The Montgomery advertiser., 1904-01-30
WALL STREET REVIEW
MOVEMENT OF STOCKS WAIVER.
 ING AND UNCERTAIN.
During the Course of the Day Trad ing Came to Almost a Com piete Standstill-Undertone
 Heavy Throughout.

NEW YORK. Jan. 2e.-Prices of stocks had wavertng, uncertain movement today that hardly deserved the name of fluctuations During the course of the day the market came almost absolutely to a standstiil. The under tone was heavy. however, and the slight ad- vances at one time attained were indifferenty held. Probably the conviction that some sort or crisis was near at hand in the strained situation n the Far East helped to paralyZe speculative activity. Even the commodity mar kets reflected some disposition to await the dennite outcome of the Russian reply to the Japanese proposals. News reports of the rush or food shipments across the continent to fill Russian. army orders were of some significance as 10 the enect of war upon domestic busi- ness here. In the money situation also 1t is pointed out that Of the g. i4e. GOO which the sub-treasury has contributed the New York banks this week more than three fourths is on account of Japanese gold deposited in San Francisco. This gold Is generally assumed to represent payment for army provisions rather than a regular exchange operation. The usual preliminary estimates of the interior movement indicate a gain by New York of over S5.- GOO 900 in spite of some increase in ship ments from New York to Southern points during the>week in connection with the cotton movement. As to the gain from the sub-treas- ufy 1t Is likely to be wiped out by today's credit balance of tha, institution at the clear ing house of $2.042 tl2 due to the taking up of a Central Pacific note for about $500. ooo The extreme ease of call money today did not indicate any notable weakening of the condi- tion of the banks, although a considerable loan expansion Is expected in tomorrows state ment. United States Steel continued to be drag upon the market although the volume of its activity was much less today. Trade reviews continued to add to the weight of opin- ion against improving prospects I nthe trade There Is even tone of reproduction of the at- tempts which have been previously made to claim improvement with the idea. apparent ly mistaken. that it would encourage buyers to come into the market. The Union Pacinc's favorable net earnings for December offered a contrast pleasing to investors with the uni form tendency towards December for that Month and which was exemplhed in the re- turns for the Wabash. Lehish Valley and Canadian Pacific. made today. The average de- crease in net earnings for December in roads reporting previous to today's already runs as high as l2 per cent. The Union Pacific show ing is attributed to a drastic reduction in the extraordinary expenditures for Improvements. which have long been in progress on that and it's allied systems. the Southern Pacific. It Is recalled also that the Union Pacific inter ests are credited with the most determined resistance to the present price for steel rails even to the point of refraining from filling urgent requirements. The stock got as much as a point sover last night. but fell back with the late reaction in the market The closing was dull and easy, with prices back to about the low level. Pennsylvania ran off nearly point at the last. '-'
 Bonds were dull and were inclined to react hut a few advances gave an irregular tone Total sales Oar yalue). $3. l05, 900. United States bonds unchanged on call. s-
 New York Stock List,