The Saint Paul globe., 1905-01-12
COPPER ADVANCES
ON GOOD BUYING
1t Is Said That the Traction
Trouble Is to Cover the
Rumored Merger

NEW YORK, Jan. 11.-Such a market
as tnere was for stocks today was re-
strlcted to testing operations by profess
slonals in attempts to discover the trend
OF the market. The attempts were unsuc-
cessful for the simple reason that the
market mad no trend. Operations by the
day were closed up afterwards by cor
responding operations on the other side
me result of these conditions was a
condltlon OF iethargy with prices very
near TO last nights level. AS a matter Of
Iact comparison of current prices with
those ruling at the closing before New
years day reveals the fact that very few
OF the thirty or forty most active stocks
IN the list are as much a point away
from that level in either direction The
undertons is undeniably firm and such
testing operations as the professional OPP
orators venture upon are Indicative of a
spirit OF hopefulneSS for higher prices.
Thus for several days past the early
transactions have been light, buying or
disappointing fact is developed that trad
ers are alone in the market This stag
nant condlt' n of speculation is surprise
TO those Who looked for active dealings
with the January congestion of money
supply, and the effort to find explanation
for 1T points to various surmises.
Explanation Is improbable
The natural accumulation of money in
New York is modified to some extent by
the outgo of gold, and next weeks re-
quirement of $4,000 900 for the return OF
government deposits is subject to consid-
Grafton. But the almost plethoric condi-
tlon OF the money market and the low in
terest rates prevailing make this an i'm
probable explanation for the neglected
speculation. The unprecedented rush of
deposftors at the local savings banks this
the diversion of investment funds. the at
traction being the advance in the interest
rate to depositors offered by many of the
banks.
Then there is some distrust of the level
to which prices had been pushed in an
tlcipation of the January movement and
skepticism as to the wisdom of speculative
attempt TO lift the price level higher.
There have been dividend assumptions
and increases which gave color to rumors
OF similar action in other cases. But on
the other hand some of these rumorS
have proved i1-founded. notably by the
maintenance of the regular dividend rates
by the Central Railroad of New Jersey
and Union Pacific There is a very free
discussion of the alleged practice of over
certification of checks for stock market
operations and manipulation, and this dis
cussion is kept stimulated by legal pro-
ceeqlngs IN progress.
These proceedings have a bad effect on
stock market sentiment. The legislative
proposals at Washington and poor reports
influences for conservatism. There is a
desire to know accurately the contents of
the forthcoming statement of earnings for
the final quarter of last year of the Unit
ing largely upon new commitments in
stocks. Today's movements call for slight
special mention. Southern Pacific was af-
fected by expectation of the announce
ment. of its refunding PLAN The local
fractions were influenced further by the
belief of some coming development affect
ing Interborough Rapid Transit. The rise
OF a few special stocks left the indeter-
inmate tone of the market unchanged up
to the closing
The movement of bond prices was irreg-
ular. There was well diffused activity in
the market. Total sales, par value $3,-
$4,000. United States Is declined 1s per
cent on CALL