The Montgomery advertiser., 1905-01-26
Y ALL STREET REVIEW
DUE MAINLY TO THE RUS
 SIAN SITUATION.
With Prospects Poor for an Advance In Prices, It Seemed the Part of Wis dom to Tighten Holdfngs.
 Failing Off of Rail-
 road Earnings.

New York. Ian. 25.--weakness of stocks Whieh become more pronounced today was do1otiess attributable to the uncertain out look in Russia, but the effect was not pro- duced directly through the usual channels In fact. London bought here during the early part of the day almost as freely as it markets generally also reflected a relax .- tton of the acute anxiety over the situation m Russia and the point of view adopted was indicated by the circulation ot a ,umor that advances were making toward med. .ation between Russia and Japan as q consequence or embarrassment of the RIssian govern
 This foreign influence and the demand to cover shorts from the late ssilers ef yes- terday gave the upward Impulse to prices at the opening A tendency has been no- ticed to put out line of short contrac late in the day on the suppos lsn that un- expeced events over night would be likely to favor the bear side. With the opening of the following days market and With affairs Tn St Petersburg apparently better than worse, the market has been strong in the early dealings. But with tae betts. basis of prices afforded by the opening advance to- day there were important speculative Lqui- dation. This was believed to come argelv steel centres on the part of operators who were responsible for the large transacte ms of last week on the long side of the mar ket.
 While no positively unfavorabie pews be- came known to account for the speculative lfquidation. it was thought probable that 1t hdu oeeu OeClueu py those Wno naQ entered on. the speculation that no considerable puh lie interest could be expected in the market while affairs in Russia continued in so un- certain a state. With prospects poor for advance tn prices 1t seemed to>be considered the part of wisdom to tighten holdings. The Hull in the activity of the interior freight movement makes an impression senti- ment and this was reinforced today by the sharp falling off of gross earnings for the third week in January reported by the Mis- souri Pacific. The decrease in the net earnings of the Wabash for December was effective in the same direction. It Is evil dent that Paris regards it's large hoid- ings of Russian securities as reTur'pg the fortifying of it's gold reserve to an important extent. The dispute amongst the railroads over export grain rates as between the At lantic and the Gulf ports came in for some consideration and favorable action by a Congressional committee upon a>p-oposed in- vestigation of the United States Steel Cor poration weighed upon ts securities
 The gold outgu cauJed frmer tone for time loans. but the premium in New York , exchange at Chicago rose sharply, .ndiCet- ing available sources for still further re- pienishing the local money supply. The de- mand to cover from the days short selling and the closing was firm al recoveries from the extreme declines.
 Bonds were heavy Total sales. par value, S5, les, 900. United States bonis all unchaDg- ed on call.
 NEW YORK SHOCK LIST.