The Montgomery advertiser., 1905-01-19
WALL STREET REVIEW
SOME MOVEMENTS EXCITING AND SEN.
 SATIONAL.
At the Same Time the Activity Was Even More Congested than the Recent
 Tendency in That Di-

New York. Jan. 1S.--Tne volume of the stock market expanded again today and some of the movements were excited and sensational. but the activity was even more congested than the recent tendency in that direction and the general level of prices was not much more benefited than yesterday, In other words, tt was clear that the ef- fort was made to take advantage of the stim- alating effect of excited advances to sell stocks in other quarters of the market It might almost be sad of Reading that 5000 shares was the normal unit of the transac- tions in 1t, so frequent was the appearance of 5000 share lots on 'he tape. The total outstanding issue of Reading common stock amounts to 1,400,o 900 shares It is known sast large part of these have been taken out of the market and distributed to different railroad companies to insure the balance of control of this property. although the con trolling interest is believed to depend more on preferred stock holdings than on the com mon Probably the manifest character of the operations accounted for their lack of effective influence on the general list The entire lack of news to account for the move- ment and the high level to which the price had already been lifted considering the dfvi- dend return helped to beget distrust for the movement and fears for the maintenance of the price level
 The movement in Ontario & Western, es- pecially, and in the other coalers to a less degree was supposed to be sympathetic and was equally without explanation in the news favorable factors, but did not apply especial- ly to the stocks which moved most widely.
 The action of the conservative Illinois Central directors in declaring an extra divi- dend on, their stock went far to confirm the encouraging effect of other recent increases in dividend disbursements showing the confidence of railroad managers in the fu- ture prosperity of their properties The re- sulting revival of dividend hopes was per ceptible in the movement in Baltimore 6 Ohio. Kansas Texas preferred, Chesapeake & Ohio Smelling and perhaps in some oth- CT stocks. The announcement of the settle ment of the Fall River strike was received with qualification, as serving to clear up the situation in one of the few industrial quar- ters which have Jagged in the trading ex- pansion. The absorption of two minor rail- roads which have been within its sphere of influence by the New York Central gave some early strength to that stock. The whole list gave way, however, with some violence during the last hour, when the sus- picions engendered by the character of the days trading had come to a head.
 The falling off of upwards of $4S. .000, 900 in the trade balance in our favor for De- cember, due both to Increased imports and the heavy decline in exports was not garded as a cheerful showing and gavc promise of the continued ability of the worlds outside markets to draw on our gold supply.
 The market rallied with considerable force in the final dealings. led by Balti more Ohio with rise of E and the closing was quite strong. but only a frac- ton generally above the lowest
 Bonds were active and firm Total sales, par value, $6,500.0 900. United States new As declined per cent on call.