The Saint Paul globe., 1905-01-04

NEW YORK, Jan. 3.-Developments of
unexpected importance !. confronted the
stock market for its Interpretation with
this morning The fall of, Port Arthur
ana the decision in the Northern Sc
c9rltles injunction suit have long been
aWalted as events of prime Importance bv
t@nose @ operating in stocks. The moderate
erect today is easily explainable from the
very very fact that these events were long an
t',a{s,e elcdpaeea, 20 mere was some rather wide
moderate proportions of the dealings
warned those sharing in them that they
Y, We're re not in a large company and the
part OF the day to rather dull tone and
with the advances indifferently held
Inc nhere e was some disposition to attribute
event, namely, the resumption of the
campaign by published advertisement
against the prices of stocks
"Ad' Has No Effect"
The conjuncture of events shown by the
putting out of these fresh advertisements
and the market did come to something
like halt constitutes the force of this
movement. There was not in fact any
very palpable evidence of the dire effects
threatened for the market by this morn
probable that there was some dread of the
occurrence of such events which had it's
part IN deteriorating operators from ac-
tive dealings. The action Of the Berlin
market yesterday and of the London mar
ket this morning had given some intima-
ton OF what was to be expected as the
erect of the fan of Port Arthur. The
action of Russian securities gave no oc-
caslon for unsettlement of financial senti-
ment, and the London market showed
some, positive encouragement which was
due TO an assumption that the reduction
or the fortress would tend to hasten the
end of the war. Thus assured of i'm
munity from harm on that account, prices
here started upwards in pursuance of the
belief in large January demand for Sc
curities.
Northern Securities Decision Announced
Active realizing met the advance and
had about wiped out the gains when the
nounced. The speculative public has been
educated to a belief that huge railroad
projects had been formed which were only
waiting for this decision in order to take
effect and practically change the railroad
mar, of the country by a combination and
absorption designed to effect the purposes
of the Northern Securities merger in 9TH
er ways. 1t has been assumed that Che
refusal to continue the injunction would
have the effect of permitting an i'm
mediate distribution of the company's as
posed alternative projects Immediately. 1t
was promptly learned today, however.
that the delay in delivering the mandate
of the court and the stay on the appeal
which was determined upon would pro-
long the litigation indefinitely. All the
stocks related in any way to the North
ern Securities shot up on the announce
ment, St; Paul touching 175as, Union Pa
cific 116% and Southern Pacific 6619. They
fell back from that level, and it was not
until the final dealings that they were
marked up again to about the best. The
sudden rise in Amalgamated Copper to
above IA, with evidence of some con-
fusion among the shorts in the stock, was
the motive of the late rally which made
the closing strong Routine news of the
day was all favorable to values. The pres
sure of railroad traffic was reported to be
in excess of capacity. Call money was
easier during the day.
There was a broad market for bonds at
higher prices. Total sales, par value.
Sc, ,020, 600. United States IS registered
declined 4 and the IS coupon advanced
Il per cent on call.