The Birmingham age-herald., 1904-01-20
GROWTH IN VOLUME
 OF THE DEALINGS Animation Did Not Hold Good Throughout Session. PROMISE NOT REALIZED Hopes Had Been Built Up on Special Activity of Rock Island and United
 States Steel the Day
 Before.
PROMISE NOT REALIZED

New York, January 19.-The promise held out by the late stock market of yes terday was not fully realized today. There was a 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 yielded for the most part before the closing, which was irregular.
 Great hopes of an enlivened market were built on the special activity and strength yesterday of the Rock Island and United States Steel preferred and the second mortgage per cent cent bonds These movements were regarded as evi- dence of a return to speculative activity of some of the leading capitalists of the time who have refrained from any nota- ble operations in the market for some time.
 The coming issue of the new refunding bond issue of the Rock Island railway was supposed to account for the recently into the market of the one party and the activity of the steels was attributed to the stock conversion syndicate with a purpose to create a market for their holdings of bonds, resulting from 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 of the persistent sluggish ness of the market since the turn of the year. The professional and semi-profes- sional element of tke speculation there lore, came into the market with consd- erable enthusiasm this morning. United States steel preferred sold ex-dividend of ls4 per cent, and when the price rose to bSl4, equivalent to 60 with the dividend on, it became manifest that the very heavy selling orders would have to be ahsofeed before the price could make fur ther adNance.
 The same condition of affairs developed in Pennsylvania when it rose to 120.
 There was manifest realizing in Amal- gamated Copper, which carried it off a point below last night during the course of the day. The Rock Island issues also failed to maintain the buoyant tone of yesterday. These developments in so im- portant a group of stocks had a dscour- aging effect on the bulls, and the sub sequent speculation showed a lack of enthusiasm
 The growing abundance of money re-
  only for parties of operators in stocks of smaller industrial companies, and this class of securities again assumed the pre- dominance in the market The local trac- ton stocks shared in the strength of minor stocks. There was a late rise of a point in Union Pacific, and the Fries rose from l to points on the announeement of the declaration of the full per cent semi-annual dividend on the first pre- ferred stock. There had been some appre- hension that the full dividend would not be paid in order to continue the voting trust.
 By submitting the dissolution of the voting trust, the dominant interest in Erie departs from the policy followed by the same interest in the case of Reading, in which the dividend of the first pre- ferred stock was reduced for one-half year, in order to perpetuate the control of the voting trust, and in the case of Southern railway, in which the full div- dend on the preferred stock was with held until the stockholders had authorized the continuance of the voting trust. Real izing sales were resumed on the recov- cry and the market closed irregular.
 The large dealings in United States second 5s continued The market generally was somewhat irregular. Total sales, par value s6595, 900. United States bonds were unchanged on call