The Montgomery advertiser., 1904-01-20
WALL STREET. REVIEW
ANIMATION FAILS TO LAST
 THROUGH SESSION.
Gains Yield for the Most Part Be- fore the Closing, Which. Was
 Weak-0ld Leaders Re-
 enter Market.

NEW YORK. Jan ia.--The promise held | out by the late stock market of yesterday was not fully realized today. There was q growth in the volume of dealings and in the breadth of the demand, but the animation did not hold throughout the session and the gains were which which was irregular. Great hopes % of Y's. an en. livened market were built on the special &C., tivity and strength of the Rock Island and mortgage per cent bonds. These movements were regarded as evidence of a return 10 spec ulative activity of some of the leading capital ists of the time who have refrained from any notable operations in the market for some time. The coming issus of the new rafundinR bond issue of Rock Island Railway was sup- posed to account for the re-entry into the market Of the one party and the activity of the steels was attributed to the stock conversion syndicate, with purpose to create a market for their holdings 9f bonds. resulting from the stock conversion This seemed to indicate an element of strong leadership in the market, the lack of which is supposed to have been the principal cause ef the persistent sluggish The professional and semi professional ele- ment of the speculation. therefore came into the market with considerable enthusiasm this morning. United States Steel preferred sold ex-diyidend of l% per cent. and when the price rose to 5SA, equivalent to 60 with the dividend on: 1t became manifest that the very heavy fore the price could make further advance The same condition Of affairs developed in Pennsylvania when it rose to l2o. There was
 
 per, which carried 1t of point below last night during the course of the day. The Rock Island issues also failed to maintain the buoy ant tone of yesterday. These developments in so important a group Of stocks had a dis couraging effect on the bulls and the subse- quent speculation showed 6 lack of enthusiasm The growing abundance of money resources seemed to have attractions again only for par ties of operators in stocks Of smaller indus- trial companies and this class of securities again assumed the predoninance in the market The local traction stocks shared in the strength of minor stocks. There was late rise Of e point in Union Pacific and the Fries rose from declaration of the full 2 per cent. semi annual dividend on the nrst preferred stock There had been some apprehension that the full divi- dend would not be paid In order to continue the voting trust By submitting the dissolu- tion of the voting trust the dominant interest in Erie departs from the policy followed by the same interest in the case of Reading In was reduced for one-half year in order to per- petuate the control of the voting trust and in the case of Southern Railway in which the full dividend on the preferred stock was withheld until the stockholders had authorized the con- tinuance of the voting trust. Realizing sales were resumed on the recovery and the market closed irregular.
 The large dealings in United States second 5s continued. The market was generally some- what lower. Total sales (paf value), So,5eb,- GOO. United States bonds were unchanged on call.
 Treasury Statement.
 WASHINGTON, Jan. le.-Treasury balances s225, ,2s5. ss4; gold. Sso. 252,iIs.
 New York Stock List.