The Montgomery advertiser., 1905-01-24
WALL STREET REVIEW.
RUSSIAN SITUATION PROVES A DIS.
 TURING ELEMENT.
Effect Quite as Acute in Wall Street as on Any Other Market Despite Expec-
 tatfons of the Break.

New York, Jan. 2s.--The revolutionary as- pect taken on by affairs at St. Petersburg ing influence today .in ali of the world $ markets. The effect was quite as acute in Wal street as on any other market, alr though the results to be expected in New
 York would be less direct than in Russian markets, i But the Russian crisis proved to be the deciding factor in a tendency which was als ready growing up last week in New Yorlt towards a spirit of hesitation and suspicionI In fact. when our market opened the day was already so far advanced in s. Petersl burg owing to the great difference in tima that the more tranquil conditions thefe were known to be established. The earlx weakness on foreign stock markets had also passed away to some extent and effectivs recoveries had been achieved. Yet pricss here broke all the way from to 2M points for the prominent active stocks in the firtt Few minutes of trading and the feverish com test between ths opposing tendencies was not directed in favor of the recovery until the first hour had about expired. There was some substantial effect on the side of depression in the shape of selling for reached unusually large proportions But considerable influence must be allowed for the over-extension of business buying com ing over from last weeks market and left in vulnerable position.
 Efforts to Interpret the events in St., Petersburg were confused and varied. Tne. known program of the revolutionary propa- ganda in Russia undoubtedly impresses the financial world; but there was question whether the sunday outbreak was perfectly identified with the revolutionary movement believed to be in contemplation. Sentiment during the day became more treasured and there was considerable recovery. The mar ket was not entirely free from its feversh tone and the disposition was rather tc await events than to enter on new courses. When the time had passed for the operators for foreign account the tendency, however, was quite clearly towards recovery
 The settlement in the Fall River cotton mills contributed cheering influences from the industrial situation. The local trac- with the rise of Interborough Rapid Transit on the curb to new high record helped to inaugurate the rally and Consolidated Gas joined the group, on the strength of It's an- nual report.
 The effect of the unprecedented loan ex- ly explained away by attributing it largely to the transfer of loans from the trust com panies according to the usual course when money rates become so cheap as to be un- attractive to those institutions
 Weekly discussions by railroad traffic of- ficials confirmed last weeks impressions of a iull in the great movement by east and west, and a decided easing in the car sup ply. The lower level of the railroad earn ings disclosed by the reports of the second carried over In the third week returns. On the other hand, the open weather conditions are for the benefit of operating expenses and the conservation of net earnings.
 The selling in the last ten minutes seem- ed due to dread of unfavorable develop roads the afternoon recoveries. The closing weak.
 Bonds were weak. Total sales par value, $6.610, 900. United States bonds were all unchanged caIl.
 NEW YORK aTOox LEFT