The Saint Paul globe., 1905-01-25

ob1s MhW ~ YORK, Jan. 24.-The most not
aoie so Iact about trading in stocks today
Mas, Mas tne ;.,t decided subsistence of actiyitV.
oealngs for that day fell below IeSt
Meek Meek average, which was above o00
pa,,s poU shaaIes' mares and today that average would
snasn, oeeh of ,iiy iu,y cut in half but for the
spdsLh OF nquldation at the close The
Market ma became almost idle at times and
lue movement of prices was infenSeiv
hbiugglsn botgsgsa until near the close. The tone.
n' toWeter, showed evident Improvement
over that of yesterday and prices startad
upwards briskly from the outset Trb;s
ip WAS que, que IN large part to the less alarm
ing view taken of the course of events rlt
In Russia. The idea that AN iror,ot,j1to et T.ito
overthrow of the existing government was
threatened was pretty definitely disrniss
gS, mere was disposition to argue that
Ressla,s internal troubles might have the
eliect or hastening the conclusion of neace
WIN Japan and the cutting off of the
.sni1l! enornous expense of the war with the
20 the nnances of the empire But the
foreign situation had little direct effect
Il mere except in a negative way, when
s,,en smeoe was cessation of the foreign pres
sure TO liquidation of American securities
against threatened losses in other direc-
lions. free from this influence there is a
fo,l. norma IA tendency towards recovery. In a
few Individual stocks there was a resun1p~
tlon OF attempts to lift prices But the
motives of the buying of these cases We're
ssa,a,ap aarner vague and d, not disclosed to the
PoOiiS. 1llclF SyInDdInGtlC effect
ate. to9A
Northern Securities Active
:. The renewed rise in Northern Securi-
ties on the curb revived all the long
snrnod sranaihg so,1 rumors pointing to the wide
settlement growing out of the Northern
Securities case. The supposed imminence
o. o. oife me announcement announcement of the Southern
cause to the firmness of the Hartman
stocks. There was a disposition to at
o11ita orlnate the movement in Erie, which was
ton with the wide reaching settle
ment of the Northern Securities case.
Wnlch is potent mystery for stim-
,ii,ll uiarilng a15 sorts OF movements in the
market But the firmness of the coaIers
mad more substantial explanation in the
statement of net earnings for December
OF 9 the Central Railroad of New Jersey,
disclosing favorable conditions not onIv in
the high level of gross earnings. buf i'm
cutting down of operating expenses. Re-
ports OF very heavy orders by railroads
FOR bridge material were a help to Unit
ed States Steel preferred.
Commission Business Small
The initiation of dividends on Hide and
Leather preferred was a favorabIe IN
huence on the industrial list generally.
Sharp rise in the International MercantiIe
Marine M stock on the curb was also an
lnluence on the industrial list But the
demand Tor stocks easily ran out at the
higher levels in the case of all the davis
adVances and there was a sprinkling of
declines which kept the tone irregular for
most of the day. Commission house bust
ness was on small scale and there was
a clearly dlscernible disposition amongst
operators, outside of limited professional
circles, to maintain a waiting attitude in
the speculation for the present. The un-
Satisfactory response of the markets to
the advance in prices caused sufficient
disappointment to induce the active SELL
ing OF the last half hour, which more than
vious four and one-half hours and closed
the market weak and at net losses
The bond market was irregular Total
sales, par value, $5,565,0 600. United States
bonds We're all unchanged on call.