The Birmingham age-herald., 1904-01-28
.LASSITUDE IS IN
 GREAT EVIDENCE Movement of Prices Narrow
 and irregular, WAR NEWS IS FAVORABLE E Dominant Speculative Party Was oui. escent Today or at Least Re-
 stricted Its Field of
 Operations.
WAR NEWS IS FAVORABL E

New York, January 27.-Lassitude which began to make itself manifest in yester- days trading stocks was still more in evil denee today. The dealings fell at times to rather insignificant proportions and the movement of prices was narrow and irreg- ular. The more favorable turn. to the war news today did not avail to sustain the market any more than the depression Tn the foreign markets yesterday. served 10 hold back prices in the face of the operations of the dominant speculative party.
 That party was rather quiescent today or restricted in the field of it's opera tions. In view of the cessation of the upward movement, it was argued that the light pressure of selling offerings was In Favor of the market, but it was sug- gested on the other hand that the light realizing on the turn went to demon strate a very small speculative following Tor the organized speculation, which set about lifting prices as an invitation to the outside public to come into the market and secure the benefit of rising prices.
 The rising points were attributed to operations by the bull party to sustain prices for lack of other explanation. The Pennsylvania group was conspicuous and the advancing tendency of the Gould S was called sympathetic on the assumption that Gould-Cassatt harmonization was involved. The coalers were firm at the same time on rather favorable trade re- ports The speculative party bases some or It's hope of advancing prices on a confi- dence in the cooperation of the Rock Is- land party to further it's bond issue.
 The Rock Islands shared in the days strength so far as it went Gains in some of the specialties were entirely without explanation beyond the openly circulated tips that they would advance. United States Steel preferred and Amalgamated Copper were heavy. The former was af- fected by rather less encouraging reports Of trade prospects and by the reported failure of the southern iron interests to come to an agreement as to prices or output
 The conspicuous lack of confirmation of any of the numerous rumors of rail- road combinations amongst minor systems which accompanied the early upward movement in those stocks, is the subject of some comment amongst the party which is skeptical of the present advance.
 The late rise of 1A in Baltimore and Ohio was not very effcacous in helping the market, even for stocks in its own group, and while the closing was firm. it was below the best The frmer tone of the time money market was again con- spicuously in evidence today and a renew al of sub-treasury transfers to New Or leans attracted attention in view of the customary check to the accumulation of reserves in New York which shows itself about the end of January.
 The firmnes in time money here with the easier tendency of money in foreign mar kets conduced to the decline In exchange rates. The feeling is growing that the period of abnormal easy money is not to be prolonged, and that better rates for time loans will rule for the future.
 Bonds were dull and rather irregular Total sales par value. 8, 3,415,000.
 United States bonds unchanged on last call.