The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-01-05
SENSITIVE MARKET
TED YESTERDAY
Decided Abatement of Active
Interest in Stocks
HEAVY AN IRREGULAR
Northern Securities and All Stocks Re-
lated to 1t on the Exchange
Were Reactionary-Bonds
Were Easy.
HEAVY AND IRREGULAR

New York, January 4.-There was de-
cided abatement Of active interest In
stocks and a resulting heavy and irreg-
ular tone In the days dealings. To some
extent this was undoubtedly due to the
lear that the advances of yesterday were
at too fast a pace for the health of the
market.
There was perceptible also a sensitive
hess to the constant fluctuations in Anal
Eamated Copper. which continues to be
regarded as a danger point by a large
element amongst the operators since their
experiences of a few weeks ago. The
threatening utterances from the same
source as at the time OF the previous
break in the stock keeps alive this spirit
of apprehension. The stimulating effect
of the Northern Securities decision had
lost some Of its force today, and North
ern Securities on the curb and all the
stocks related to 1t on the exchange were
reactionary. 1t is taken for granted that
plans are far advanced toward agree
ments and combinations to accomplish
the purposes sought by the Northern Sc
csrities merger. But there is remaining
force in the consideration that the terms
fixed for the Redistribution of the prop
critics in money will end the control Sc
cured by the Union Pacific Of the old
Northern Pacific, thus in a measure rele-
eating conditions to the same state as
that existing before the colossal contest
between the giants of the railway world
in 1901.
AS to the vague rumors of the form to
be taken by the new combinations there
was more caution in basing operations
on them than was the case yesterday.
There resulted an inclination to depend
more on the expected January investment
demand for securities. This proved to
be Of moderate proportions and was met
by offerings on the part of dealers who
had bought stocks in anticipation of
this demand. There was sustaining points
in the market, however, which held prices
against any severe reaction. New York
Central was notably strong and reports
persisted Of a large interest acquired in
this property by Union Pacific and STAN
dard Oil interests which would tend to
harmonic its operations with other I'm
portant railroad properties.
The placing of Lehigh Valley on
per cent annual dividend basis had been
pretty accurately foreseen, but the
healthy effect on the coalers was still
manifest especially in Reading. There
was also an important absorption of Erie.
The market lacked the buying for London
account in the extent 1t was felt yester-
day Offering of a Irish land loan pur-
chase absorbed large interest in that mar
ket and preparations for the Russian loan
on the continent formed another deter
rant influence. London suffered to some
extent from pressure for Paris account,
which was believed to be due to some
forced liquidation on the part of French
holders of Russian securities. The money
market has continued extremely easy. but
the rate of the gold outgo was of some
sentimental influence in the stock mar
ket In addition to the weeks exports to
France and to South America, it was init
mated that gold was likely to be shipped
from San Francisco to Japan on account
of deposits at the New York sub-treasury.