The Saint Paul globe., 1905-01-18
COAL STOCKS IN
GENERAL DEMAND
indications Are That There VIII
Be No Change in Copper
Dividend

NEW YORK, Jan. 17.-There were fea-
lures OF strength in today's stock mar
ket, out they We're varied by soft spots
mere mere and there On the whole, the market
sHoWeo tne erect of the large distribution
OF speculative holdings which was effected
on the opening bulge of the week vester-
Gay Inere was decided shrinkage in
the volume of dealings along WITH the
hesitation and irregular tone which was
developed The seeming culmination of
the rise IN Union Pacific was of a senti-
nental effect on the whole list which
showed clearly the want of the stimuiat-
ing influence which the strength of the
stock has exercised for several days mast.
Appeal In Northern Securities Case
The serving of formal notice of the in
tentlon of the contesting interests to ap-
ply Tor writ of certiorari to review the
opinion in favor of the Northern Sc
curit1es company was understood to have
the power OF stay on any distribution of
the assets of that company pending the
fnal decision of the United States supreme
court. This served as a discouragement
10 the rumors, which have been indus
,, lousy clrcuiated that compromise, a
prompt distribution of Northern Securities
assets and the comprehensive readjust-
ment of railroad legislation in the whole
transcontinental field would be announced
steady over last nights level several
times, but 1t was constantly affected by
the feeling of the demand in the efforts
Copper Heavy
The. weakness of Amalgamated Copper
also had sentimental influence the
more SO as the price of the metal was
further advanced, and reports continued
persistent of an intended increase in the
dividend rate. Dividend increases and
prospects played considerable part in
the days market. The placing of Chi
cago, st. Paul. Minneapolis & Omaha on
a per cent dividend basis caused a rapid
rise of 10 points in that stock and re-
moved the hopes of increased disburse-
Nf1, q
Texas preferred, Chesapeake & Ohio and
American Smelling were manifestly af-
fected by such hopes.
Reading was easily the center of inter-
est in the market and there was no speci-
fic news to adjust its fresh advance
The large amounts of this stock which
feet the distribution of its control among
other railroads has left the floating sup
ply SO small that it responds readily to
operations G designed, to move the price.
lte with operators who desire to make an
effect on speculative sentiment 1t proved
by no means equal, however, to Union
Pacific as an instrument for that pur-
pose.
Closing Weak
The outside market held its recent
large. share of attention today, although
activity shifted from Northern Securities
into International Mercantile Marine,
which, together with Northern Securities.
was one of the late creations in the period
OF wholesale output of new securities,
which was too late to get through it's
preliminary stage III the outside market
and make its entry on the stock exchange
itself. A violent break in the new United
States Shipbuilding stocks also brought
into renewed notice an old episode in the
outside market. Nothing developed to
explain either movement Prices on the
stock exchange faded away in the latter
part of the day and the closing was weak
and generally slightly below last nights
level
Total sales. par value, So 115,000. United
States bonds were all unchanged on call.