The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-01-24
ST. PETERSBURG
AFFECTS MARKET
lntensIfeS Spirit of Hesitation
and Suspicion
PRICES BROKE DURING DAY
Selling for European Account In New
York Market Reaches Unusually
Large Proportlons-Sales
Were $6,61o,ooo.
PRICES BROKE DURING DAY

New York January 2S-The revolu-
tionary aspect taken on by affairs at ST.
Petersburg over the Sunday interval has
proved a disturbing influence today in all
of the world markets. The effective was
quite as acute in Wall street as any
other market, although the result ex-
pected in New York was less direct than
the foreign markets. But the Russian
crisis proved to be the deciding factor
in tendency which was already grow
ing up last week in New York toward a
spirit Of hesitation and suspicion.
In fact when our market opened the
day was already so far advanced in St.
Petersburg, owing to the great differ
ence in time, that the more tranquil con-
ditions there were known to be establish
ed. The early weakness in foreign stock
markets had also passed away to some
extent and effective recoveries had been
achieved. Yet prices here broke all the
day from to 21a points for the prom
inent active stocks in the first few min
utes of trading and the feverish contests
between the opening tendencies was rot
directed in favor of the recovery until the
first hour had about expired. There was
substantial effect on the side of depres-
sion In the shape Of selling for European
account in this market which reached un-
usually large proportions. But consider
alton must be allowed for the over-exten-
sion of business buying coming over from
last weeks market and left in a Vulner-
able position.
Efforts to interpret the events In ST.
Petersburg were confused and varied. The
lfy,as Of Al
propaganda in Russia undoubtedly i'm
presses the financial world, but there was
some question whether the Sunday out
break 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 market was not entirely free from
its feverish condition In the afternoon
and the disposition was to await devel-
opments rather than enter new commit
ments Operations for foreign account
was quite clearly toward recovery. The
settlement in the Fall River cotton mills
contributed cheering influences to the in
dustrial situation. The local traction
stocks advance, in sympathy with the
rise of marlborough rapid transit on the
curb to new high record, helped to in
augurate the rally, and Consolidated Gas
Joined the group on the strength of its
annual report.
The effect of the unprecedented loan
expansion of last week by the banks was
partly explained by attributing it largely
to the transfer of loans from the trust
companies according to the usual course
when money rates become so cheap as to
be unattractive to those institutions.
Weekly discussion by railroad traffic Of
iicials confirmed last weeks impression
of 1ttI1 ", ha "a at
and west. and decided easing in the car
supply The lower level of railroad earn
ings disclosed by the report of the sec
ond week in January is thus made likely
to be carried over into the third week s
returns. On the other hand the open
weather conditions are for the benefit of
operating expenses, and the conservation