The Saint Paul globe., 1905-01-31
n. s. HAS A SHARP
TUMBLE TO 14S
Outside Spectators Unload to
a Break on Report of
Decision

NEW YORK, Jan. 30-There was
great variety in todays stock market
with large dealings and wide and constant
inuctuatlons, but the net changes do not
IN any degree correspond with the wide
movements OF the day. The handspring
Of the speculation was the action of the
supreme court in the Northern Securities
ease, Last weeks buoyant rise in the
STOCKS which have responded to the va
f1ous developments in the Northern Sc
cur}ties case was associated with gem
eral convection in Wall street that the
court had reached the determination to
refuse the petition of the Hartman party
Tor writ of certiorari to review the de-
clsion against them in the lower courts
BY permitting the immediate distribution
of Northern Securities assets such action
by the court it was felt would practically
strength shown by the stocks of both sides
to the contest on account of decision
which would be a defeat for one side ap-
parently escaped notice.
NJ. S. Decision
The movement of the stocks today
seemed TO demonstrate by their final ac-
ton that their advance has not been in
nGenced by consideration of a decision
In the Northern Securities case. But it
was also shown that there had been a
large speculative following in this stock
which supposed that this was the infiu-
ence that moved them. Thus there was a
heavy unloading when it became known
that the action of the supreme court
would have the effect of continuing the
injunction under which the Northern Sc
curities company is tied up. The stock
itself fell back nearly eight points on the
curb market and Union Pacific, Southern
Pacific and st. Paul We're acutely af-
fected on the exchange. The determined
accumulation of Union Pacific at the low
er levels and its vigorous movement up
wards again presented to other causes for
the advance and the mysterious power of
the railroad deal again asserted itself
on the speculative temper. Union Pa
cific, st. Paul. Chicago and North West
ern and allied stock Erie, New York
Central, the junior Vanderbilts and Kan
Sas CITY Southern were all influenced i'm
medlately by the suppositions of the deal.
Disclaimer of the deal stories said to be
with official sanction, but anonymously
reported had no effect on the speculat tive
excitement
+ Shorts Cover
Outside of this influence there were
no clearly defined factors in the market.
There was some disposition to attribute
the strong recovery to the retreat of the
bear interest which has made demonstra-
tive threats against the market for some
time past. The special strength of Anal
gamated Copper was attributed to this
cause. Interviews with railroad traffic of
hcials pointed to slight interruption of the
freight movement by last weeks storm
obstruction and the merchandise move
ment was said to be well maintained For
elgn factors fell into the background.
Money was again very easy and the pros
poets OF large additional exports of gold
caused no disturbance Except for the
Harrimans and Vanderbilts there were not
many stocks that recovered to above Sat
urday and the closing was steady and
very far from the average of Saturdays
level. Bonds continued to be well abb
sorbed both on the stock exchange and
over the country, but depression of some
OF the speculative issues made the move
ment irregular. Total sales par value,
$7,475, 900. United States bonds were all
unchanged on CALL