The daily morning journal and courier., 1904-01-20
giuaneEaI.
YESTERDAT'S STOCK MARKET
Realizing Sales on Late Recovery
 Irregular cio.e.

Realizing Sales on Late Recovery
 irregular ciose.
 New York, Jan. 19.-The promise held out hv the late stock market of yes terday was not fully realized to-day. There was a growth in the volume of the dealings and in the breadth of the demand. But the animation did not hold good throughout the session. Great hopes of an enlivened market were built on the special activity and strength yesterday of Rock Island and of United States Steel preferred, and the second mortgage per cent. bonds. The coming issue Of the new refund- ing bond issue of the Chicago, Rock Island & Pacific Railway was supposed to account for the re-entry into the market of the one party and the ac- tivity of the steels was attributed to the stock conversion syndicate. with a purpose to create a mraket for their holdings of bonds resulting from the stock conversin. This seemed to indi- cate an element of strong leadership in the market, the lack of which is sup posed to have been the principal cause of the. persistent sluggishness of the market since the turn of the year. The professional and professional ele-s ment of the spelulation therefore came into the market with considerable en- thusiasm this morning. United States Steel preferred sold ex-dividnd of 1 S-4 per cent, and when the price rose to 5S IA, equivalent to 50 with the divi- dend on, it became manifest that very heavy selling orders would have to be absorbed before the price cosld make further advance. The same condition of affairs developed in Pennsylvania when it rose to 120 There was mani fest heavy realizing in Amalgamated Copper, which carried 1t off 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 important group of stocks had a dis 'couraging effect upon the bulls, and
  lack of enthusiasm. The growing abundance of money resources seemed to have attractions again only for par ties of operators in stocks of small rail- road and industrial companies, and this class of securities again assumed the predominance in the market. The local traction stocks shared in the strength of minor stocks. There was late rise |of point in Union Pacific and the Fries rose from 1 to 2 points on the announcement of the declaration of the full 2 per cent. semi-annual dividend on the first preferred stock There had been some apprehension that the full dividend would not be paid in order to continue the voting trust By permit ting the dissolution of the voting trust. tn dominant interest in Erie departs from the policy followed by the same interets in the case of Reading, in which the dividend on the first pre- ferred stock was reduced for one-half year in order to perpetuate the control Iof the voting trust and in the case of the Southern railway, in which the full dividend on the preferred stock was withheld until the stockholders had authorized the continuance of the vot- ing trust. Realizing sales were. resum- ed on the late recovery and the market closed irregular
 The large dealings in United States Steel seconds 5s continued. The mar ket generally was somewhat irregular Total sales par value $6,595,O ,OOO.
 United States bonds were unchanged on call.