The Saint Paul globe., 1905-01-29
NOR. SEC. SELLS l55, .
n. v. JUMPS TO 24O.
The Two Above Stocks the
Features of Today's Stock !
Market.

Market.
NEW YORK, Jan. 2S.-The sudden ont
oleak OF pyrotechnics in a group of stocks
Whicn Is sensitive to developments in the
Northern Securities case was the feature
of the stock market TODAY and this oc-
Cured late in the last hour of the mar
het. Union Pacific was the central figure
and broke through the restraint which has
neld IN below l2O and was rushed I'D toS
III The transactions on the rise were
In enormous volume. ST. Paul responded
vigorously and sensational advances were
mace. Northern Securities itself in the
-curp market was rushed up several points
ABOVE Its previous highest price to the
nelghborhood of 155. There were very
large transactions in Erie throughout the
session. but that stock encountered very
heavy profit taking. 1t has been the pro-
iessed expectation for several DAYS past
that the decision of the supreme court in
handed down at Washington on Monday
Beyond this there was nothing to eX-
plain the excitement regarding these
stocks.
General Tone Strong
The tone of the general market showed
strength, but by no means in the same
degree as in this special group The
greater activity which developed after the
appearance of the bank statement was
probably not due to its showing all
much larger. than was promised and the
loan expansion hardly as great as was
expected: With gold going out in a
use to be found for it at this center, any
accumulation of banking reserves here
had little importance. The strength and
dustrials was still feature today Out
side of the buoyancy in the transconti-I
mental group the market closed slightly ir-
regular. Total sales of bonds, par value,
$5,440,00
s The crisis IN Russian affairs which de-
veloped last Sunday has been a dominant
influence this week on all the worlds Sc
curities markets. and New York suffered
its full share of the shock. Mondays out .
look seemed to threaten immediate revo-
luton in Russia and whatever might be
the opinion of the ultimate results to flow
from such an event, its immediate effects
could not be contemplated with equanim-
fty in the world of finance. Holdings In
this country of Russian securities outside
some of the great insurance companies
are known to be small and English invest
ments in them are smSl. But holdings
in France and Germany are enormous and
the effect on those markets of the over
throw of the authorities of the contract
ing power would evidently involve a com
vulsion in the markets Immediately af-
fected. Other markets. in the close bonds
which now knit them together, could not
possibly escape the serious reflex effects
of a commotion in the Paris and Berlin
markets. The very facts of strength in
the outside markets would throw upon
them heavy burden of the liquidation by ,
the. weak centerS.
Foreign Markets Steady
1t was promptly demonstrated that-th
Paris and Berlin markets were not de-
moralized by the conditions in st. Peters,
burg and greater tranquility was quickly
restored in all other markets. The local
market withStood the shock with good re-
ftre.r-c
was considerable speculative liquidation,
which was believed to come from the
sources responsible for the large opera
tions of last week on the long side of the
market in the conviction that the Russian
complication would serve as SUFFICIENT
repression on the demand for securities
to cloud the hope of any large advance IN
prices until it had been cleared up, The
market of the latter part of the Week, IN
New York showed clearly the benefit OF
the shaking out of the weak holdings over
hanging the market and also OF the clear
ing up of the Russian situation. The Z
danger of sudden revolution was felt to
be less threatening. The industrial dis
turbances and the discomfort in RUSSIA
were looked upon as containing an ele-
ment of promise in the coerclng influence
they might exert towards the conclusion :
of the Far East.
Demand For Gold - tsNN
For several days the markets We're re-
galed with rumors of proposed steps TO-
wards mediation between the beilgerent
powers to end the war. This turn or az,
fairs was followed by considerable demand
for stocks for foreign account, which gave
substantial help towards rallying the mar
ket Another effect of the Russian dlS-
turbance was the heavy demand for goid
which sprang up. resulting in an outgo, OF
several million dollars for Paris. The
great storm was a depressing influence
and the downward turn in the rate OF
gross earnings of railroads for the second
and third weeks of January and the tes, ,
timony of railroad traffic officials to lull
in the trade activity of the interior. gave
additional force to the consideration OF
traffic conditions. Disputes over grain
rates as between the gulf and Atlantic
port lines bore on the same question
stress was laid on the demands of local
traction employees in New York, the pro-
jected congressional investigation of the
United States corporation, the authorize
ton of $50. 100000 bond issue by the
Atchison and the continued discussion OF
measures for government control OF
ped out of sight with the recovery in the
market. The agreement reached by the
Pennsylvania and the Interborough Rapid
Transit with their employees eliminated
these influences. The reports of large or
ders placed with the United States Steel
corporation helped the recovery in those
securities. The strong influence of the
widespread belief in the working out of
important projects incident to the North
ern Securities settlement reasserted itself
and the determined accumulation ferries
sion in some large deal. The Southern
Pacific refunding was the subject of vary
ing surmise in the absence of official in
formation, but the effect was strengthening
on the Hartman stocks. rc,r,sy s'fr.fNs s
Coal Trade Prosperous
The prosperity of the anthracite trade
established a firm support for the coalers.
The resumption of operations in the Fall
River cotton mills was regarded as
factor of far-reaching Importance in the
general business outlook Various indi
Vidual stocks responded to happenings
having a special bearing on their welfare
and helped the general tone. The great
abundance of money resources and the
persistent ease of loan rates kept alive
confidence in the absorptivel power of
capital and of its being forced into the
securities market to find adequate and
profitable employment. The pressure OF
capital into available investment was es-
pecially conspicuous in the bond market
and led to broad and active demand foi
bonds, especially for all grades yielding
return of 4 per cent or upwards aOu the
investment. There was also a cbfifintfee
demand for number of the. lfavprits
cnpcI1la tive bonds