The sun., 1906-01-10
FINANCIAL AND COMMERCIAL.

TUESDAY, Jan v,
Interest in the stock market was again
manifested to-day on declining scale
which was Of even more pronounced char
acter than it was yesterday. The market
although holding its own with great firm
ness, yet lacked snap and vigor and seemed
to be in a more or less stale condition.
This was the case, too, in degree, in the
financial markets everywhere. There was
no depression at any point. but speculative
trading was generally quiet. Russian
bonds rose sharply abroad, the advance
being obviously in the nature of an upward
reaction from fall that had previously
been carried to an extreme length but the
Russian situation has for the moment
ceased to be factor on any of the leading
financial exchanges. The greatest amount
Of life displayed in the Stock Exchange
session here to-day was in tho morning
hours when for little time there was lively
buying of some of the industrial stocks,
chiefly those of minor grade, and also OF a
few of the standard railway shares. In
this movement the Republic Iron. and
Steel, Colorado Fuel, Central Leather,
American Car and Foundry, American Ice,
and later the Pennsylvania, st. Paul, and
Canadian Pacific shares, were in the front
rank, while there was rise. too, In such
specialties as the Duluth, South Shore and
Atlantica and Minneapolis, st. Paul and Sault
Ste. Marie stocks. Clique or pool opera
tions seemed to be behind most of the adj
vances here. but general commission house
buying was still in larger volume relatively
than it has been in the recent past Sup
20 n extended
the market, was counterbalanced by liquida-
ton seemingly for the account of various
large professional operators, who, as there
is some reason to believe, have been con-
verted to the theory that the market stands
in need at the moment Of some reaction
In the afternoon selling from this source
outbore the new buying. and although
advances in prices of stocks were some
what more numerous than declines at the
close the market ended irregularly and
hesitatingly.
The argument Of those who held that
the market would be better off in the long
run for temporary and moderate recess
sion in prices just now appears to be based
on the idea that the event in question would
he welcome as the next best thing that could
happen in default of some announcement
in the way Of news hat would stimulate
fresh investment or speculative purchases
of stocks There has been for several weeks
back a singular lack of events" in the
stock market understanding of the term,
which would ordinarily influence values;
and the main reason as commonly fur
nshed for expecting further rise in the
price of stocks has had to consist only Of
emphasis laid upon the genera!
of the country, which, although
a soundly logical conclusion. yet, never
theless in time, like everything else, gets
to be shopworn argument from specu-
latve point of view. The news to-day
thus was utterly barren of important
developments. Foreign exchange receded
a little in the morning, but rallied in the
afternoon TO Yesterdays closing quotations.
reviving fars that gold exports may be
Some Of the selling of stocks
IN the late afternoon appeared to be con-
nected with an impression that was preva-
ent among many traders that the Bank
Of Englands discount rate might be raised
tomorrow. Money has been recently grow
ing easier in the open London market and
he carrying charges imposed by London
HOUSES UPON 'iIe III 80 t','o"'' oi'e'ie' ,''e'"
by American spectators Tor the rise nave
oeen somewhat redlced' An advance IN
ne BANK "i fhglahu d'scouh' rate 'he.e-
ore couId only take pace peca"se o'
'esire OF 'he directors OF 'he lhs,''utloh'
or purely general reasons 10 increase
heir cash resources a' 're present 'iHie'
ma the na'K ProPor'lon Oh reserve 10
lan'llues mas aa'nit'euhy S.ood lor io''h
oerlod al a comparatively 10" point .a'l
money mere to-day he'd most OIL the 'ithe
'et"een 5and per cent hu' rose IN 'he iast
lour oil pusl ness 10 per eeil''' ana 'i'is
vas also 'houshV 10 nave some bearing
ipon the cours' ot tho market lime
money on the other hand' was distinctly
'asler IMAM IL mas pceh, loanihe 1or lour
ND fVe montnS 1or ''7 per cent and Tor
hort periods at per cent, without any
Iddltlonal charge IN the way OF commission
ne feature OF tha DAY IN 'he commodity
markets. was rS' IN the price OF cotton
states Census Bureau that 972l 900 bale 8
u the season crop had been gInned up to