The Saint Paul globe., 1905-01-17
SHORTS IN COPPER
FORCED TO COVER
More Disposition Shown by the
Public to Come Into
the Market

NEW YORK, Jan. 16-Transactions on
the stock exchange rose above the million
mark again today and with the increase
III animation there was a considerable
snow OF strength. The conspicuous move
ment in Union Pacific exercised svm
pathetic influence on the whole market.
put during the course of the day, when
the movement in that stock showed signs
OF having run itself out the tone for the
rest of the market also gave evidence of
nesltat ton and difficulty in resisting the
reaction After its 5-point rise of las
week and with its advance TO-DAY through
the hgure which had been pointed TO in
the current speculative gossip as the
objective of the movement Union Pacific
came In for some heavy speculative profit
taxing. The accumulation of orders over
Sunday which had been attracted by the
6uoyant movement of Friday and Satur-
day, helped to carry the stock up through
the offerings to realize to a high record
1or the movement of 1.2016
Jump In Northern Securities
An additional 3-point jump in Northern
SecurltleS on the curb kept up the par
allel between the two stocks upon which
s,,.,, tue lmoIenent mas hinged throughout. The
sympathetic response in Southern Pacific
ana st. Paul was only moderate and in
the railroad list at large was even less
notable Amongst the industrials and
speclaltles, however, there We're various
points of effective supplementary strength.
Amaigamated Copper was especially ac-
i've i've ana strong under the influence of the
near approach of the period when the
dividend is usually acted upon. United
states Steel preferred was effectively
bought, although it's advance was some
what belated and the current gossip re-
gardlng the showing of earnings for the
december quarter was more hopeful than
last week. The subsidiary steel comnanies
and railroad equipment companies as well
as the electrical and smelling companies
showed the general effect of the metal
trade conditions
Money Easy
The money market was very easy in all
departments and for call loans was practi-
caily nat as the result of the heavy in
week. The paying over by the national
banks of the 10 per cent installment of
government f1eo aIn deposits in accordance with
seemed to be entirely without effect on
the ease of the money market and the
gola g s export m prospects were. equally dis
had an unfavorable rather than a cheer
ing erect, especially as it was accom-
panied by tone of less confidence on
tn the part of railroad traffic officials
throughout the country. The car supply
was reported distinctly easier from all
quarters and some falling off in the
Irelgnt movement was generally admitted,
pointing to a midwinter lull in trade ac-
t1vity which induced some feeling of hesi-
tation In speculative quarters.
Trade congested
The alleged threat of labor troubles on
the Pennsylvania system, although Of
ficfally denied, seemed to be the reason
Tor the separation of the stocks of that
group from the days upward movement.
Inc days business was not only largely
congested in few prominent stocks. but
came from concentrated sources. less than
nan dozen large houses being credited
with dealings anywhere up to SO 900
shares apiece. The pressure against the
market gained force with the result that
the Pacifics and st. Paul closed at net
loss, while the earlier gains were much
easy va
Bonds firm. Total sales, par value.
6,705.OO0. United States new 4s advanced
ss per cent on call