The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-01-21
CONSTRAINT STILL
MUCH IN EVIDENCE
Positive Weakness. However,
Was Soon Dissipated
FOREIGN MARKETS WAIVER
Disturbance In Russia Is Causing
Great Interest to Be Drawn
to Foreign Securities
Markets.

New York, January 20.-Constraint was
manifested on the speculative spirit of
the stock market today and the tone
was heavy and dull for the greater part
OF the time The positive weakness, how
ever, of the opening dealings which came
over from the preceding day was soon
eisslpated. The pressure continued largely
upon Amalgamated copper owing to dis
appointment over the dividend declara-
ton
The amount of the distribution had been
largely expected but disappointment was
Ielt that the style of the dividend was
not made regular one per cent quarterly
IN half per cent regular and half per
cent extra, which was felt to imply a
question as to the maintenance of the
rate. The stock was forced down an
extreme 1% and without making a re-
covery was effectively supported above
the low point. Brooklyn transit reflected
a revised view of the recommendations
yesterday to the state railroad committee
Tor the Improvement of the system, and
Its decline was arrested. While the mar
ket was saved from the sympathetic in
fluence of continued weakness in the
stocks, there seemed a continued weight
on 1t, and the notable advances In special
cases was not effective in reviving the
strength and activity.
OllcCI Ildn usual WdS plOQuCcu ny
the disquiet of foreign securities markets
on account of the disturbances in Rus
STA. There was considerable selling of
stocks here for foreign account, but the
sentimental effect on the situation was
or even more influence Great interest
was shown in the news of the conferences
between Pennsylvania railroad officials
and employees in the effort to adjust the
Ia Dor dispute, and the uncertainty as to
the result had ifa pffapf reprpSginR
activity in stocks.
Reports of gross earnings in railroads
for the second week in January showed
a considerable falling off in the recently
prevailing level of earnings, with the mix
ture of losses compared with last year,
bringing the average for seventeen rail-
roads reporting to an actual decrease of
over 2 per cent from last years level.
But the movement of special railroads
was clearly based on the hope of in
creased returns from dividends. This was
notably the case with the c. and N. w.
stocks, for which encouragement Is given
by the recent advance in the dividend
rate on Chicago, st. Paul, Minneapolis
and Omaha, which is a subsidiary stock.
An inference seemed to be drawn of a
hope for more liberal dividend allowance
among the Vanderbilt properties gener-
ally New York Central itself was not
ably strong and there was response also
in Canada Southern, Cleveland, Column
bus. Cincinnati and st. Louis, both COM
mon and preferred, Peoria and Eastern
and Lake Erie and Western. The violent
rise In the Chicago Terminal stocks was
understood to be related to pending
plan for reorganization, but no news was
Forthcoming on that stock There were
number of notable gains amongst special
ties and minor railroads, but in the stand
ard lists st. Paul and Louisville and
Nashville were about the only stocks to
show appreciate strength. The slug
gishness of the general list was not mod
flied by the forecasts of the weeks cur
rency movement. indicating another gain
In cash of upwards of 100000. Infer
ences unfavorable to the inactivity of
Interstate trade are suggested by the