The Saint Paul globe., 1905-01-10
FRACTIONS WEAK;
PACIFICS STRONG
Lack of Trading Permitted
Prices to Sag Off, Closing
Weak and Dull

NEW YORK, Jan. 9-The second week
of the new year in the stock market
started off with some animation and brisk
advances We're scored pretty generally
But the start proved a false one like that
of the first week of the year and interest
had almost completely died out by the
afternoon. 1t was apparent that the
movement represented very largely a trial
of speculative sentiment on the part of
professional operators and the restless
class of traders who are nursing disap-
pointment on account of the failure of
outside interest to develop in the market.
The incident from which most was hoped
for providing effect on the trading was
the outcome of the conference of the po-
itfcal party leaders held in Washington
on Saturday afternoon. The current re-
ports regarding this conference were
without official sanction and varied con-
siderably in their details But they were
generally agreed that it had been decided
that 1t would not be feasible to act dur
ing the present session on the subject
of corporate legislation.
Wall Street Sensitive
Wall street is peculiarly sensitive to
thlS SUBJECT and showed evidence of more
contentment over this prospect of delay
than of dissatisfaction over the reported
decision to hold an extra session of con-
gress in the fall to act on tariff revision
Last week the halt and the reaction in
erable degree to the influence of the threat
OF legislation to regulate corporations
Inc inference of the professional traders
that the sellers last week on this account
would turn buyers on the new situation
was natural; but proved to be but ill
founded: The disappointing bank state
ment OF Saturday was little regarded In
view of the increasing ease in the money
market; Loans for sixty days could be
had below per cent today and for six
months the rate fell to 3A per cent with
icT MOI tla, -.
ing collateral
The preparations for further extensive
gold exports this week We're also deprived
Of 9i., much of their effect by this con-
ket With discounts advancing in
London and the prospect of some
further large loan issues in the market
the movement of capital to that center
from here with money at the present un-
remunerative rates is not to be wondered
at The routine news of the day continued
ficials again reported the freight move
ment limited only by capacity of the rail-
road to carry what was offered while
heavy car shortages tend to congest what
strength was shown by Illinois Central
with rumors in circulation of an intended
increase, in the dividend. There was
heavy absorption of Union Pacific. while
last weeks activity in Erie and New
York Central conspicuously subsidized.
fractions Active
There was special speculation in the
local fractions. Interborough Rapid Tran
sit on the curb making volatile rise Of
nine points while the Metropolitan trac-
tions were weak on the stock exchange
These movements sought to measure the
effect of the extension by the interborough
company into the suburban traction field.
The mornings upward movement was
fairly general as was the afternoon reac-
tion. Many of the mornings gains were
wiped out in the AFTERNOON and the clos
ing was dull and weak
There was quieter market for bonds
and the price movement was irregular
Total sales par value, 81 1886. .000
United States 3s coupon advanced IA
and the new As u on call.