The Saint Paul globe., 1905-01-07
STEADY OPENING,
CLOSING WEAK
Heavy Gold Engagements Re.
ported-Action of Congress
Losing Its Effect


NEW YORK, JAM 6.-Gatherinp die
appointment over the moderate invest
inent demand for stocks and over the re-
iuclance OF the outside public to come
INTO the market caused the general de-
cline IN prices today The growing sIng
sisnness OF the market and the difficulty
OF OF, getting prices up have proved irksome
an the week to the room trading element
n, ~ mh41e t1' uveilhood IS dependent on motion
n Tba enJ nh.,. HiaIket OF one kind or another.
@ ale .oostdcieS TO the advance prompted A.
coIn1siaeranie con proportion of this element to
sell stocks. 1t did not appear that tbare
Mas tha any great amount of liquidation in
lne movement and there were no news
developments to prompt a selling of Sc
,si ouiIlies; DouDt over the level to which
pIifes nave been lifted and over their
some selling. The movement was nor
widely different from that on preceding
eaSS ensS exec except that there was a lack Of
mad been used up to today.
No Strong Feature
With the exception of a momentary ad-
vance in Amalgamated Copper and some
continued absorption of the Erie and
Readlng, there was no strong feature at
any any time today The failure of explana-
llon Ior the strength of Erie aroused some
suspicion OF a professional manipulative
origin for it, SO that it lost its effect on
the rest of the market The rise in
discussion of its dividend prospects. AS
to the features of the decline it became
fairly general during the course of the
to any news of condition, but rather ac-
cording to the weeks previous advances,
thus indicating profit taking character
of the movement The news of the day
did not change from the recent favorable
tenor as arecting property values.
Some effect may have been produced by
the report of the definite determination to
appeal the Northern Securities decision.
Whlch caused a drop in that stock on the
curb. But its subsequent rally did not
heip the stock market Railroads re-
porting earnings made no deviation from
the recent advancing tendency In the
cotton market the decline in prices was
reported to be attracting at last large
buyiTg orders from foreign spinners, and
the weeks exports of corn were regard
ed as highly gratifying. The shipments
OF the latter cereal for the week rose to
S,lSo,o55 pu, which are pronounced to be
1903. :s.I'S- 'i''' ''''1 o-''
Money Returns to New York
This revival in the corn movement is
OF specl2l importance on account OF
the languid outward movement of wheat,
and promises an effective supply in the
foreign exchange market. That market
continued &C, sanie to advance today and inquiries
no abatement in prospect of the outward
movement of gold. 1t is evident, how
ever, that the movement of Currency has
turned in full tide from the Interior TO
New York, the preliminary figmes in
dicating gain by the banks of upwards
OF S6,O00,00 There is a feeling grow
ing up that large accumulation of re-
serves at this center is now awaited as
an effective opportunity for the offering
OF large new issues of securities. The fall
In prices gained its greatest velocity in
the final hour and overran itself, result
ing In an active demand to cover shorts
by the room traders. The closing was ir-
regular.
The bond market was broad, but the
movement continued irregular. Total
sales, par value, 1926 900. United States
call.