer tone for time
loans, out the premium on New York
exchange at Chicago rose sharply, indi-
eating available source for still further
Ieplenishing the local money supply. The
demand to cover from the days short
sellers was sufficient to affect material
rally, and the closing was firm at re-
eo Rones from from the extreme declines
value, $5,165.000. United States bonds
We're all unchanged On CALL