The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-01-05
SON[TH DOING
IN MEXICAN CENTRAL
a Stronger Opening, With an
Irregular and Rather Easier
Closing

NEW YORK, Jan. 4.-There was a de-
clded abatement of active interest in
stocks and a resultant heavy and irreg-
uiar tone in today's dealings To some
extent this was undoubtedly due to the
FEAR that the advances of YESTERDAY were
at too fasL a pace for the health of the
market There was perceptible also a
senslt1veness to the constant fluctuations
IN Amaigamated Copper, which continues
10 De regarded as a danger point by a
large element amongst the operators since
their experiences of a few weeks ago. The
threatening utterances from the same
source as at the time of the previous
break in the stock keeps alive this shirt
OF apprehension. The stimulating effect
OF the Northern Securities decision had
lost some of it's force today and Northern
Securities on the curb and ali the stocks
related to it on the exchange were re-
a saSay 1t Is taken for granted that
pans pans are lar advanced towards agree
ments and combinations to accomplish the
purposes sought by the Northern Securi-
Ties merger But there is remaining force
IN the consideration that the terms fixed
IN the merger will end the control secured
Dy the Union Pacific of the old Northern
55:a ac, thus In measure RELOCATING con-
dltlons to the same state as that existing
before the colossal contest between the
giants of the railway world in 1901.
New Combinations
AS to the vague rumors as to the form
10 De taken by the new combinations there
was more caution in basing operations
upon them than was the case Yesterday.
There resulted an inclination to depend
more upon the expected January invest
ment demand for securities. This proved
py offerings on the part of dealers who
nad bought stocks in anticipation of this
demand. There were sustaining points
IN the market, however, which held
prices against any severe reaction. New
YORK central was notably strong and re-
ports persisted of large interest acquired
IN IN TINS property by the Union Pacific and
Standard Oil interests which would tend
10 harmonize its operations with other
important railroad properties. The plac-
ing or Leh1gh Valley on a per cent an
nuai dividend basis had been pretty accu-
rateiy foreseen. but the healthy effect
upon the coalers was still manifest. es-
peciaIly in Reading. There was also an
important absorption of Erie. The marked
lacked the buying for London account in
the degree that 1t was felt yesterday.
The offering of an Irish land purchase
ket and preparations for the Russian loan
on the continent formed another deter
rent influence London suffered to some
extent from pressure for Paris account
which was believed to be due to some
forced liquidation on the part of French
holders of Russian securities. The money
market here continued extremely EASY
but the rate of the gold outgo was of some
sentimental influence in the stock market.
In addition to the weeks exports to
France and South America, it was init
A~eSNt eiiete SOiSs was lifcly u ne Shipped
from San Francisco to Japan on account
Of deposits at the New York subtreasury.
The only occasion that can call for ship
ments to Japan at this time would be
on account of New York subscriptions to
the Japanese loan. 1t is interesting to re-
cali that at the. time of the last Russian
loan 1t was alleged that its fioatation
was facilitated by reason of disbursements
In the worlds markets of drafts on the
deposits in European banks of the pro-
ceeds of the former Japanese loan. The
calling home by Japan OF its foreign de-
posits would promise a contrary effect.
Der showed good increases the most i'm
portant instances being PENNSYLVANIA,
Union Pacific, st. Paul and Lehigh VAL
ley. The reactionary tendency on the
market. however, prevailed and the clos
ing was weak
Bonds were easy. Total sales, par
value. 81 ,295. 900. United States bonds
were unchanged on call.