The Montgomery advertiser., 1905-01-05
WALL STREET REVIEW
A DECIDED ABATEMENT OF ACTTY
 INTEREST IN STOCKS.
Result Ls Heavy and Irregular Tone in the
 Days Dealings - Amalgamated Copper Continues to Be Re- garded as Q Danger

New York. Jan. 4.-There was a decided aoatement of active interest in stocks and as. as a result .,iy a heavy and iyesular tone in was undoubtedly due to the fear that the, advances of yesterday were at too fast 6 pace %s. d.;, for the health of the market. There constant fluctuations in Amalgamated Cop per- which continued to be regarded as . 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 ap- prehension. The stimulating effect of the Northern Securities decision had lost some or its force today and Northern Securities on the curb and all the stocks related to it on the exchange were reactionary. It was taken for granted that plans are far ad- Vanced towards agreements and combina-
 ttons to accomplish the purposes sought by the Northern Securities merger. But there Is remaining force in the consideration that the terms fixed for the redistribution of the properties In money will end the control secured by the Union Pacific of the old Northern Pacific, thus in a measure reIe- gating 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 result 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 demandi There was sus- taining points in the market, however.
 which held prices against any severe reac-
 tion.
 New York Central was notably strong and reports persisted of a large interest acquired
 ard oil interests which would tend to har-
 monize it's operation with other important
 railroad properties. The placing of Lehigh Valley on per cent annual dividend basis had bPen nretty accurately fOfeReAn hut the healthy effect on the coalers was still man'-
 fest. especially in Reading. There was also an important absorption of Erie.
 The market lacked the buying for London account in the degree that 1t felt yesterday. The offering of an Irish land purchase loan absorbed a large interest in that market and preparations for the Russian loan on the continent formed another deterrent influ- ence. London suffered to some extent from pressure for Paris account. which was be- lieved to be due to some forced liquidation on the part of French holders of Russian se-
 curities. The money market has continued l extremely easy, but the rate of the gold outgo was of some sentimental influence lp the stock market. In addition to the weeks exports to France and to South America 1t was estimated that gold was likely to be shipped to San Francisco to Japan on ac- count of deposits at the New York sub for shipments to Japan at this time would he on account Of New York subscriptions to the Japanese loan. It Is interesting to recall that its flotation was facilitated by reason of disbursements in the worlds mar kets of drafts on the deposits in European banks of the proceeds of the former Japan ese loan. The calling home by Japan of itS foreign deposits would promise a contrary effect
 Railroad net earnings reported for No vember showed good increase. the important instances being Pennsylvania, Union Pacific. St Paul and Lehigh Valley. The reactionary tendency in the market. however, prevailed and the closing weak.
 Bonds were easy. Total sales. par value.
 s4296 900. United States bonds were un- changed on call