The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-01-28
COPPER ERRATIc;;
A GOOD SCALP[R
Northern Securities Sells at
14eH-EarIy Strength Dis
placed by Weakness

NEW YORK, Jan. 27.-The inward
course OF prices in the stock market which
SEN SET m Yesterday. was continued quite,
t ~ ,sAiy Inls morning and the market for a
liine showed strength and breadth Con-
siderable buying for London account helm
ed TO this end. But the force of tbe de-
t tllana seemed to be spent toward the lat
Ter part of the day and there was notable
railing off in the volume of the deaIinps
ana some reactions in prices The news
oiered no explanation for the dying ont
81 eb,e the -, demand, but the fact was notice
aoie mat the recovery had about made
up average losses of the earlier mart of
the week The demand hesitated at about
u me tt recovered level. The feature of the
idtter part OF the day was the large num-
Der OF 1ndustrials of all cases which were
pushed upwards successfully. The minor
iron iron ana steel stocks and those of trades
peelally conspicuous in the movement.
Steel and Copper Laeeards
Equally conspicuous was the fact thar
the premier in industrials, the United
States Steel stocks and Amalgamated
copper, We're heavy and laggards in the
Electric and Smelling. This led to the
inference that profits were being sought
on the recent advance in these major in
dustrialS under cover of the movement in
the minor industrials.' The ultimate yield
ing of Amalgamated Copper to the real
lz1ng pressure sharpened this suspicion.
The advance of Northern Securities on the
strength in the Hartman stocks and
Erie kept up its accompanying movement
as for some time past Readings strong
statement of December net earnings was
helpful factor for the coalers. Railroad
earnings reports otherwise were helpful to
stocks The entering upon the stage of
rate cutting, of the dispute over export
grain traffic for the Atlantic and the gulf
ports was regarded with dissatisfaction.
The settlement of the PETERBOROUGH Rap
Id Transit labor question helped the local
Tlnn irlfr ont 4f
for the Standard Rope and Irvine company
was so entirely ignored as to arouse
curious comparisons with the market
effect of episodes in the career of
predecessors of that corporation. I'm
certainty over tomorrows bank statement
added to the hesitation of the late market.
The receips of currency on balance from
the interior seem sufficient to about off
set the export of gold. although tomor-
rows gold shipments will not figure in the
bank statement. Some slight gain is
therefore expected in the cash item, but
the loan item Is again a mystery. 1t is
considered probable that last weeks
record expansion may have a counter
part in this weeks statement. The COM
pilation of reports on condition of the city
trust companies on Dec 81 seems to throw
light on the movement of bank loans.
Compared with June 80 preceding the
trust companies have increased their de-
posits over $125, 600 600, while the cash to
their account in banks has been reduced
$53,674, 404. The trust company loans for
the same period were increased $231, 49,
762.
Money Continues Easy
With the profitable money rate for the
last of the year it is clear that the trust
companies were lending out their own
deposits, instead of leaving them in the
banks. With the decline in money rates
since the first of the year, it is equally
clear that the trust companies have made
enormous redeposits in the banks. which
have had the responsibility of finding use
for these funds, upon which they must
condition of the weeks money market
makes probable a further enormous talk
ing over of loans by the banks from the
trust companies. The late break in sym
pathy with Amalgamated Copper was
partly retrieved, Erie leading the rally
again as in the previous upward tendency.
The closing was firm.
Bonds were firm. Total sales, par value,
$6,425.0o0 United States IS declined rs
tr-1o olI